Reducing Gender Inequality at Work, One Small Step at a Time
While unconscious bias training can improve short-term behavior during hiring and promotion cycles, the positive effects wear off over time. Establishing formal procedures around these cycles, like performance checklists and other tools to identify and eliminate bias during hiring, promotion, and other processes, helps too, but they aren’t enough on their own. However, companies that combine these two tactics into a robust, two-pronged strategy are seeing measurable improvements in gender equality for their businesses.
by Alex Shashkevich on Insights by Stanford Business
Is Anyone In Your Company Paying Attention to Strategic Alignment?
The best performing companies are often the best aligned. Can you point to the person responsible for making sure your company’s strategy aligns with its purpose and capabilities? If you can’t, don’t despair. Strategic alignment shouldn’t fall on the shoulders of just one leader—it’s a role best shared by the entire leadership team, across the enterprise. But forming superior strategic alignment doesn’t happen overnight. It requires design, attention, and the mobilizing of resources working in concert across the company.
by Jonathan Trevor on Harvard Business Review
The New Core: Unleashing the Digital Potential in “Heart of the Business” Operations
Reinventing how daily work gets done—while not as “sexy” as customer engagement—can do more to transform a business than the flashiest marketing campaign. Turn a little attention toward those boring back-office processes and you could uncover opportunities to redefine your company’s lifeline and build a strong digital foundation for customer-facing innovation and growth initiatives. In fact, infusing your company’s core with a new, digital backbone could catapult your business into the future.
by Bill Briggs, Steven Ehrenhalt, Doug Gish, Nidal Haddad, Adam Mussomeli, Anton Sher, Vivek Katyal, and Arun Perinkolam on Deloitte Insights
Just Like You, Your Business Has a Credit Score. Here’s How to Improve It.
Paydex, Intelliscore Plus, and LiquidCredit Small Business Scoring Service (SBSS) assign businesses of every size a score that determines whether that business is a good—or bad—credit risk. That score can impact a lender’s decision. Take control of your company’s rating by following these steps: 1) Obtain a copy of your business credit report; 2) ask creditors to share positive reviews of your business with reporting agencies; 3) pay your bills on time or early; and 4) don’t max out your credit line.
by Minda Zetlin on Inc.
Salary History Bans Pose Challenges to Employers, Employees
To help reduce the gender pay gap, several U.S. cities and states have recently enacted laws that prohibit companies from inquiring about job candidates’ salary histories. Experts advise the following to stay compliant, especially if your business operates in multiple jurisdictions: 1) Educate hiring teams on location-based laws and differences; 2) eliminate questions about salary, commission, and bonuses from the reference-checking process; 3) remove salary questions from job applications; and 4) document process changes as they’re made.
by Lauren Dixon on Talent Economy
Four Strategic Questions to Ask Before Launching Your Digital Transformation
Is digital transformation on your corporate to-do list for 2018? If so, make sure you’re doing it for the right reasons. Start by asking questions to ensure the digital tools you adopt meet your customers’ needs and enhance their experience. For example, do you want to add value or reduce costs? How will adapting to your new digital platform affect your customers’ perception of your brand’s value? Here’s why thinking strategically about your company’s digital goals is the best thing you can do to ensure brand loyalty and customer value.
by Lior Arussy on Chief Executive
To Cloud or Not to Cloud
Security concerns, latency problems, high costs, and a lack of functionality are all reasons why businesses that previously migrated to the cloud are reverting back to onsite servers. And while larger companies are leading the charge right now, it stands to reason that startups and small businesses will follow. That’s because managing an onsite server can be more cost effective—and secure—for smaller businesses, especially those needing increased control over sensitive client data and electronic privacy.
by Larry Myler on Forbes
Transforming the Culture of Managing Working Capital
Believe it or not, the most routine, day-to-day business decisions—so mundane they seem inconsequential—can quickly add up, dramatically increasing the amount of cash needed to run a business. For better capital management, start by making a dramatic cultural shift. Here’s how implementing a strategy associated with organizational transformation that nurtures cross-company awareness, establishes formal processes, and deploys the right talent and skills where they’re needed most can lead to strong returns.
by Michael Birshan, Matt Stone, and Michael Park on McKinsey & Company
How You Promote People Can Make or Break Company Culture
According to a recent survey, people are more than twice as likely to give extra effort at work—and plan a long-term future with the company—if promotions there are managed effectively: 1) Proactively discuss career aspirations with each team member; 2) determine who might be a good fit when new opportunities arise and encourage them to apply: 3) openly share how the decision was made once the job is filled; and 4) circle back to set fresh development goals with candidates who didn’t get the job.
by Jessica Rohman, Chinwe Onyeagoro, and Michael C. Bush on Harvard Business Review
If You Only Take One Management Concept from 2017, Make It Empathy
The empathetic failures displayed last year by United Airlines CEO Oscar Munoz and former Uber CEO Travis Kalanick should be reason enough for leaders to add “be more empathetic” to their New Year’s resolutions. The ability to express empathy for others in a professional environment has yielded benefits across industries. For example, during negotiations, empathy can lead to greater gains for both parties. In the medical industry, it’s been shown to improve patient satisfaction and patient recall of medical information.
by Mark Murphy on Forbes
Eight Ways You’re Failing at Change Management
When employees learn a major transition is on the horizon, their first thought is naturally, “What does this change mean for me?” Prevent the spread of rumors and misinformation by drafting a strong communication plan that includes regular contact with leadership, stakeholders, and employees. Encourage queries from each group and answer every question asked. If you don’t have an answer in the moment, say so; then report back with a response in a timely manner.
by Bruce Harpham on CIO
In a Complex Tax Bill, Let the Hunt for Loopholes Begin
In December 2017, President Trump signed the most consequential U.S. tax legislation in thirty years. Will the new law fulfill Republicans’ promises to benefit the middle class and encourage companies to invest in the U.S.? Or will it harm lower-income taxpayers and the nation’s fiscal health as Democrats attest? And how long will it take for businesses to detect gaps in the code and find ways to take advantage of loopholes? While we wait to see, the New York Times looks back on the consequences of a 2004 tax cut that spun wildly out of control.
by Natalie Kitroeff on the New York Times
To Get People to Change, Make Change Easy
It’s human nature: Given several paths to choose from, most people will select the easiest to follow. Use this to your advantage to shift employee behavior. When website-building company Squarespace wanted to discourage multitasking during employee training sessions, they left Slinkys and spinners on each training table. The big idea? The company thought providing toys within easy reach might keep trainees alert during sessions and squash any urge to pull out their phones. It worked: Subsequent trainings proved to be more productive.
by Tania Luna and Jordan Cohen on Harvard Business Review
Why B Corp Certification Is Catching On
Businesses of all sizes are looking for ways to blend profit with social purpose. Now companies like Ben & Jerry’s, Patagonia, and Seventh Generation are going further by attaining B Corp certification, a bona fide “seal of approval” for socially responsible businesses. A free assessment evaluates the applying company’s business model and considers its impact on employees, local communities, and the environment. Certification sets companies apart from competitors and makes them more attractive to investors and top talent.
by Amy Cortese on American Express Open Forum
More Than a Feeling: Ten Design Practices to Deliver Business Value
Companies that invest the most into design processes, capabilities, and leadership outperform the rest by 211 percent. Key traits shared by design-led companies like Disney, Nike, and Proctor & Gamble include: 1) A business structure that encourages all functions to focus on the customer; 2) a combination of qualitative and quantitative research techniques that provide a better understanding of customers’ needs; and 3) equal emphasis and value placed on design, cost, quality, and time measurement.
by John Edson, Garen Kouyoumjian, and Benedict Sheppard on McKinsey & Company
Chatbots Are Reshaping the Way We Do Finance
Could Chatbots, software programmed to simulate human conversation, be the finance trend for 2018? It’s possible, according to Gartner. By 2020, the research firm predicts, 85% of consumers’ business relationships will unfold without a trace of human interaction. Knowing how much consumer-to-business engagement already happens via social media, it’s easy to see how obtaining financial advice, tracking expenses, and monitoring investment portfolios on the go could be handled by a bot.
by Mitul Makadia on Business 2 Community