The enemy of success

Sir Alex Ferguson, one of the world’s greatest football managers, deeply appreciates that complacency can kill success. When you have had multiple successes as a team, it is natural tendency to become complacent. And yet, the focus and work ethic are vital for the team’s continued success. And the focus to stay successful is also one of the reasons why Sir Ferguson never gets complacent about the current talent in the team. He is constantly on the lookout for newer talent and tweaking the makeup of the team. In fact, he would look three to four years ahead and see what the team was going to be and evaluated how newer members can take over the roles of older members.

Source: London Business School

 

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Why Jeff Bezos believes in getting enough sleep

In our hectic lives, many of us often sacrifice sleep in order to achieve a bit more. Well, not Jeff. Getting sufficient sleep is key to making important decisions for Amazon’s CEO. He believes that making a small number of key decisions well is more important than making a large number of decisions. The next time you want to make more decisions to feel more productive, you might want to choose to sleep on it instead.

Source: Thrive Global

 

Is ‘holacracy’ up to the latest hype?

In case you’re wondering, ‘holacracy’ refers to a form of self-management that confers decision power on fluid teams that put focus on roles rather than the individuals. Teams become the structure, and within the teams roles are collectively defined and assigned. Teams govern themselves but remain nested within the larger structure. Leadership in roles can vary depending on context. It is believed that such a flat organizational structure will foster flexibility, engagement, and efficiency. In reality, firms intending to utilize this concept to organize themselves shouldn’t go overboard with it. A better way to use this concept is to consider in which parts of the organization would greatly benefit from having elements of self-management where adaptability is paramount; and turning to traditional structures where reliability is vital.

Source: Havard Business Review

Here’s how to tell if you have a transformative business model

Chances are you’ll agree that Apple has revolutionized the audio device market when it introduced the iPod and iTunes. Other companies such as Uber which disrupted the taxi industry may also come to mind. What escapes the casual observer is that these companies’ success was largely achieved when the firm developed a business model that links new technology with an emerging consumer need. Christoph Loch et al believes that six features of a business model can determine whether the it is ground-breaking or not: personalized product or service, closed-loop process, asset sharing, usage-based pricing, collaborative ecosystem, and an agile and adaptive organization. The more features the business model has, the more it is likely to succeed in a big way.

Source: Havard Business Review

Is your firm’s ethics policy enough?

Increasingly, companies have ethics and compliance policies that get reviewed and signed annually by employees. And yet, the recent Wells Fargo case (in which employees created multiple fraudulent accounts) is a reminder that despite these policies, there are other factors that may cause even good employees to go astray. One very strong factor is the excessive pressure by management to reach unrealistic performance targets. And once employees fear loss of the job, status, or incentives, they may resort to unethical practices to achieve those targets. Ultimately, leaders should infuse discussions with ethical considerations when setting targets, and reinforcing ethical choices as ‘the norm’ of the firm.

Source: Havard Business Review

The rise of ‘Regtech’

Fintechs can help financial firms build capabilities that enhance client relationships, reduce costs through automation or simplification, and even facilitate regulatory compliance. It comes as no surprise that Fintechs that provide regulatory solutions, that is ‘Regtech’, have rose in prominence in recent times. One key area is in regulatory reporting. Currently, KYC and trade surveillance tasks require extensive manual efforts given the diverse sources of information. Regtech companies, deploying technologies such as natural-language processing and machine learning, can automate these processes while reducing duplication. New behavioral technologies can even analyze employee actions and provide alerts for possible noncompliance, helping banks proactively deal with any conduct issues before they arise. To find success, many Fintechs should build solutions that both minimize integration costs and enable financial firms to work alongside other industry vendors in a seamless manner. Regulators can also play a role in getting industry to adopt a technological standard.

Source: BCG Perspectives

How to deal with workplace conflict the right way

Conflict in the workplace is sometimes inevitable. A manager should learn to distinguish between healthy and destructive conflict, and deal with the latter conflict quickly. Otherwise, ignoring it will impact the team’s productivity, employee satisfaction, and even the manager’s reputation. At the outset, make it clear that collaboration between members is an expectation. The most practical way is to put in place some steps to get a resolution: dealing with the emotions first, listen for root causes, and getting consensus for mutual commitments. If this topic interests you, be sure to check out the book Crucial Conversations by Kerry Patterson.

Source: Great Leadership