All Blog Posts - Library Page 15

The power of partnerships

Peanut butter and jelly, Sherlock and Watson, bacon and eggs — some things go better together. That’s often the case with businesses, which can see more growth and opportunity by embarking on strategic, mutually beneficial partnerships.Forging partnerships helps expand a company’s reach and make progress in development and innovation. Instead of siloing ideas and keeping them away from the competition, strategic alliances help both parties grow, improving the industry and expanding opportunities for employees and customers.A successful partnership takes work. It isn’t something a leader can enter into quickly and expect to see immediate returns. However, when done strategically with a focus on the value-added, they can lead to great results.There are numerous examples of successful business partnerships, but consider these two examples:Apple & MasterCardApple Pay, or tapping a phone to make a payment, has revolutionized how customers shop and pay. However, Apple’s great idea wouldn’t have succeeded without credit card companies' partnerships.MasterCard was the first credit card company to allow its users to store their credit card information on Apple Pay. By leading the charge, MasterCard made transactions more accessible for its customers. It attracted new customers who wanted Apple Pay but couldn’t access it with their other credit cards. The partnership took off, and other credit card companies followed suit, transforming the industry.Pottery Barn & Sherwin-WilliamsPaint and furniture attract many of the same types of customers. Pottery Barn and Sherwin-Williams entered a co-branding partnership to create an exclusive line of paint and list them on Pottery Barn’s website so customers could easily find the right shade to match their furniture.This partnership is a win for everyone involved: Pottery Barn and Sherwin-Williams were introduced to new customers and strengthened their relationships with existing customers. Customers had access to a smooth buying process. Customers could create beautiful spaces by eliminating the guesswork about furniture and paint colors.When looking into strategic business partnerships, either short-term or long-term, consider these three tips for success:Seek Opportunities TogetherThe purpose of a partnership is to grow together. Companies and leaders may have to think outside the box and do things outside their comfort zones to grow and expand when seeking opportunities together. David Light, CEO of Valisure, shared how his company’s partnerships with Kaiser and the Department of Defense opened opportunities for both parties: Valisure was able to reach millions of customers through its partners’ existing networks, and the partners had access to innovative pharmaceutical quality assurance. Because of that partnership, the companies were able to create new programs together to change the industry and better serve customers.Grow and InnovateA partnership is more vital than two individuals. What do you each bring to the table? How can you grow together and challenge the status quo to create something more significant and more impactful than you could on your own? Take advantage of each company's benefits and unique position to do something new and creative together.Be Mutually BeneficialIn a strong partnership, there’s no room for competition. Each partner puts forth their best effort because they know they will benefit greatly. When a partnership is unbalanced or lopsided, it becomes a drag on both parties and is no longer effective. Great partnerships require clear communication and vital goals so that both sides benefit.As your company grows, look for potential partners that can expand your mission and reach. You can contribute your unique abilities and learn from others. Together, a partnership can take your business to new heights.

What CEOs need to consider about remote vs. on-site work

Four years after the start of the COVID-19 pandemic in the U.S., more organizations are evaluating how they want to operate in the long term, as evidenced by the return-to-work stories saturating the news. After most businesses pivoted to operating remotely in early 2020 and stayed that way well into 2021, some workers began to appreciate the benefits of not working in the office every day of the week and even began advocating for hybrid or fully remote work options.For entrepreneurs and newly appointed or rising business leaders, whether your organization can thrive and grow in a remote-work model will inevitably come up in this new landscape. Considering several factors can help you determine what makes the most sense for your organization now and what’s sustainable going forward.Why Some People Won’t Go Back to the OfficeOnce millions of people were required to work from home, some inevitably discovered that they preferred a remote work setup. Remote and hybrid work offers flexibility, fewer distractions, and increased productivity. They offer upsides for both employers and employees.The potential for cost savings is significant. Employees no longer have to spend money on commuting costs, office apparel, or dining out daily. Companies save on renting office space, keeping up with repairs and maintenance, and many other everyday costs. Taking factors like location and size of the workforce into account, businesses could save up to $10,600 per employee by some estimates.Many former in-office workers also found that working remotely gave them more flexibility in their work and personal lives than before. They’re more productive and accomplish their work while still having time for family events, social outings, and recreation. Being fully present for work projects while maintaining a sense of self is an advantage that some people felt they missed out on when they were in the office full-time.Why Some Companies Want Employees On-siteFor all of its positive aspects, remote work isn’t for everyone. Spending time with coworkers in a shared office is necessary for some positions and preferred for specific other roles. For example, some people find it easier to brainstorm and innovate when collaborating in person.There’s also the matter of sustaining company culture. While it’s possible to maintain a healthy work culture in remote settings, it can be tricky for new employees to get a feel for where they fit into the existing team when trying to connect over Zoom or Slack.Then, for every person who finds comfortable flexibility in work-from-home settings, another person needs to keep their work life utterly separate from their home life. Total separation can be a stress management tool for people with fast-paced or high-stress jobs.Tips for Determining What’s True for YouThere is so much discussion around return-to-work mandates because there are many perfect ways to work. Yet, some business leaders insist that their preferred structure is the correct way. A report from Resume Builder showed that “a whopping 90% of companies plan to implement return-to-office policies by the end of 2024,” and nearly 30% claim they’ll threaten to fire employees who don’t comply with the mandates.While these RTO policies won’t necessarily all require full-time on-site work, it’s hard to say how many leaders will consider their employees when developing their RTO strategy. Use these questions to help you and the rest of your leadership team consider remote, hybrid, and in-office work environments from different perspectives.Although this list isn’t comprehensive, your answers can provide insight into what you and your employees see for the organization’s future. Companies are the product of their people, so setting aside time to work through which scenario fits your company and people best is essential when determining how to move forward.

A strategic approach to risk-taking

It would be easy not to adapt to outside changes and pressures, but successful companies don’t lead the charge by staying still. They have to evolve, take risks, and transform in ways big and small. That can mean adapting to create a more cloud-centric product or completely changing your business structure or model. The key is to move forward strategically, even when taking risks and stepping into the unknown.Leaders don’t need to take risks on a whim or follow fleeting trends. The most successful risks and adaptations come from strategic, goal-centric planning. Even the most far-flung risks can become attainable with the right plan and strategy.The Importance of Taking RisksLeaders face a tricky balance—they must be willing to take risks and challenge the status quo to move forward, but they’re also responsible for their company's and employees' financial well-being.Taking calculated, strategic risks is a critical part of leadership, especially as the world of work moves forward rapidly. Research shows their employees perceive leaders who take risks more positively—even if they fail. Employees want leaders who are willing to make moves to change and update their company.Aside from taking risks that will hopefully lead to rich rewards, risk-taking leaders inspire employees to be more creative and endorse organizational change. By taking risks for their company, leaders help build a culture of experimentation, innovation, and growth—all crucial characteristics for modern leaders and employees.Setting Ambitious GoalsAmbitious goals support strategic risks. Even with countless outside forces and pressures, leaders need to think clearly about the risks they take and ensure they have goals and a strategy to back them up.Ambitious goals drive a company forward, but only if there is a detailed plan to reach them. This mindset helps leaders think through the various challenges facing each risk and work with their team to create a comprehensive plan to overcome them. Without goals, risks feel more like a shot in the dark. But with detailed plans, risks become more manageable and attainable—even if they push the company beyond what it’s ever done.For example, a company could take a risk by expanding into a new geographic area or accelerating its manufacturing processes. Those risks are unsupported and risky on their own.But backed by goals, those risks become feasible and involve the entire company. Expanding to a new geographic area could involve partnering to be in 10% more stores in a new state or launching a marketing campaign in a new zip code. Leaders can then work with teams to create plans to reach those goals and make their risk successful.Strategic goals unite leaders and employees around risk and show that everyone has a role to play. Leaders may set the vision, but employees put those plans into action. With the right goals and plans, they can work together effectively to overcome challenges and turn risks into success.Great leaders don't hide from challenges. But they also only chase them with a plan. Setting goals is crucial to achieving risks and finding lasting success.

When should CEOs weigh in on social issues?

The days of CEOs only being asked for comments on their company's status are gone. The combination of a 24/7 news cycle, social media, and the interconnectedness of global economies means that corporate leaders everywhere are not only impacted by social issues but also expected to weigh in with insights and opinions whenever a major (and often controversial) event occurs.Some leaders may wonder when it’s appropriate to speak on behalf of their entire organization or how to balance personal opinion with company values when crafting a statement. Other corporate leaders might wonder why they must comment, especially if what happened doesn’t directly affect their day-to-day operations.People will continue turning to CEOs for public statements amid national and international events, so creating a plan for when and how to comment is essential.The Public Wants Leaders to Speak OutCEOs and other corporate leaders used to lead relatively anonymous lives if they chose to. Social media and the ability to quickly research companies online changed that. Consumers and employees alike want to know that the brands they trust share their beliefs — and if they don’t, people want to know that, too. The 2022 Edelman Trust Barometer showed:Today’s leaders understand the current expectations from employees and consumers, which is likely why 70% of CHROs said they’ll continue making public statements on social issues and significant events as they do now. The challenge that remains, though, is crafting a statement that achieves the right balance of personal, professional, and public opinion.Weighing the Pros and Cons of Public StatementsCEOs are accustomed to directing the course of their companies, but important decisions are often made after considering feedback from relevant stakeholders. Speaking out on social issues as the face of an organization requires leaders to think about stakeholders, too. Employees, advisors, investors, and current customers won’t all share the same views. Before making a statement, CEOs must weigh the risks and benefits of potentially alienating any key groups.Employees, in particular, are paying more attention to how leaders respond in times of social unrest. Adam Nash, CEO of Daffy, recently said in an interview with CEO.com, “I think it's a mistake for leaders to ever forget that a company’s value is sourced from the people. If you look at the spreadsheets and the numbers and the margins, et cetera, it’s easy to think that that's where the value gets created, but it’s actually the people and the team.”Millennials, who comprise the largest percentage of today’s workforce, favor CEOs engaging in politics; 51% of millennials even said they make job decisions based on social and political views. However, just as one leader doesn’t represent the thoughts of an entire organization, neither does one sector of the workforce, which is why leaders must rely on some criteria to determine the next best step. Using a predetermined framework can make assessing the pros and cons of making a public statement easier.Who Do CEOs Speak For?Although social issues are often complex, the strategy for deciding whether or not to comment doesn’t have to be. Leaders can’t expect to consider each stakeholder’s opinion, but they should assemble a team that can reliably speak for the most significant relevant audience. At a minimum, this team should include the CEO, CHRO, and head of communications, though an advisory board could also be consulted.A basic set of criteria can help each party think through similar points before deciding whether or not to comment publicly. These three questions offer a good starting point:The questions and criteria may evolve as your organization becomes more adept at evaluating and responding to social issues. Still, the main goal is to have a plan in the first place. Economic, international, and political issues will continue to generate unrest, opinions, and movements. Businesses must prepare to respond when the time is right.

How to steer your life into the right direction

Every week, we share an interesting long-form piece of content to contemplate.Today, we’re reading the essay, How to steer your life into the right direction by Marloes De Vries.De Vries talks about her experience of feeling burnt out and on the wrong path. When the latest psychology magazine she subscribes to landed on her doorstep recently, she came upon an article about Life Crafting. Life Crafting is a tool invented by Michaéla Schippers, a professor of Behaviour and Performance Management in the Netherlands. The purpose, in a nutshell, is to help people steer their life in a direction that aligns with their values. This is done by thinking about your life through writing and thinking exercises, and setting goals to align your time with what matters most to you. Here are the seven steps to Life Crafting:

For Leaders: Avature CEO Dimitri Boylan

Dimitri Boylan saw impressive success during the dot-com boom in the 90s. He had built the online job recruitment website, HotJobs.com, and sold it to Yahoo! for $433 million in 2002.   His next venture, talent acquisition company Avature, has taught him many things about effective leadership.In this episode, Dimitri shares key insights on:You can listen and watch the whole episode HERE.