Exam 3 Flashcards
Effective communication is important
true
effective communication should be…
- clear
- direct
- memorable
Watson Wyatt said…
”Good communication equals good
business. More frequent
communication with staff members
is perhaps the best way to raise
employee morale.”
Businesses that communicate with
courage, innovation and discipline,
particularly in tough economic
times, are more successful at
engaging employees and achieving
desired business results.
true
Companies that communicate
effectively had a 47% higher total
return to shareholders compared
to firms that do not communicate
effectively.
true
Lee Lacocca said…
“You can have brilliant ideas, but if you can’t get them across, they won’t get you anywhere.”
why is communication important?
- its how information gets shared
- it is a tool to influence people (media, employees, investors)
- it helps people understand the company’s mission, values, vision, strategies and plans and goals
communication can be complex
true
what are the two types of communication?
- words: spoken and written
- non-verbal: Body language, facial expressions, posture, gestures
Great communications can inspire people
and create a culture that promotes excellence
true
Articles in employee newsletters
Posters on bulletin boards or in elevators,
restrooms or break rooms
Letters/postcards sent to employees’
homes or in paychecks
Printed material (brochures, flyers,
booklets)
Email can be a great and awful communications tool
true; live communication usually is the best
Communication within organizations
- downwards communication: flows down from the top of the organization
- upwards communication: flows up from the bottom of the company
- Horizontal communication: flows between individuals at the same or similar levels of organization
downwards communication
- Flows down from the top of
the organization - Information from managers
to their teams - Messages from the CEO to
employees
upwards communication
- Flows up from the bottom of the
organization - Company surveys asking employees for
ideas on how to improve the company - Communication channels have built-in
feedback mechanisms:
– “Did you find this intranet article
helpful?”
– “What key messages did you take
away from today’s Town Hall Meeting?”
horizontal communication
- Between team members or between
departments or between businesses
within a company - Marketing Team in US shares ideas
with Marketing Team in Asia
communication secrets from experts or leaders:
- They Know Their Audience
- They Are Honest
- They Are Authentic
- They Speak to Groups as
Individuals - They Have Ears (and They
Use Them) - They use phrases like “It’s my
fault”, “I was wrong”, “I’m
sorry” and “I don’t know” - They Ask for Feedback
who does a company communicate with?
– Employees (internal communications)
– Shareholders (investor relations)
– Customers (customer relations)
– Public (public relations)
– Government (government relations)
shareholders:
Shareholders make a financial investment in the company – they
buy stock – and that makes them the “owners” of the company
Oversee the proper management of the company
Holds the Board of Directors and Senior Leadership Team
accountable for the performance of the company
Shareholders may ask questions, seek clarifications and even
raise objections to the actions and decisions of the Board of
Directors and Senior Leadership Team
Shareholders usually address the Board of Directors and Senior
Leadership Team during an Annual General Meeting
Shareholders elect the company’s Board of Directors
social media and business
Almost all major businesses are using social media for:
* Marketing
* Selling
* Communicating to the public about financials or during a
crisis
* Recruiting
cyberloafing
- Employees accessing the Internet at work for personal use
- Some studies put the cost of cyberloafing
at $85 billion per year in the
United States
.
Lobbying:
a way to influence the lawmaking process by convincing lawmakers to vote as you want them to
Lobbyist
a person who tries to influence lawmakers
An entrepreneur…
Believes he/she has a great Idea
Wants to work for himself/herself
Doesn’t want to work for others
Wants freedom and independence
Wants to make $$
a social entrepreneur…
Many of the same characteristics of
entrepreneurs but are more interested in
creating social good than making money
wendy kopp
- Concept of TFA was based on her
Princeton University undergraduate thesis - Since 1990, more than 5 million students
have been taught by Teach for America
teachers
intrapreneurship
Many of the same characteristics of entrepreneurs,
but want to “build a business” within a larger
company
profile of an entrepreneur
- Embraces risk
(calculated risk) - Energetic self-
starter - Achievement-
oriented - Courageous
- Confidence!
- Sees the “big
picture” and can
take care of the
details, too - Always learning and
meeting new people
(Associating!)
questions when starting a business:
- How much money will it realistically cost me to launch this business?
- How much money will I make? What if I don’t make any money in the first year? In the first two years?
- How will I pay for things like healthcare, insurance, taxes?
- Will anyone other than me be working on this? Do I have to hire people? How many? How much will I pay them?
- How will this affect my family and other relationships?
- How will I protect myself legally? Do I need to incorporate?
- Are there other companies out there offering the same products or services that I do? Why will people want to buy my product or service? Is there enough room in the marketplace for companies like mine?
- Do I need a business plan? (YES!)
Where can you get financing?
- My Own Savings or a loan from family or friends?
- Investor - someone who provides money as a loan; the investor needs to be paid back with interest
- Angel Investor (Venture Capitalist) - someone (or a small group) who seeks start-ups or existing companies with high potential and offers money in exchange for a stake in the business
- Financial Institutions - banks and credit unions offer business loans
- Small Business Investment Companies (SBICs) - financial institutions that make loans to entrepreneurs through the Small Business Administration, a U.S. federal government agency
what is creativity?
The process of imagining something new
what is innovation ?
The process of implementing or applying new ideas
Innovation Springs From 4 Discovery Skills:
- Associating
- Questioning
- Observing
- Experimenting
associating
connecting with others to share ideas
The Medici Effect
- In mid-1400s, wealthy Medici family in Florence began to sponsor poets, philosophers, scientists, architects, painters and other artists from throughout Europe
- Brought them together to learn from each other and share their ideas and talent
- Result was a creative explosion that spawned the Renaissance, one of the most creative periods in human history marked by great innovation
Associating
Commit the company to innovation
Actively maintain the corporate culture
Broad base of technology
Talk, talk, talk and network
Individual expectations/rewards for
outstanding work
Quantify efforts
Tie research to the customer
Kent Bowen, founder of CPS technologies, solved
problems with his products (ceramics) by talking to a
film specialist from Polaroid and a scientist who
freezes sperm – getting breakthrough ideas from
unlikely sources
true
Questioning
Why?
Why Not?
What If?
Challenge Everything!
Play Devil’s Advocate!
** “What if our biggest competitor developed a new product that was better than any product our company was offering? What would we do? How would we compete?”
peter drucker said: “The important and difficult job is not to find the right answers but to find the right
questions.”
true
observing
- Scrutinize the behavior of businesses
- Analyze the behavior of customers
- Figure out why people do what they do
Howard Shultz roamed Italy for
years observing coffee shops and
the behavior of customers
When he returned to the US, he
implemented many of the ideas from
his Italy experience into the way that
Starbucks does business
true
experimenting
- Great entrepreneurs create prototypes and
launch pilots - They tinker and try new ways of doing things
- Mostly, they fail …
Thomas Edison once said: “I haven’t failed. I’ve simply found 10,000 ways that do not work.”
true
At Honda, Failure Is the Secret to Success
true
IBM
- Multinational computer technology and IT consulting company
- Manufactures hardware/software, provides infrastructure/hosting
services, and consulting services - About 300,000 employees worldwide, 12 research labs
- One of the largest, most respected and admired companies
in the world - Has more patents than any other U.S-based tech company
- IBM employees have won five Nobel Prizes
IBM inventions
ATM machine
Magnetic swipe card
Universal Product Code (UPC)
SABRE airline reservation system
Watson artificial intelligence
- Innovators Disrupt Markets
- Disruptive innovation creates a new market and value network and eventually disrupts an existing market and value network, displacing established market-leading companies and products
true
Motivation
It’s what gets you up in the morning
Motivation is your drive to accomplish something
It gives you the courage to ask someone out on a date
Intrinsic motivation
- Think of “self-satisfaction”
- A feeling of satisfaction that you get from the work itself
- There are no external rewards beyond the feeling of accomplishment or satisfaction
Extrinsic motivation
- Motivation that comes from outside of yourself – a reward or compliment or increased status
- It comes from someone or
somewhere else other than you
Extrinsic rewards
Payoff or reward a person receives from others for performing a
particular task
Sales people tend to be motivated by bonus money or other
rewards like a trip to Hawaii
Your parents may give you a new car as a
graduation gift and reward for completing
college with a 3.5 GPA
Intrinsic rewards
You want the basketball in a tight game because
you want the chance to win the game
You take the tough Statistics course because you
want to learn how to interpret and comprehend
statistics
Why Is Motivation Important at Work or School?
Research shows that people work smarter and more
effectively when they see purpose, achievement and
personal learning/growth in their work
* More effort, more learning, more productivity
* More efficiency and creativity
* Less turnover at work, less mistakes, more fun
who is daniel pink
- Daniel Pink is a famous researcher and author
on motivation - Through his research, Pink was amazed at how little attention businesses and organizations paid to the science of motivation
- He found that businesses give out rewards but those rewards become entitlements not motivators
*** Pink: All valid social science confirms that the majority of professional people have intrinsic motivation – they want to achieve things at work
not because they’re getting paid but because they love the feeling of satisfaction they get for a job well done
Pink on motivation
Many people view work simply as a way to make money
Assembly line workers tend to call their work a JOB!
“Make money at your job with a goal to live well”
Other people, such as lawyers, doctors and business
professionals, tend to see their work as a CAREER
Their career is mostly about achieving goals, not just money
What motivates us according to Pink?
- Money is a motivator only in rote tasks
- But whenever the job requires brainpower, money
actually decreases performance
What motivates us?
– Self-Direction (autonomy)
– Mastery (being good at something)
– Purpose (working toward something worthwhile)
McClelland’s Needs theory
- power
- affiliation
- achievement
Job enrichment
Building in more intrinsic motivators, such as opportunities for learning, travel, exposure to senior executives (assignment in London working for the CEO)
Job enlargement
“Growing” a job by combining several smaller jobs into a larger job (from Head of Sales in Germany to Head of Sales in all of Europe)
Job rotation
Increasing satisfaction by rotating employees
from one job or one job site to another (from
Production to Shipping to Logistics to HR)
Providing work-life balance
Flexible work schedules that allow employees
to spend more time with their families or take
sabbaticals to “re-charge their batteries”
diversity
All the ways people are unlike and alike—the
differences and similarities in age, gender, race,
religion, ethnicity, sexual orientation, capabilities
and socioeconomic background
©The Businessman/Alamy Stock Photo
trends in diversity
- Age
- Gender
- Race and Ethnicity
- Sexual Orientation
- physical and mental disabilities
the value of a diverse workforce
- Helps a Company Understand Customers
Businesses sell to an increasingly diverse customer base in a multicultural society - Having employees who come from different
demographics and market sectors can only improve a company’s understanding of its customer base - This may help tailor approaches to sales, services and even product development
- Linguistic skills
- Cultural savvy
- talent
General Mills was the
first cereal company to
introduce a product
specifically for Hispanic
consumers – Bunuelitos,
named after a sweet
Mexican pastry
Hispanic employees at
General Mills suggested
it and helped develop it
+
Hispanic workers
at Frito Lay were
instrumental in
developing the
nacho cheese-
flavored Dorito
chip
true
General Electric has Women’s Networks where
women across the company can meet, support
one another and share ideas
true
Walmart and
McDonald’s
hire elderly
workers
true
JPMorgan Chase actively recruits
gay and lesbian workers
true
Ethnocentrism
is the belief that your native country, culture, language, abilities or behavior is superior to those of another culture
what are some barriers to diversity?
- Fear of Discrimination Against Majority Group Members
- Stereotypes and Prejudices
- Resistance to Diversity-Program Priorities
- Lack of Support for Family Issues
- Hostile Work Environment For Diverse Employees
Personality
The psychological traits and behavioral attributes
that give a person his or her identity
Companies spend $2 billion a year giving
personality tests to job candidates
They want to make sure they hire people who have
the right personality and traits that will help them be
successful in the job and within the culture of the company
true
Ideally, the culture of the company you work
for fits your personality. If it does, then you
are likely to be happy working there.
true
Managers look for certain traits in employees
Understanding these traits can help managers
effectively manage their people
true
Evaluating Your Employees: Self Efficacy
Self-Efficacy:
* Belief in one’s ability to do a task
* Represents individuals’ perceptions of their ability to perform
across a variety of different situations
* Having this quality tells companies you are ready to begin a professional career
Evaluating Your Employees: Self-Esteem
Self-Esteem:
* The extent to which people like or dislike themselves
* People with high self-esteem are more apt to handle failure better, emphasize the positive and take more risks
* People with low self-esteem tend to focus more on their weaknesses and may be more dependent on
others
Evaluating Your Employees: Locus of Control
Locus of Control
* Indicates how much people believe they control
their fate through their own efforts
* Internal locus of control: You believe you control
your destiny – these employees typically take the
initiative at work
* External locus of control: You believe external forces control you – these employees need to be managed more closely
Evaluating Your Employees: Emotional Stability
Emotional Stability
* The extent to which people feel secure and unworried and to which they are likely to experience negative emotions under pressure
* Low levels are prone to anxiety and tend to view the world negatively
* High levels tend to show better job performance
Some Workplace Challenges for Managers
- absenteeism
- turnover
- how to minimize turnover
- counterproductive workplace behaviors
**Managers must deal with these issues swiftly
Partner with HR to find a solution
KEY CONCEPTS FROM GOLEMAN
- Emotional Intelligence is THE most important factor in the workplace
- We all have the potential to improve our emotional intelligence
Emotional Intelligence Defined
Ability to understand your own emotions and how
your behavior affects others
+
Ability to understand the emotions of others
+
Ability to use this understanding to effectively
manage yourself and others
You may have a high IQ but a low EQ
At Work, When Would My EQ Be Useful?
- Giving and receiving feedback
- Meeting tight deadlines
- Dealing with challenging relationships
- Not having enough resources
- Dealing with change
- Dealing with setbacks and failure
How Can I Improve My EQ?
- Identify EQ role models – Associate with them, learn
from them! - Become a world class listener – Resist the urge to talk
and instead listen to what other people are saying - Practice empathy – Put yourself in other people’s shoes – try to imagine what they are going through and why they are behaving the way they are behaving
Unlike other major Presidential candidates, Sanders did not accept contributions from Super PACs or wealthy donors
Instead, he focused on small individual donations
His 2016 campaign raised $73 million from individuals – the average donation was $27.16
Sanders has been called a Democratic Socialist
and/or a Communist by many who oppose him
Generally speaking, Sanders believes that
government should help people – especially
those who need help or can’t help themselves
Supports free college … universal healthcare …
$15 an hour minimum wage …
true
Bernie Sanders was a mediocre college student
because he found the classroom “boring and
irrelevant” – community activism provided his
most significant learning
true
An hourly worker making $7.25 an hour = $290 a week
X 52 weeks = $15,080 a year
- $1,500 in taxes = $13,580 net income
true, sadly
Buying a McDonald’s franchise costs about…
$1 million
according to former mcdonalds ceo…
Typical McDonald’s franchise owner sells $2.6 million
of food/drink a year
After paying rent, food, equipment, taxes, insurance, manager salaries
and salaries of part-time workers = $156,000 in profit
Part-time salary costs are based on 15 part-time workers earning
$7.25 hr x 20 hrs week x 52 wks a year = $113,100 a year in part-
time salaries
If salaries of 15 part-timers are raised to $15 an hour (15 workers x
$15 hr x 20 hrs wk x 52 weeks) = $234,000 in salaries – that’s
$120,900 more than previous part-time salaries
$156,000 (profit) - $120,900 = $35,100 in profit
