The Fairness Factor in Performance Management
Despite efforts to improve their performance management systems, many companies continue to struggle, with some reinstating review systems they’d previously abandoned. Why? Because they aren’t addressing the “fairness factor.” To improve perceptions of fairness, companies need to: 1) Transparently link employees’ goals to business priorities; 2) give employees a say in setting their own goals; 3) invest in management coaching; 4) embrace the “power curve” for standout performance; and 5) reward extraordinary contributions with spot bonuses.
by Bryan Hancock, Elizabeth Hioe, and Bill Schaninger on McKinsey Quarterly
Moving from Best to Better and Better
In a world moving faster than ever before, companies need to find ways to create value that go beyond cutting costs. John Hagel and Maggie Wooll of Deloitte’s Center for the Edge looked at companies like Royal Caribbean Cruises, State Street Bank, and GE Appliances, which are leveraging their own employees to develop and deliver creative solutions to complex and unexpected problems. Hagel and Wooll suggest implementing small diverse internal work groups to collaborate, create friction, and push boundaries.
by Tanya Ott on Deloitte Insights’ Press Room
Six Ways Your Best Customers Can Help Market Your Business
Whether they’re proud employees who love touting your business as a great place to work or loyal customers who can’t help bragging about your products on social media, brand advocates can be an entrepreneur’s most powerful marketing tool. Encourage your best customers to share their enthusiasm by asking them to provide a written or video testimonial, starting a VIP panel that routinely asks for input and provides exclusive access to new services and other perks, and offering discounts and special offers when they help spread the word.
by Rieva Lesonsky on U.S. Small Business Association
How Are You Underwriting for Cyber Risks? What You Don’t Know Can Hurt You
As the Facebook data breach continues to unfold, opportunities to offer cybersecurity insurance for all kinds of businesses are opening up for insurers. Before offering to underwrite cybersecurity, however, smart insurers will take a close look at certain unpredictable and challenging risk factors, including the behavior of your business’s employees. Key questions on the table: Have the data of any employees been breached? If so, what is the current financial situation of those affected? And are those employees active on the dark web?
by Gary Stockton on Experian
How Chef José Andrés Turns Impulsiveness into an Asset
With a restaurant empire boasting 29 properties, José Andrés could simply sit back and enjoy his success. Instead, he’s embarked on a path that allows him to act on his ambitions and live his values. Drawing his route as he goes, Andrés is a man who acts on instinct, makes adjustments on the fly, and isn’t afraid to challenge anything blocking his way—including the federal government. Whether feeding disaster survivors, speaking up for immigrants, or embarking on an emergency humanitarian aid trip, Andrés is pioneering a rapid-response model of leadership.
by Matthew Shaer on Fast Company