Is This Person Right for Your Company?

It represents one of the most important decisions a company will make – should we hire or not hire this person. Bringing the right person on board goes a long way towards growth and value for any company. So how can you tell if you have the right person? You can start by comparing the person against your culture since this represents an immediate show-stopper. If the person doesn’t fit your culture, then the person is most likely not a good fit for the long-run.

Do You Know Your Algorithms

If you want to drill down to the root cause behind what drives so much value in today’s world, then you need to know your algorithms. An algorithm is a set of instructions that processes inputs and provides some output. Companies that master their algorithms unleash incredible value. Take for example Uber which relies on algorithms to locate available drivers for customers, processes locations and times, and then delivers online progress and statistics of the ride. When you couple algorithms with great design, then you have a value proposition that others will want. Therefore, getting your algorithms right has profound implications on your business.

People Need Coaching - Part 2 of 2

Part 1 of this article laid the groundwork for transforming managers into coaches. Part 2 of this article will focus on what every manager can do to become a great coach. Much of this transformation from manager to coach is rooted in the relationships a Manager has with co-workers. In their book Stop Managing, Start Coaching, authors Jerry W. Gilley and Nathaniel W. Boughton describe nine key components behind a manager-employee relationship:

People Need Coaching - Part 1 of 2

There are plenty of programs to help build and develop human resource capital within the organization; things like personal balanced scorecards, emotional intelligence, and the 360 Degree Evaluation. However, trying to implement these solutions is not easy. Additionally, many of these initiatives involve considerable effort with somewhat mixed results. What we need are very informal, straightforward approaches to managing people for higher levels of performance. The answer may reside in coaching. Coaching has been very evident in sports – we've all seen how great coaches can turn a team of players into champions. And now coaching has emerged as a rapid, easy and sure-fire way for managing people.

Lessons from the Shared Economy

The shared economy has become very real and can no longer be ignored by all businesses. According to PriceWaterhouse Coopers, the shared economy is likely to grow from $15 billion in 2013 to $335 billion by 2025. Part of this growth is out of necessity. Cities are becoming very urban and this is where everyone is migrating to; thriving in a world that increasingly is getting very crowded. You can’t continue to add more cars, hotels, and other infrastructure. Instead, people are adjusting and accepting the fact that a better way is to share the infrastructure in highly concentrated environments. Businesses will need to adjust to this new reality and recognize several lessons from the shared economy. 

The New Math for Pricing

It represents one of the most difficult decisions you will make: What price do I charge for my products? Many people, including myself, have always held that pricing should be based on covering all of your costs with some allowance for profits. However, thanks to Robert Dolan of Harvard Business School, there is a new math for calculating price that goes beyond the financial numbers.  

Welcome to a World of Structural Change

It used to be economic change would run in cycles. We would experience periods of high inflation followed by tight monetary policy that led to an economic slow-down. Today, we have cheap money, no inflation and below average economic output that is continuous. Economists and the Federal Reserve are perplexed about a key question: Will we ever experience a full recovery? The answer is No – we are in an age of structural change where there are clear winners and losers. It’s like having an economic boom for some and a depression for others.    

Focus on the Process - Part 2 of 2

The words “business process reengineering” still leaves a negative impression for many in the business world. Years ago companies rushed to reengineer their processes to improve quality and efficiency. However, the end result was less than desirable – new processes were layered on top of existing processes resulting in more work with fewer people. Costs were temporarily lowered benefiting investors. However, other stakeholders in the process, such as employees, were victimized by reengineering.

Focus on the Process - Part 1 of 2

All businesses require processes for the creation of products and services. A process is a collection of activities that consumes resources and adds value to the consumer (in the form of products / services) with some form of benefit paid to the producer. Additionally, all processes have variation – in business we call this risk. As H. Edward Deming, pioneer in the field of quality management, points out – If you can better understand variation in a process, you can plan for it and do things to prevent it.

Machines of Loving Grace

Machines of Loving Grace is the title of a book written by John Markoff. Markoff is a science writer for the New York Times who has followed technology for the last 30 years. In the last few years, we have seen an escalation of technologies, ranging from drones and robots to Artificial Intelligence and the Internet of Things. This has prompted some of our best thinkers to challenge what is happening. Stephen Hawking has remarked: “the development of full artificial intelligence could spell the end of the human race.” Bill Gates and Elon Musk have both voiced concerns about the birth of super intelligence or machines that can think.