Archive for September, 2010

Companies across the emea region entered the new year, with tighter spending and risk management controls, significant workforce and management leadership challenges, fiercer competition, more government regulation and, perhaps the biggest challenge of all, lingering uncertainty about where best to invest precious capital

Companies across the EMEA region entered the New Year, with tighter spending and risk management controls, significant workforce and management leadership challenges, fiercer competition, more government regulation and, perhaps the biggest challenge of all, lingering uncertainty about where best to invest precious capital.

If 2009 proved a year the world economy would rather forget, 2010 brings measured optimism for corporate growth across Europe, The Middle East and Africa. Improved management confidence in the global economy, prospects for higher corporate earnings, and more buoyant (though still somewhat stressed) credit markets seem likely to empower the rebuild of organisational assets and plans forced to abandonment in the challenging days of what’s been called “The Great Recession.”

With this new and especially fluid business dynamic shaping business decisions from Stockholm and Tel Aviv to Moscow and Cape Town, consumers and investors alike await more signals of economic strength whilst employers still wonder whether the recession really is over. What is clear is that nearly every business in the EMEA region is leaner than it was just one year ago, and perhaps smarter for having survived a torrent of economic obstacles on the road back to future-looking business planning.

The EMEA region is poised for better days in 2010, but critical challenges remain. In the calm after the storm of a worldwide economic dislocation and one of the severest downturns, industry leaders are cautiously optimistic as they look forward to the twin promise of better economic times and growth.

Alain Tanugi, Chairman TRANSEARCH International executive search firm, feels that the new decade brings interesting challenges highlighted by the following issues:

1. Success will be defined by organisation’s ability to ‘shrink and grow’ – in other words maintaining a focus on costs, while growing talent and productivity and profitability. It will become increasingly important to target the right talent, more so than ever before.

2. The executive compensation debate is raging as the extreme volatility of 2009 exposed executive remuneration programs globally. As organisations review their executive pay structure they will seek to find a balance between shareholders interest and the organisations’ need to attract and retain top talent.

3. The need for communication and strong leadership will be substantial as business inevitably picks up and employees review their options. The ability to engage employees and managing the uncertainty will be crucial as organisations aim to mitigate turnover risk.

4. Organisations might be reducing spend, but they are prioritising human capital areas for investment. According to a recent survey the areas include: leadership development and assessment; talent management and succession planning; learning and development; and work lifestyle benefits amongst others.

Tanugi concludes: “There is no doubt 2010 is going to be an interesting year. In 2009 we saw companies scaling down with wide-scale hiring freezes, now everyone is thinking about next quarter. We will see the competition for top talent intensifying as the year goes on – sustainable growth is just not possible without the human capital and leadership to drive it!”

Expectations

I. Expectations

People need to know what is expected of them. There needs to be agreement as to their responsibilities and outputs. From a motivational angle the question is how do we expect people to get fired up if they don’t know where they are heading. Their goals must be compatible and in synchronization with the Vision and Strategic Business Plan of the unit they are working in.

II. Authority

People want to know, and are entitled to know, what authority they have in the organization. That is, what control over which resources they are entitled to. To achieve the things that are expected of them. Put another way, we can’t expect people to take on responsibility if they don’t have the authority to go hand in hand with it.

III. Support

People want to know who they can get to help and support them when they need it. Delegation isn’t abdication. There must be some built in controls as to how it is all going – people don’t want to be left out on a limb.

IV. Standards

People want to know what the specific requirements or standards of performance of their position are. They want to know what criteria are being used to judge their performance.

V. Feedback

A person wants to know if he or she is doing well, or not so well. In a word – feedback. There is no doubt that from a motivation angle feedback is the food of champions. It is only when people get feedback that they can move towards taking repetitive or corrective action. Without feedback people will not stay motivated for long. Giving feedback is often the most neglected of all the human relations aspects of a business.

VI Training

People expect and are entitled to get training and guidance to improve their performance. They want to work in an environment where they know their manager is concerned about them as individuals and is committed to their success. The manager can do this by respecting and using their input and ideas.

One of the challenges in family business is working together in teams

One of the challenges in family business is working together in teams. It is a fact that team work offers huge rewards but some frustrations are likely. Working within teams needs improvement in the power of creativity. The team leader needs to encourage this creative power, harness it, and channelize the creative fuel.

Andrew Carnegie
“Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishments toward organizational objectives. It is the fuel that allows common people to attain uncommon results.”

It is vitally important that the team leader unleash the power of team members with a collaborative leadership style to fuel the creative fire within the team.

Below are our top ten tips for channelizing the creative fire of Family Business Teams.

1. BE CLEAR ABOUT THE EXPECTATIONS – Only after the team members know what is expected of them can they deliver the perfect output. So understanding the difference between expected and derived results is necessary for both the team leader as well as the team members.

2. Faith in the Team Members – Being optimistic and challenging helps when you have total faith in the members of your team. As the leader, you need to expect the best from your team, keeping your expectations high and realistic. This is a challenging balancing act, but people need to be inspired to perform at their best. Instilled faith helps the group to perform better and come up with creative innovative ideas and solutions. Like Mike Litman says Improve at 1% each day and thus raise the bar for top performance one step at a time.

3. Encouragement accompanied with respect goes a long way in generating new thoughts. Fresh perspectives and courage too make up for new ideas easily. the leader needs to master the art of creative mindset.

4. Avoid making judgment while generating new ideas. If you are open to new solutions then the process of idea generation is not suppressed and sometimes best ideas are generated.

5. Brainstorming sessions are a great way to get numerous ideas. While brainstorming avoid judgment, look for quality, make notes to capture the idea and moreover combine two good ideas.

6. Communication is the keyword again, which helps to build strong relationships. Communication with open channels helps to trust the team members and know each other better.

7. Employees need to be given responsibility to bring out the best in them, give them the power to decide on a solution to a problem and watch the creativity grow by leaps and bounds.

8. Praise works like reward for the individuals and team alike. Acknowledgment in the form of encouragement is another word for praising the team members. Making sure that the team is cared for and recognized for its hard work is a reward in it self.

9. Be daring and build a brave team. Accept that mistakes are made at times and it is challenge to build on failures and see them as opportunities to learn and succeed further.

10. Unity in Diversity is the final mantra – build a strong team with diverse people, diverse backgrounds and combine the experience, culture, creativity and align them for the success of our family Business.

Adding humor as a fuel to creativity is the last but not least step to see the team working happily together and productivity of business soaring to great levels.

Image credits:
1. pixmac.com
2. istockphoto.com/stock-photo-4633733-tree-in-palm-of-hand.php
3. istockphoto.com/stock-photo-11301254-businessman-balances-between-rocks.php- daring


Motivation involves changing the way a person thinks

Motivation involves changing the way a person thinks. People who have motivation usually have an abundance of charisma that follows. The main ingredient that motivation and charisma share is being positive. The famous song “Accentuate the positive and eliminate the negative” by Johnny Mercer said it best.

Sometimes people lack motivation due to the fear of the unknown. If a leader approaches a worker with a new task, they may be hesitant about taking it on. The worker may feel as if though don’t have what it takes. They may even feel that the new task is less exciting than the one they have now. The leader can show motivation by using encouraging words. Motivation can be useful for many different things.

Developing charisma can enable the leader to motivate others. Before you know it, everyone around will be exerting the same positive behavior. If a leader lacks charisma, they can’t expect anyone else to be excited. People look to a leader as a role model. They look at how the leader does things, how they react to situations. A leader is being watched at all times. It is important as a leader to always put your best foot forward.

If a team of workers are always late on projects or turn projects in that look like no thought was put into it, chances are they lack motivation. They feel the need to just do the project and be done. Maybe they feel like it doesn’t matter if they do a great job or not because they feel no one really cares. You would be surprise how far a simple “Thank you” or “Great job” will go. Those little words will have a huge impact on performance. A person who is motivated is more apt to go above and beyond.

Robin Trehan, is associated with Credit Capital Funding. www.CreditCapitalFunding.com

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