There's an old commercial for ING Direct and the idea behind it is that you should have your money work for you. They show dollar bills doing all sorts of things but the theme is that you worked hard to earn that money, and you should have the money now work hard for you. The idea is the same in a business with customers. As Bill Lee writes in the Harvard Business Review blog, there are some things that customers can do better than you--and those things can help advance your business. The idea is that you should grow your customer base and, in turn, they should grow your business.
Lee writes about five things that customers do better than companies including knowing more about each other, being more credible, being more persuasive, understanding the buyers needs, and attracting prospects. The idea is that you don't always need to grow your employee base to grow your business--the goal is to grow your customers. Customers don't always have to buy something (he lists Facebook as an example), but they are integral in growing your brand. And they're a heckuva lot cheaper than hiring an employee. Look at instagram which recently got bought by Facebook for $1 billion--they had ~13 employees but their value was in their customers.
So think about that the next time you have capital to spend. Most companies pump capital into employees to grow their internal infrastructure but it may be just as important to pump that capital into attracting new customers and growing that base. They know your business best and can help promote and grow it. Let your customers work for you (and sometimes they get to be furry and cute).
Wednesday, April 11, 2012
Monday, April 09, 2012
Finding New Hires in a Relatively Intuitive Place
We spend a lot of time talking about the different places that people go to apply to jobs from job sites such as Monster.com and Careerbuilder.com to help wanted ads in the newspaper or Craigslist to social networking sites like LinkedIn and Facebook, but the place that most new hires come from, according to Forbes, is from internal referrals and a company's own career site.
In some ways, this is also a bit disappointing. We've come a long way from potential hires having to beat the pavement and show up at doors to get a job at a place that they don't know anyone at--and it really drives home the old adage that it really is all about who you know. But the truth is that companies are like people and when you bring in someone new, you want to feel like they really want you and you want to feel like you can trust them. Referrals and internal hires are exactly that.
It turns out that job applications who come in through internal sources get the same number of interviews as ones from outside. However, internal sources, such as employee referrals, inside hires, walk-ins and a company’s career site, produce almost twice the number of hires as external ones, which include job search engines, job boards, print advertising, and job fairs.It's a bit surprising at first (especially since we're always thinking of the new and exciting ways that people get jobs, but the truth is that when you think about it more, it seems more intuitive that those who get hired are hired because they either sought out the company they really wanted to work for or because someone internal can vouch for that new employee.
“I think a lot of the findings will surprise people, while others will confirm what we’ve known all along,” says Thomas Boyle, director of product marketing at SilkRoad. “What you have to think about is that most companies try and foster internal mobility as part of their employee retention and alignment strategy. So, it’s not uncommon for employees to see and have the opportunity to apply or submit referrals for positions before they ever get released to the public.”
In some ways, this is also a bit disappointing. We've come a long way from potential hires having to beat the pavement and show up at doors to get a job at a place that they don't know anyone at--and it really drives home the old adage that it really is all about who you know. But the truth is that companies are like people and when you bring in someone new, you want to feel like they really want you and you want to feel like you can trust them. Referrals and internal hires are exactly that.
Saturday, April 07, 2012
The Norwegians Monitor Bathroom Breaks
Do you ever get back to your desk after going to the bathroom to have someone ask where you were? It feels like a weird questions and an uncomfortable answer--and it feels like your privacy at work is somehow being violated. Well the Norwegians have taken that a step further according to Business Insurance:
Employees at a Norwegian insurance company have eight minutes per day to do their business before an alarm alerts managers of time spent away from their desks, including bathroom breaks.Imagine if a company started doing this in the United States--the uproar would be tremendous. I thought getting a hall pass in school was rough but a countdown to do your business is way beyond that. Norway apparently operates a bit differently (or they just have too much loss of productivity from those "on bathroom breaks"). Amazingly, according to the article, this isn't the first time that a Norwegian company has done something like this (and this sounds much worse):
Using a new surveillance system, managers at a life insurance unit of Oslo, Norway-based DNB Bank A.S.A. are alerted by flashing lights when an employee has been away from their desk for “personal activities” beyond the allotted time, according to news reports.
Norway’s chief workplace ombudsman Bjorn Erik Thon told The Telegraph that one firm required employees to wear a red bracelet during their menstrual cycles to indicate the need for more restroom visits.Wow...
Tuesday, April 03, 2012
Astronology - Effectively Dealing with Poor Management
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Sunday, April 01, 2012
Embrace the Meritocracy
In a recent episode of The Office (a show I once loved but has now gone so far downhill), a new manager walks into the office and on the first day does performance reviews where she just gives everyone raises since she doesn't know anyone or their skills. Sometimes it feels like companies do this all the time. Although promotions and raises are supposed to be based on production and hard work, many companies base it on other factors, and it's a shame that they do so.
This is not something new--office politics have been around forever--but the sad part is that in today's economy, it's better to be liked, than to produce. And, in some ways, that's fair as the sum is supposed to be greater than its parts and if someone isn't contributing to the "team" their contribution isn't worth as much. But the truth is that we all have some sort of metrics we get judged on and 90% of the battle should be meeting or exceeding those numbers.
But its rare that companies embrace that way of thinking, and it's a shame. Companies lose some of the best workers because they're too busy trying to make them brown nose their way to a promotion. We've all had bosses who rather hear how great they are and how much you can say "yes" rather than looking at your great numbers and how many times you hit the bell after a sale.
So how do companies change that? Embrace the meritocracy. You produce "X", you get "Y". Simple and straightforward. Special circumstances can always be made for people who go the extra mile but don't get the results that others get, but if someone goes the extra mile and produces, make sure that's celebrated. You want employees to know that you value their production and the best way to do that is to make sure those who make you successful, are rewarded handsomely. You do that by embracing the idea of being a true meritocracy.
This is not something new--office politics have been around forever--but the sad part is that in today's economy, it's better to be liked, than to produce. And, in some ways, that's fair as the sum is supposed to be greater than its parts and if someone isn't contributing to the "team" their contribution isn't worth as much. But the truth is that we all have some sort of metrics we get judged on and 90% of the battle should be meeting or exceeding those numbers.
But its rare that companies embrace that way of thinking, and it's a shame. Companies lose some of the best workers because they're too busy trying to make them brown nose their way to a promotion. We've all had bosses who rather hear how great they are and how much you can say "yes" rather than looking at your great numbers and how many times you hit the bell after a sale.
So how do companies change that? Embrace the meritocracy. You produce "X", you get "Y". Simple and straightforward. Special circumstances can always be made for people who go the extra mile but don't get the results that others get, but if someone goes the extra mile and produces, make sure that's celebrated. You want employees to know that you value their production and the best way to do that is to make sure those who make you successful, are rewarded handsomely. You do that by embracing the idea of being a true meritocracy.
Tuesday, March 20, 2012
Astronology - Work Share vs. Layoffs
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Wednesday, March 14, 2012
Do One Thing and Do It Well
Whenever I start at any new job position, I have a bit of a panic in the first week: "how the heck am I supposed to be doing all this stuff that they want me to do?!" Life seems overwhelming, and, the truth of the matter, as the job goes along, that feeling doesn't go away--it just changes. So what's the key to multitasking? The Harvard Business Review says today that the goal should be doing one thing at a time:
But I liked the author's solution: "The best way for an organization to fuel higher productivity and more innovative thinking is to strongly encourage finite periods of absorbed focus, as well as shorter periods of real renewal." And here's how he suggests managers promote doing that:
Tell the truth: Do you answer email during conference calls (and sometimes even during calls with one other person)? Do you bring your laptop to meetings and then pretend you're taking notes while you surf the net? Do you eat lunch at your desk? Do you make calls while you're driving, and even send the occasional text, even though you know you shouldn't?I nodded my head at all of these, and that can't be a good sign. It got so bad the other day that while on a conference call, I went to send an e-mail and while thinking about the next e-mail I was about to send, I sent the first e-mail to the second e-mail's recipient. Outlook's "recall mail" feature isn't going to make up for that mistake.
But I liked the author's solution: "The best way for an organization to fuel higher productivity and more innovative thinking is to strongly encourage finite periods of absorbed focus, as well as shorter periods of real renewal." And here's how he suggests managers promote doing that:
Tuesday, March 06, 2012
Astronology - What Type of Managerial Attitude Do You Have?
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Sunday, March 04, 2012
The Funny and the Not-So-Funny
We'll start off today with the funny, and with a Payscale.com blog piece that says all it can in picture form (H/T Jennifer). These types of charts had been going around for a while now, but that is probably the best on I've seen about Compensation Consultants.
On the not so funny is another blog piece that says all that you can say in picture form, this time in infograph about all of us dying from our jobs from Mashable (H/T Sarah). We can all laugh at the first graphic in this blog post but the Mashable infograph is depressing and sheds a light on desk jobs--and gives more reason to making sure you get out of your chair, go outside, and walk around at least at one point in the day.
On the not so funny is another blog piece that says all that you can say in picture form, this time in infograph about all of us dying from our jobs from Mashable (H/T Sarah). We can all laugh at the first graphic in this blog post but the Mashable infograph is depressing and sheds a light on desk jobs--and gives more reason to making sure you get out of your chair, go outside, and walk around at least at one point in the day.
Thursday, February 23, 2012
Facebook and Twitter Aren't As Popular as Thought with Recruiters
At the World of HR blog we've written a lot about the use of social media and the job search. It seems logical that the next frontier of finding new employees would be in the constantly growing social media sphere where creative and hard-working people are hanging out. Instead, Business Insider just published an interesting infographic that says that few are using Facebook or Twitter.
This doesn't mean that all social media is being ignored and it doesn't meant that Facebook or Twitter aren't being used in conjunction with another service, but it does mean that if you're just sitting on Facebook or Twitter hoping to find a job, well, maybe it's time to change your strategy. Only 3% of recruiters are either on Facebook solely, Twitter solely or combine just Twitter and Facebook.
The other 97%? They may use Twitter or Facebook but it's always in conjunction with LinkedIn. In fact, almost half (48%) use LinkedIn as their sole social media outlet for recruiting. We've written on this blog many times about the virtues of LinkedIn as a job finding tool, but this further serves to expand that feeling. It doesn't mean that a clean and well-done Facebook or Twitter page won't help you find a job, but in order to catch the eye of a recruiter, it's best to work on your LinkedIn profile and keep that up-to-date.
This doesn't mean that all social media is being ignored and it doesn't meant that Facebook or Twitter aren't being used in conjunction with another service, but it does mean that if you're just sitting on Facebook or Twitter hoping to find a job, well, maybe it's time to change your strategy. Only 3% of recruiters are either on Facebook solely, Twitter solely or combine just Twitter and Facebook.
The other 97%? They may use Twitter or Facebook but it's always in conjunction with LinkedIn. In fact, almost half (48%) use LinkedIn as their sole social media outlet for recruiting. We've written on this blog many times about the virtues of LinkedIn as a job finding tool, but this further serves to expand that feeling. It doesn't mean that a clean and well-done Facebook or Twitter page won't help you find a job, but in order to catch the eye of a recruiter, it's best to work on your LinkedIn profile and keep that up-to-date.
Tuesday, February 21, 2012
Astronology - Whistleblowing in 2012
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Friday, February 10, 2012
When a Cover Letter Goes a Bit Overboard
I always hate the cover letter. They are supposed to be original and detailed and expressive of how you should stand out, but toe that uncomfortable line between self-promotion and pompous bragging. One New York University undergraduate student looking for a summer finance internship, didn't just cross that line--he went running way over it. Yahoo! Finance via Business Insider has the details of this amazing cover letter with this legendary paragraph that sounded like it might have been written more by The Office's Dwight Schrute than an NYU student:
"I am unequivocally the most unflaggingly hard worker I know, and I love self-improvement. I have always felt that my time should be spent wisely, so I continuously challenge myself ... I decided to redouble my effort by placing out of two classes, taking two honors classes, and holding two part-time jobs. That semester I achieved a 3.93, and in the same time I managed to bench double my bodyweight and do 35 pull-ups."Modest, aren't we? The truth of the matter, as the article points out, that this cover letter did exactly what a cover letter is supposed to do: get you noticed out of the large pile of applicants and make sure people talk about your resume. This one, though, may be for the wrong reasons. Even in investment banking which values those with self-confidence and brashness, this even seems like it may be over-the-top. We wish this applicant the best, but know that it might not have been the best route to finding a finance job this summer.
Tuesday, February 07, 2012
Astronology - Top Seven Warning Signs of Poor Organization Design
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Tuesday, January 31, 2012
Finally Time to Stop the To-Do Lists
When I was in school, I was pretty disorganized and everyone who tried to "help" always suggested making to-do lists. I couldn't deal with them and never got fully through an entire one. They just weren't for me. Well, as the Harvard Business Review recently wrote, they don't rely work for anyone. Instead the blog post suggests a different route:
The alternative to the feckless to-do list is what I call "living in your calendar." That means taking your tasks off the to-do list, estimating how much time each of them will consume, and transferring them to your calendar. (Don't forget to leave time to process your email. And leave some empty space — one to two hours — each day to deal with the inevitable crises that will crop up.) In essence, you're making a production plan for your work.As the blog post goes on to say, it's an eye-opening exercise that will be tough, but it's a necessary exercise to help you better determine what's important--and, almost as vital--what can be left out of your life. There are only 24 hours in the day, so stop spending hours doing to-do lists and start using that time to be more productive
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