MGT EXAM 3
Maxwell- Ch 3 Story of Michelangelo pt 2
"As a leader, you will face plenty of obstacles and opposition... There will be times when commitment is the only thing that carries you forward."
CEO QUOTE- (Leading people)
"At its core, management today is the same as it was for 200 years ago. Its getting people to do what you want them to do. Its all about getting things done through other people. How you motivate people hasn't changed in a long time. People are motivated through a combo of compensation, recognition, consideration, and ownership in something beyond just being an employee." - Mr. B Financial Services
CEO Quote from "500 CEOs: Lessons from the heart" Chapter: Mistakes and Failures Pt 3
"Be more CREATIVE than predictable. Fail fast and fail cheap; let go of failed ideas. Failure is a tool for learning, so DON'T BE SCARED or discouraged to take risk." -Mr. H Entertainment and Media
500 CEOs Quote- Ch. Communication
"Communication and writing skills are what got me to this position" Mr. R- Financial Services CEO
Maxwell- CH 4 (Communication) Quote 1
"Credibility precedes great communication. There are two ways to covey credibility to your audience. First, believe in what you say... Second, live what you say." That is, have integrity.
CEO Quote from "500 CEOs: Lessons from the heart" Chapter: Mistakes and Failures Pt 1
"Eliminate fear. Most uncertainty that any business leader faces is internal and illusionary, because we are afraid of failure. The biggest problem is us. Fear is a terrible motivator because it compels action to reduce the fear rather than actions that are truly best. - Mr. C Financial Services
CEO QUOTES- Lesson from "Teams" chapter
"Get the best minds that you can around you. if you play long-ranger, you may hit home-runs, but they will be few and far between." (Mr. W- Healthcare) NOTE: The best leaders surround themselves with the smartest people they can get. Otherwise, although we may be "successful" to a degree, we will may not be attaining OPTIMAL SUCESS - as much as we really could.
WSJ- "Toys "R" Us Founder Charles Lazarus Has Died at 94" Pt. 3
"He just loved the toy business. He just ate it up," Said Mike Goldstein who succeeded Mr. Lazaus as CEO. "And he inspired people to also have that same love of what we were doing for children." Note: Leadership and motivation begins with the leader. You can't expect from others what you do not have within yourself."
Video three- Steve Jobs Narrating "Here's To The Crazy Ones"
"Heres to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in square holes. The ones who see things differently. They're not fond of rules. And they have no respect for status quo. You can quote them, disagree with them, glorify them or vilify them. But the only thing you can't do is ignore them. Because they change things. They push the human race forward. And while some may see them as crazy ones, we see genius. Because THE PEOPLE WHO ARE CRAZY ENOUGH TO THINK THAT THEY CAN CHANGE THE WORLD, ARE THE ONES THAT DO."
Maxwell- CH 2 (Charisma) Maxwell describes authentic/genuine charisma, not superficial charisma
"How can you have charisma? Be more concerned about making others feel good about themselves then you making them feel good about you."
CEO QUOTE- (Leading people) Pt 2
"Human relation principles are critical in every industry. Always be about recognizing employees and their accomplishments and encouraging them to grow and getting them to rally in tough times by keeping them positive. Band together as a team to get the job done." - Ms. L- Consumer Products
"Satya Nadella, Chief of Microsoft, On His New Role" New York Times Pt 2
"I also ask: What are you most proud of? Tell me where you feel you've set some standard, and you look back on it and say, "Wow I really did that." And then, whats the thing that you REGRET THE MOST, where you felt like you didn't do you best work? How do you reflect on it? Those two lines of questioning help me a lot in terms of being able to figure people out. I fundamentally believe that if you are not self-aware, you're not learning (changing). And if you're not learning, you're not going to do useful things. (create value for others) in your future.
"Notable and Quotable" (WSJ) From Amazon CEO Jeff Bezo's commencement address at Princeton University, May 30, 2010 QUOTE
"I will hazard a prediction. When you are 80 yo, and in a quiet moment of reflection narrating for only yourself the most personal version of your life story, the telling that will be the most compact and meaningful will be the series of choices you have made. In the end, WE ARE OUR CHOICES. Build yourself a great story."
The Fundamental Law of Motivation
"If you cannot, or will not, get people to what they otherwise naturally would not do, you will never succeed in management."
Maxwell- Ch 13 (Positive attitude) pt 2
"If you look at the lives of people in any profession who achieve lasting success, you will find that they almost always possess a positive outlook on life."
Maxwell Ch 15 - Relationships pt 3
"If your focus is on what you can put into people rather than what you can get out of them, they'll love and respect you. And these create a great foundation for building relationships"
CEO QUOTES- 500 CEOS Chapter- Leading People Quote 2
"It's important to understand what it is your employees need, both personally and professionally because they need to be reaching their professional goals. (Mr. F-Manufacturing) Notice the importance of addressing people's personal and professional needs in our next lecture material."
Bill Bradley was told what?
"Just remember that if you're not working at your game to the utmost of your ability, there will be someone out somewhere with equal ability. And one day you'll play each other, and he'll have the advantage."
CEO QUOTES- 500 CEOS Chapter- Leading People Quote 1
"Management is really about leading your employees. Decisions can be made, but they are MEANINGLESS if you cannot make your employees respond and become motivated to a new course of action. (Mr. H - Construction) JUST LIKE The fundamental law of motivation
Maxwell- CH 2 (Charisma) pt 2
"Most people thank of charisma as something mystical, almost undefinable. They think its a quality that comes at birth or not at all. But thats not true. Charisma, plainly stated, is the ability to draw people to you. And like other character traits, it can be developed."
Maxwell Ch 15 - Relationships pt 1
"People don't care how much you know, until they know how much you care."
Maxwell- CH 11 (Listening)
"Peter Drucker, the father of American management, believes that 60% of all management props are the result of faulty communication." "I, Maxwell, would say that the overwhelming majority of communication probs come from poor listening." "Keep in mind that you have two purposes for listening: to connect with people, and to learn"
Maxwell- CH 4 (Communication) Quote 2
"Refocus you attention: Is it on you, your material, or your audience?" Pg 28 Similarly, Holbein adds a quote from his fav teacher Jon Austin "I don't teach lessons. I teach students"
Benjamin Disraeli
"The greatest good you can do for another is not just to share your riches but to reveal to him his own."
CEO QUOTES- Lesson from "Teams" chapter PT 3
"The most important thing is to bring people together to form a consensus that everyone agrees on (see the norming stage in our lesson teamwork next time) .. There must be a strong common bond (see the forming stage next time) in order for the company to be THE MOST SUCCESSFUL it can be. So all along the way you must consistently reintroduce that idea. (Mr. R- Business Service)
CEO QUOTES- Lesson from "Teams" chapter Pt. 2
"The most important thing that contributes to your success as a manager is THE PEOPLE THAT YOU SURROUND YOURSELF WITH. Without a .. team that you can rely on, you cannot be successful even with the best of ideas. So never be afraid to allow others to contribute to your success. You can accomplish whatever you want, and go as far as you want, with OTHERS BY YOUR SIDE.
CEO Quote from "500 CEOs: Lessons from the heart" Chapter: Mistakes and Failures Pt 2
"There is no shame in failing. The is shame in failing to try. Most CREATIVE BREAKTHROUGHS occur when your back is against the wall." Mr. H-Manufacturing
"Notable and Quotable" (WSJ) From Amazon CEO Jeff Bezo's commencement address at Princeton University, May 30, 2010
"Tomorrow, in a very real sense, you live-the life you author from scratch on your own- begins. (NOTE the internal locus of control)
William Gladstone and Benjamin Disraeli
"When I left the dining room after sitting next to Mr. Gladsone, I though he was the cleverest man in England. But after sitting next to Mr. Disraeli, I thought I was the cleverest woman in England"
500 CEOs Quote- Ch. Communication pt 2
"You have to be a very APPROACHABLE PERSON, one who is very easy to talk to. You've got to talk to everybody. Everybody deserves your time and respect. Even the cleaning lady is your good friend." -Mr. R Manu CEO
Jack Welch forming Chairman and CEO of GE said -
(Created more value for other people than more CEOs) "Nothing else matters if we don't get the people thing right"
Our Summary Learning Points from above
-Every meeting must have an objective to be accomplished -Prepare to be ready to contribute -Two-way interaction is vital for success -Balancing opposites brings enlightenment -Be decisive and act
VIDEO PRESENTATIONS Video 1- Steve Jobs in 1980, We see in real life Jobs' examples of all the following nine leadership principles:
1. A DESIRE TO SERVE OTHERS- He just wanted to help friends build computers. Thats how it all started. 2. FAITH TO TRUST WITHOUT SEEING- "Did you know what this would become?" I had no idea what people would do with it all. But I had some feeling that we were on to something. 3. GENUINE EXCITEMENT & ENTHUSIASM- They got financing for the parts to build 100 computers after 50 were ordered only on the basis of our enthusiasm. 4. A SENSE OF WONDER AND AWE- VisiCalc is incredible, remarkable! Look at what these kids are doing with these machines! 5. CURIOSITY- The industry did not even exist 3-4 years ago. What intrigues and fascinates you? Pursue it! 6. SOLVING PEOPLE"S PROBLEMS- Just like the bicycle boosts the efficiency of locomotion, man as a toolmaker is meant to build tools to amplify human ability in all our endeavors. 7. A PHILOSOPHICAL BASE CENTERED ON ONE PRINCIPLE- Their real contribution is to allow people to use computers without having to know how to program them, and to make computing a different, personal one-on-one experience with your computer. 8. ONE-ON-ONE interactions- He loved being right with the school kids. and Apple had to be in retail so that it could be interactive with individuals. Just like the Mantra Of The Authentic Leader. 9. WHY GO BEYOND? - When people say "We are just fine. We are good enough, fast enough" you move on to solve new problems and remove even more barriers. We must be continuously striving to change, grow, develop, serve even better than we are now.
WSJ - Susan Wojcicki Youtube CEO
1. A set agenda 2. Know what we are trying to get done 3. Get it done as quickly as possible 4. Move on
Seven Selection Tools (for determining how well job applicants will perform in the future)
1. Background Info: Resumes, school transcripts, and application forms. 2. Interviews -Structured: Ask everyone the same questions. More clear, fair, and legal -Unstructured: Ask any questions, more revealing 3. Paper and pencil tests -Knowledge -Personality 4. Physical ability tests: Always ask yourself, does this relate to the job? 5. Ability test: Do a sample of the actual work tasks 6. Assessment Center: Doing an ability test in a facility that simulates the real work environment. The most valid selection tool. 7. References: We must always check them although they are the least valid tool
LESSONS, To be successful, you must....
1. Be actively managing your image and reputation among all the people around you 2. Set standards, and strive to live up to them 3. Reflect upon, and learn from your failings 4. Be self-aware 5. Be learning at all times
WSJ- Jim Hackett Ford CEO
1. Being on time - Being late communicates "My times is more important than yours" 2. Open discussion
Method #9: Merit Pay- money motivates people
1. Bonus 2. Piece Rate Pay (Frederick Taylor) 3. Commissions 4. Profit Sharing 5. Employee Stock ownership The possible prob with profit sharing and stock ownership is that although employees might be working with direction, the actions of top execs, the forces of competition, and the general econ might reduce the company profits and stock price. Thereby making them disconnected from workers' motivation and performance.
Who judges an employee's performance? More than just the boss. 360 degrees: Everyone around you judges your performance. This includes:
1. Boss 2. Subordinates 3. Peers/colleagues 4. Customers/clients 5. Business partners
Job Analysis can be conducted in two ways:
1. By asking a hiring manager what they want and expect in the job. This tends to lead to an idealized analysis. 2. Observing what current employees are doing in that job. This is a more realistic analysis. So, we should try use both approaches to Job Anal
WSJ- Joseph Swedish Anthem CEO
1. Collaborative 2. Active listening: re-state and paraphrase 3. Dynamic tension
Why corporations Value Teamwork
1. Companies are more responsive to customers.. 2. There is an increased level of innovation 3. Teamwork correlates with increased employe satisfaction and motivation
What are the four types of people in terms of commitment?
1. Cop-outs 2. Holdouts 3. Dropouts 4. All-outs
To demonstrate that our character and leadership potential are not bound by birth or by nature, consider two new fields of scientific discovery:
1. DNA Triggers: The impact of our DNA on our behavior switched on/off by our choices and actions. Things that we do habitually, the environment that we choose, what we persist in listening to or thinking, can trigger or inhibit DNA's influences. 2. Neuroplasticity- Our brain structure is also subject to our choices and actions. The things we do habitually, the environ that we choose, what we persist in listening to or thinking, shape our brains. Much of who we are, not our biology Victor Frankl, death camp survivor said "The last of our human freedoms is to choose our attitude in any given circumstances."
All of us will be swept up by the changes brought on by this FIFTH REVOLUTION:
1. Domestication of plants and animals that allowed us or settlement and civilization 2. The steam engine moved us from ag to urban societies 3. Electricity ushered in mass production and created consumer culture 4. Computers and the internet shifted the econ from manufacturing into services 5. Thinking machines with artificial "intel" may become able to generate new activities with out human guidance First four profoundly increased human PRODUCTIVITY, WELFARE, and LIFESPAN . Employment adapted as new tech gradually replaced more and more aspects of human labor.
Four stages of team development
1. Forming: Building relationship of trust. This is done through socializing 2. Norming: Est common values and priorities 3. Storming: Members disagree constructively, but because of forming and norming, they know each other well enough to get through it. Differences can now be productive 4. Perfoming: Doing the actual work. These must be done in order. If the team's results start to fail or fall behind, recycle the forming stage
Method 6: Goal Setting that Really Motivates People
1. Goals should point to higher purpose 2. They are specific, use #'s and don't say "Do your best" 3. Difficult, but not impossible: use the "and one" method. Go one step further than last time. 4. Boss and employee should set goals together. 5. Worker can see steps to achievement 6. Worker receives clear and timely feedback about their performance.
SEVEN TRAITS of Daniel Ek that address The Fundamental Question of Leadership ("Am I becoming the kind of human who others WANT to follow?) According to those who have worked closely with him, he....
1. Is soft-spoken 2. Has a low-key personality 3. Has crazy ambition- not a contradiction with the prior two 4. Is steadfast in his beliefs. Like Margaret Thatcher, and all secure leaders, he knows what he stands for and why. 5. Avoids the limelight. Studies show that firms with CEO's who appear frequently in the media perform less well than firms led by less visible CEOs. 6. Is egoless. Its not about him. 7. Put his primary focus on his family.
WSJ- Satya Nadella Microsoft CEO
1. Listen more 2. Talk less 3. Be decisive when the time comes
Three alternative Views on Motivation
1. Morally and practically it is impossible to manipulate a persons motivation- their indiv psych state. 2. Therefore, hire people with intrinsic motivation- people with a strong work ethic. 3. As a boss, be aware of the following: The main thing that we are after in and of itself; it is high job performance. Motivation is required for high job performance, but so are employee capabilities (through training) as well as proper circumstances (be a coach and facilitator as Mary Parker Follet taught)
SEVEN METHODS that Ek used to drive the success of Spotify:
1. Mr. Ek described the company's mission as the "hard work of HELPING one million artists LIVE OFF of their art. 1) When we make others better-off we create success for ourselves. They will support us, promote us, and pay us well. 2) Like Maslow taught us in the prior class, providing a living wage can help motivate others. 2. Investors are counting on Mr. Ek to innovate AND differentiate Spotify's offering. Innovation alone is not enough; to stand out, we must be different. As students in class showed, it is easy to see how Spotify is different from and better than Pandora. 3. "He could completely articulate how this could affect he music industry and what the world would look like," and his plan was "straightforward" said John Lindfors, managing partner of DST Global, an early Spotify investor. You must have a clear mission statement that defines the company for all parties. 4. People close to Mr. Ek say he is steadfast in his belief that TRANSPARENCY WILL WIN over the old-school music business. As opposed to the opacity of Facebook, being open and clear with musicians has given Spotify a real advantage. 5. Mr. Ek has been willing to ENSURE LONG negotiations with skeptical musicians and music executives. Being both patient and persistence give you power. 6. He understood that the best way to woo the industry was with paycheck. "Daniel really set the ton to just put up numbers." "He delivers on the promises." Money motivates. 7. Investors, bankers, and business associates say that Mr. Ek is more ACCESSIBLE than most CEO's. He is know to RESPOND to emails and tests at all hours. When someone emails or messages you you must respond. Even if it seems routine or trivial. Do not leave others hanging. Learn how to round out an exchange- no "business ghosting".
WSJ- Charles Phillips - Infor CEO
1. No desk, but an open table. 2. Interruptions are good 3. 5-min meetings
Method #7: Operant Conditioning by B.F. Skinner
1. Positive reinforcement: Getting desirable outcome for performing correct behavior. 2. Neg reinforcement: Eliminating undesired outcome once the desired outcome occurs. (Taking an employee off of probation) 3. Punishment: Admin a neg outcome in consequence for an undesired behavior. 4. Extinction: Eliminating performance of a dysfunctional behavior by removing whatever is reinforcing it."
The six steps to giving performance feedback effectively:
1. Praise the employee 2. Be specific 3. Focus on correctable behavior 4. Give them suggestions for improvement 5. Set a timetable for improvement 6. Express confidence in them
Human Resource Management (5 components)
1. Recruitment and Selection 2. Training and Development 3. Performance Appraisal and Feedback 4. Compensation and Benefits 5. Labor relations
Labor Relations- There are four major labor laws to be aware of-
1. The National Labor Relations Act: Gave unions power to represent individuals to management. This is called "collective bargaining" it gives employees far more power in dealing with management than trying to bargain individually. 2. The Fair Labor Standards Act restricted child labor, est a minimum wage and set a maximum on working hours. 3. The Equal Pay Act (1963) required that men and women doing equal work get equal pay. This is called "comparable worth". Yet event today, women are paid roughly 75% of what men earn in similar jobs- but that is a very "fuzzy" statistic. 4. The Work Place Safety Act (1970) est the Occupational Safety and Health Admin (OSHA) to mandate procedure for safe working conditions.
Three factors must be considered in setting an appropriate level of compensation for an employee
1. Their job performance 2. The job market 3. The future: The company's future needs, and the future potential of the individual
Three ways to appraise people
1. Trait appraisal: Most common and most useless. Judging people based on subjective personal opinion, not performance 2. Behavior: Do employees follow instructions? Look at their actions. 3. Results: The most objective; judgment based on what people have actually accomplished. Cons- If this is the only method a manager uses, it might lead to unethical behavior. Also, it occurs after the fact, so managers can't correct performance as it is happening. Best to use both behavior and results appraisal
WSJ- Rodney McMullen - Kroger CEO
1. Well-prepared 2. Pre-read 3. An agenda
"Notable and Quotable" (WSJ) From Amazon CEO Jeff Bezo's commencement address at Princeton University, May 30, 2010 - How will you use your gifts? What choices will you make?
1. Will inertia be your guide, or will you follow your passions? 2. Will you follow dogma, or will you be original? 3. Will you choose a life of ease, or a life of SERVICE and adventure? 4. Will you wilt under criticism, or will you follow your convictions? 5. Will you BLUFF it out when you're wrong, or will you apologize? 6. Will you guard your heart against rejection, or will you act when you fall in LOVE? 7. Will you play it safe, or will you be a little swamp buckling? 8. When it's tough, will you give up, or will you be relentless? 9. Will you be cynic, or will you be a builder? 10. Will you be clever at the expense of others, or will you be KIND?
There are only three benefits that firms must provide for their employees
1. Workers' compensation Insurance for injuries on the job 2. Unemployment Insurance only for those who are laid-off, not those who are fired for poor performance 3. Social Security Insurance. Employers must pay the same amount as employees are paying
Here are the keys to successful managing up..
1. You have to toot your own horn to be heard in a sea of cubicles. 2. Offer your boss multiple-choice questions such as, "How ofter do you want updates, daily, weekly or only when I have something to report?" 3. Never bring a prob to your boss without a possible solution 4. In order to respect boss' time, bundle probs when presenting them. 5. Don't take your bosses behavior personally. Its a matter of personal style. Watch how they communicate and make decisions. 6. Frame issues in a way that matters to your boss. 7. Understand your boss' priorities and how your performance affects their success. 8. Address your boss's needs and how to motivate them. 9. Don't be too proud to show when you don't know something. Swallow your ego and listen. 10. Learn the unwritten rules of the org's culture - like when to interrupt, or how to disagree. Also, learn the exceptions to these rules.
Three-part definition of motivation:
A RESTLESS entrepreneur, he favored service businesses with regular streams of income. He found parallels between Blockbuster and the Miami Dolphins: one involved videos, and one stadium seats. Were certainly not smarter" than the next guy, Mr. Huizenga said. "But we work harder, and when we focus in on something we are consumed by it."
Motivation
A person's individual psychological state that influences the direction, energy, and persistence of their work. Direction= Working on a task and focused without distraction Energy= Working vigorously with great effort. Persistance= Whether a person keeps trying in the face of obstacles.
What is the only true measure of commitment?
ACTION
Recruitment:
Activities that managers engage in to develop a pool of job applicants
List of those people:
Albert Einstein Bob Dylan MLK Jr. Richard Branson John Lennon and Yoko Ono Buskminster Fuller Thomas Edison Muhammad Ali Ted Turner Maria Callas Mahatma Gandhi Amelia Earhart Alfred Hitchcock Martha Graham Jim Henson Frank Lloyd Wright Pablo Picasso A young girl opening her eyes to see the possibilities before her.
Note about all of those people
All of these people changed the world in ways that many people are well aware of. Some of us may become famous for our contributions to making the world a better place. But certainly, all of us have been endowed with gifts from many others to do and change the world for the better. You or I may not become as famous as the people listed above, or maybe we will. But each one of us will touch someone. It may be just one person in one moment. To us it may seem small, or even insignificant. But to that other person, it will change the world. NOTE: "If you want to make a difference, you must be different. "To be outstanding, you must stand out"
WSJ- "More Companies Teach Workers What Colleges Don't" pt 3
An Atlanta-based aluminum-products maker Novelis started a school within the company to impart lessons pulled from the factory floor with a faculty and nine "deans" to oversee it. WHY? Because a new engineering graduate hired by Novelis took five years to get up to speed, said Joanne McInnerney, the company's VP for HR in NA. But now "We have to shorten that time to about 2 years."
WSJ- "Toys "R" Us Founder Charles Lazarus Has Died at 94" Pt. 2
At the time of his passing, a company representative said, "He visited us in New Jersey just last year and we will forever be grateful for his positive energy, passion for the customer and love for children everywhere."
Notice the following..... pt 2
BEING A BEGINNER- "I got fired." Remember good failure. "It was the best things that ever happened to me." TRUE VALUES AND PRIORITIES- Have you determined what is truly important? What would a person be like who has not determined what matters most, some, less, least, and not at all?" THE TRAP OF DOGMA- (Someone else's thinking)- Living someone else's life.
Method #3: Herzberg's Idea
Believed these was something missing from Maslow's five needs. Maslow's two lower needs (physical and safety) he called "Hygiene Needs". These hygiene needs do not motivate people, but they do play an important role in motivation. Their absence de-motivates people. Hygiene needs are necessary but not sufficient for motivation
Human Resource Management
Boeing's sr Vice President of Operations said "I have never fired anyone in 30 years for engineering failures, but only for human failures."
WSJ- "More Companies Teach Workers What Colleges Don't" pt 2
But today, manufacturing technology and health-care are the industries that are moving fastest to focus on skills over degrees because they are the sectors struggling the most to fill jobs. Examples... As Schweitzer Engineering lab in Pullman Wash, workers take classes in algebra, physics, and WRITING in the factory complex and can check out books from a company library. AT&T is INVESTING more than a billion to retrain over 100,000 workers through a PATCHWORK of classes and programs that are helping them retool the company.
Notice the following.....
CURIOSITY- How badly do you want to learn regardless of grades or degrees? PRACTICAL APPLICATION- Learning calligraphy had no use in his life at that time, but 10 years later "it came back to me!" CONNECTING THE DOTS LOOKING FORWARD- It is impossible. So trust that all will work out okay. NOTE- "If you consistently and persistently do what is good and right today, there is no way that you will end up in a bad place."
Maxwell- Ch 3 Story of Michelangelo
Change its title to "Michelangelo Commits Heresy!" Specifically that he committed heresy to the conventional cultural wisdom today by being committed to tasks even when it wasn't his passion. -But once Michelangelo accepted the assignment, he thoroughly committed herself to it. -"The impact of Mich's commitment was far-reaching." -"Undoubtably Michelangelo's talent created the potential for greatness, but without commitment, his influence would have been minimal."
WSJ- "Toys "R" Us Founder Charles Lazarus Has Died at 94"
Charles Lazarus, A COLLEGE DROPOUT, has a simple and powerful idea: Build a supermarket for toys. (CONCENTRATION/FOCUS STRATEGY, just like McD's, Walmart, and Coca Cola from Exam two). After returning from World War 2, he opened a store that he would build into a national chain called Toys "R" Us Inc. with hundreds of cavernous locations stocked with Barbies, Hot Wheels, and thousands of toys that otherwise would not have been brought to the public through traditional mom-and-pop toy stores.
Video Two- Steve Jobs in 2005 (at Stanford), telling three stories- Story one
Connecting the dots- He had no idea what he was going to do with his life. So he dropped in on CURIOSITY. That is priceless. WHAT FASCINATES YOU? What are you intrigued with? Where are you curious? Follow it!
MAXWELL Ch. 10 (Initiative) Pt. 1
Conrad Hilton said "Success seems to be connected with action." "Initiators dont wait for other people to motivate them. They know it is their responsibility to push themselves beyond their comfort zone." In other words, they have a strong internal locus of control.
As a manager, you have 9 methods to boost the Extrinsic Motivation of your employees Method 1: E.I.V.
Create in the minds of your employees three ideas... 1. Expectation: Hard work produces good results 2. Instrumentality: Good results will be rewarded 3. Value: They will like the reward
Video Two- Steve Jobs in 2005 (at Stanford), telling three stories- Story three
Death Discover what is truly important. YOU MUST CLARIFY YOUR TRUE VALUES AND PRIORITIES "Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose." "You are already naked. There is no reason not to follow your heart." "Don't be trapped by other people's thinking (DOGMA). Stay hungry. Stay foolish.
Maxwell- Ch 13 (Positive attitude) pt 3
Denis Waitley "The winner's edge is not in a gifted birth, a high IQ, or in talent. The winner's edge is all in the attitude, not aptitude."
Maxwell Ch 15 - Relationships pt 4
Diagnostic tool for measuring how well we really do work with people: "How are your people skills? Do you mix well with strangers? Do you interact well with all kinds of people? Can you find common ground readily?" We find common ground with people by asking about them. (This is just like the "forming stage: of the 4 stage of team development tough below)
Recruitment and Selection
First, before managers can even being to recruit job applicants, or to select who they will hire from among those applicants, they must perform JOB ANALYSIS - defined as "identifying the tasks, duties, and responsibilities (TDR) that make us a job, and the knowledge, skills and abilities (KSA) needed to perform well on the job.
WSJ- "More Companies Teach Workers What Colleges Don't"
For years, many employers have encouraged reliance on bachelor's degrees as a PROXY FOR SKILLS by required a diploma for jobs that didn't previously require one. But such degree requirements are limiting the number of applicants for a job AND increasing costs for companies and employees. They ALSO lead to frustration for workers, since fewer than half of people who enroll college end up graduating and landing a job that utilizes their degree.
Team Building and Teamwork
Group: "Two or more people who interact with each other" Team: "A group whose members work intensely with each other in order to achieve a common purpose." All teams are groups, but not all groups are teams.
As a manager, you have 9 methods to boost the Extrinsic Motivation of your employees Method 2: Abraham Maslow's Hierarchy of Needs
Help satisfy employees' 5 basic needs.. 1. Physical: We need a living wage for food, clothing, and shelter. 2. Safety: We need security (Insurance, job security, etc) 3. Social: We need to interact with others 4. Esteem: we need to be proud of ourselves (So recognize and praise employees) 5. Self-actualization: We need to realize our full potential (give people challenges) The point for managers is not where the needs only move in on direction as Maslow taught. The main lesson from Maslow is to know each employee's individual, personal needs by getting in touch with him or her.
Rule of thumb for feedback-
If you get to a formal review and the employee is surprised, you have failed as a manager. So use both methods
Two types of motivation; Intrinsic and Extrinsic
Intrinsic Motivation: Leads to behaviors that are performed for their own sake. The source of intrinsic motivation is actually engaging in that behavior. Intrinsic motivation gives a sense of accomplishment derived from doing the task well. Extrinsic Motivation: Leads to be behavior that is performed to acquire something or to avoid something. The source of extrinsic motivation is the consequences of the behavior, not the behavior itself.
Training
Involves short term, technical methods so that employees know how to perform their current jobs today. Two types of training: Classroom instruction- Best for technical routines On-the-job training- Provides a richer set of skills
WSJ Article- "Spotify CEO Daniel Ek: Once the Music Industry's Slayer, Now Its Savior"
Just like Margaret Thatcher went from being the most unpopular woman in all of britain, to a highly popular and successful Prime Minister, Daniel Ek, CEO of Spotify, has moved from the disruptor of the music industry to the savior of it. Thanks in part to Ek and Spotify, the music industry's overall revenue declined 40% between 1999 and 2014, but it has rebounded since then. Does the story of M. Thatcher relate to business success? Here is how Mr. Ek has succeeded much like the Iron Lady...
WSJ- "Wayne Huizenga, Entrepreneur Behind Blockbuster and AutoNation, Dies at 80"
Just like the "CRAZY ONES" in Steve Jobs' commercial last week, he rebelled against traditional and conventional ways of doing business. He insisted on keeping garbage trucks clean and well-painted. Some sported slogans such as "This Truck Has Bad Breath" and "We Cater Weddings" And just like the Purpose of Business and all work is to MAKE OTHERS BETTER-OFF, Mr. Huizenga worried about all the details of customer service.
Maxwell Ch 15 - Relationships pt 2
Le Roy Kurtz of GM said "The fields of industry are strewn with the bones of those organizations whose leadership became infested with dry rot, who believed in taking instead of giving... who didn't realized that the only assets that could not be replaced easily were the human ones.
Lesson from Michelangelo
Like with Mich, duty to honoring a purpose HIGHER THAN YOURSELF gives you the power of COMMITMENT to work through things that are not your "passion". You do not necessarily have to like what you are doing to do great work. For example, those who worked in the coal mines, tobacco fields, and factory sweatshops did not much enjoy their work, but they did it for something far greater than their own self-serving "passion". They did it for the sake of others-for their families.
Development
Long term, holistic methods so that employees are enabled to take on new duties and meet new challenges into the future. Two types: 1. Job rotation around a variety of departments and functions 2. Formal education credits (Tuition reimbursement) NOTE: Training more for lower-level employees, while development is usually more for managers
What are your commitments?
Look at your calendar and checkbook. You will see what you are truly committed to.
Video Two- Steve Jobs in 2005 (at Stanford), telling three stories- Story two
Love and Loss He was fired from the company he created. He was a public failure. But, he discovered the lightness of being a beginner all over again.
WSJ- "The Right and Wrong way to Manage Upo at the Office"
MANAGING UP, that is building smooth, productive relationships with higher-ups is an ability that can shape your career more than almost any other- but many employees don't know how to do it. It requires understanding and adapting to your boss's communication and decision-making style. Many people are promoted because of the quality of their work, but as new managers aim to rise in the ranks, assuming their work will speak for itself because increasingly hazardous to their careers. Why? Because ALLIES at work are the building block of success and job security. NOTE: see Maxwell 15 on Relationships, what Mr. O, the conglomerate CEO said in our prior class about "The most important thing that contributes to your success as a manager"
Performance Feedback
Makes more managers v nervous 1. Formal: Through a set procedure at a set time 2. Informal: Ongoing, whenever you can
Performance Appraisal and Feedback
Makes most managers very nervous
WSJ- "To keep up with AI, We'll need High-Tech Brains" Pt 2
Many brilliant people worry that AI will do great harm to society - putting people OUT OF WORK, adding INEQUALITY, and removing WARFARE from human control. Whether you believe that the arrival of human level AI signals the dawn of paradise, such as the tech Ray Kurzweil, or the sunset of the age of humans, such as the prominent voices of Stephan Hawking and Elon Musk, there is not question that AI will profoundly influence humanity. Some see a time when we reach THE SINGULARITY - a point in time when MACHINES SURPASS humans in intel (NOT JUST human speed and reach)
Maxwell- Ch 13 (Positive attitude) pt4
Martin Lloyd-Jones "Most unhappiness in life is due to the fact that you are listening to yourself rather than talking to yourself."
As a manager, you have nine METHODS TO BOOST THE EXTRINSIC MOTIVATION of your employees -
Methods 3-9 on following cards
WSJ Video- How to Run a Better Meeting pt. 1
Note: The keys given by corporate leaders..
WSJ- "More Companies Teach Workers What Colleges Don't" pt 4
Other employers like CVS Health Corp International Business Machines and JP Morgan are hiring workers because of what they can do, or what the company believes they can teach them, instead of the degrees they hold. NOTE: Corporations do more edu than all universities combined. One of the top skills that employers demand today is CRITICAL THINKING to problem solve multi-faceted and complex business scenarios using data, analysis, and intuitive creativity and to express it clearly and convincingly using logic and analytic reasoning.
Method 5: Need for Fairness/ Equality/ Justice
P (my O/I) > P (Their O/I) P = perception or point of view O = Out-take (what obtained from the job) I = Input (What is put into the work) Am I getting as must out as I am putting in, in relation to others?
MAXWELL Ch. 10 (Initiative) Pt. 2
President JFK said, "There are risks and costs to a program of action, but they are far less than the long-range risks and costs of comfortable inaction. NOTE: Great ships are always safe if they stay in the harbor. But that is not why we build great ships." Senator Robert Kennedy said, "Only those who dare to fail greatly can ever achieve greatly." "Know the story of Lester Underman. He is a great example of intrinsic motivation"
External recruitment
Pros- It brings new talents and fresh perspectives. Cons- It is more expensive, applicants have steeper learning curve, and it makes it harder to assess applicants' qualification
Internal Recruitment
Pros- It is less expensive, applicants already understand the org, their qualifications are better known, and it serves to motivate existing employees through promotion from within. Cons: It makes groupthink more likely.
Recruitment and Selection Cont..
Recruitment: There are two methods for recruitment: external and internal, each with different pros and cons..
Selection:
Selecting the right employees to hire was the managerial responsibility that made Holbein most nervous because it is crucial to hire good employees. It is dangerous to hire poor employees. And it is very difficult to tell beforehand who will work out well.
Method #8: Vicarious Learning / Social Learning/ Role Modeling
Set a good example as a leader yourself. You are the role model. Also, show your employees who are doing things right.
Thomas Edison
Story of inventing the light bulb and learning 10,000 lessons and about his lab burning down. "Kids go get your mother. She'll never see another fire like this one!" He was an optimist, seeing the best in everything.
"Satya Nadella, Chief of Microsoft, On His New Role" New York Times
The following is an excerpt from an interview with the new CEO of Microsoft. Q: How do you hire? What questions do you ask? A: I do a kind of 360 review. I will ask the indiv to tell me what their manager would say about them, what their peers would say, what their direct reports would say, and in some cases what their customers or partners would say about them. That particular line of questioning leads into fantastic threads and Ive found that to be a great one for understanding their self-awareness.
Validity
The power of a selection tool to predict future job performance
Selection:
The process by which managers determine the relative qualifications of applicants, and their potential for performing well into the future.
Compensations and benefits
Two lists follow about this
WSJ- "Wayne Huizenga, Entrepreneur Behind Blockbuster and AutoNation, Dies at 80"
Wayne Huizenga, A COLLEGE DROPOUT, got his start in business hauling trash. His energy and ambition made him and DRIVING FORCE in the growth of four major companies: Waste Management, Blockbuster Entertainment, Extended Stay America, and AutoNation. He also owned major league football, baseball, and hockey teams. NOTE: The three-part definition of motivation below...
WSJ- "To keep up with AI, We'll need High-Tech Brains"
When do we start panicking? DeepMind, an artificial intelligence company intel company, just announced another breakthrough in machine intel. Starting from nothing but the rules of ancient and sublime board game Go, the algorithm taught itself to play though trial and error (BUT NOT through self-directed intention; HUMANS INITIATED this). After playing four million games against itself, the software, called AlphaGo Zero, reached superhuman performance. And it did that in less than a month, compared with the decade or two of training it takes for a human to become an highly skilled Go master. (No big revolution here, advances in technology always work faster than humans)
Method #4: McClelland's Ideas
White collar, highly educated professionals have three primary needs that motivate them: 1. Need for achievement; give them challenging work 2. Need for affiliation; work with other similar professionals. 3. Need for power over decisions
Maxwell- Ch 13 (Positive attitude)
William James said "The greatest discovery of my generation is that human beings can alter their lives by altering their attitude of mind."
Notes:
Work smarter not harder does not make sense. The only way to become smarter is to work harder first. Maxwell on Focus, Commitment and Passion. Like the US president, millionaire entrepreneurs, and corporate CEOs, you do not need high grades to become successful.