Financial Personality

Tech solutions

Innovative Tech Solutions For Talent And Culture Are On The Menu

We recently brought together leaders, influencers and tech wizards from human resources and related fields for DNA Behaviors Thought Accelerators: Future HRtech interactive dinner. Think Mastermind meets think-tank meets great meal at which participants discuss, debate and parse leveraging behavioral insights at scale across a broad range of applications.

Participants who are more familiar with our work helped underscore that the HRtech future is now, available to anyone in and around HR and tech who wants to drive innovation and behavioral solutions in everything from sales and marketing, to operations, recruitment, fit-for-hire and more. Imagine being able to deploy behavioral personality insights to guide people, teams and businesses using real talent insights for real results in real-time.

Participants who are less familiar with our 18 years of work perfecting a validated, practical and scalable psychometric system asked pointed questions, made astute observations and ultimately sparked, yes, more great ways to leverage the intersection of tech, data and behavioral insights within and beyond HR.

DNA solutions in action

Reinforcements of our methodology and beliefs revealed during the dinner include the way we recruit (using a behavior tech platform); that is, starting with a proper design of the role based on specific behavioral talents and measurable KPIs (key performance indicators), doing no interviews until the candidates behavioral talents are matched to role.

Then look to resumes, which are best viewed from a futuristic perspective – focusing on predictors of future performance rather than a recitation of past accomplishments – though most diners agreed it’s tough to glean such knowledge from most resumes. The problem with the traditional methodology is that many suitable candidates are screened out based on resumes which address the past and a failure to recognize their talents at all.

But that futuristic look is increasingly crucial, particularly given that tech is changing every type of role so fast. Candidates and employers alike must prepare for roles and even industries that did not exist before. Still, by identifying natural (innate) behavioral talents through a validated discovery process, the one thing you can and should rely on is the foundation of the process.

It was noted that, ideally, job descriptions are written with behavioral characteristics in mind. This means looking beyond skills and experience to the ideal behavioral talents (strengths) your optimal candidate will have. Ideally, the business should be benchmarking each key role based on previous high performers who have succeeded in that culture and environment, or at least looking to comparable roles in other similar businesses.

In one sense the work of defining the job description role requires the data produced by the DNA Behavior Tech Platform and then also some experienced consulting input from a person who understands the exact requirements of the business who is recruiting. We encourage the many stalwart business partners we have who take our behavior tech platform (including an API) to use it for powering the building of specific role benchmarks, managing the hiring and onboarding process and then developing teams and monitoring performance.

One of the reasons these collaborations are so powerful is that they can more quickly – even exponentially – help us help businesses of all kinds accelerate human performance. To wit, businesses that build a more relationship-oriented culture with an eye on results do better than those that are focused solely on bottom-line results. (You simply cannot take people out of the equation.)

Behavioral insights power culture

There was much talk of the importance of the right organizational culture, with one participant emphasizing that culture is so important that Amazon purchased Zappos for nearly $1 billion, chiefly, to acquire its culture. Also noted: Even if you think your company does not have a culture, it does; its just not intentional and therefore likely is not serving you well.

It was agreed following the practice of openly sharing individual DNA Behavior discovery insights (reported results) was also crucial to building an intentional, sustainable culture. For instance, sharing the results of a discovery with the individual completing it and sharing their supervisors and team members profiles with them, and vice versa. Transparent sharing from the top down, bottom up and side to side across teams and the whole business, if you will, can be a powerful part of an optimized culture. The key point is that everyone has a common language to be vulnerable and be able in a more pin-pointed way to share their strengths, struggles and communication style.

We talked about how individual profiles detailing behavioral strengths and challenges (the result of a behavioral discovery tool – think probing questionnaire) are more powerful when used in onboarding and ongoing engagement in the workplace. Now that’s personalization – having someone’s behavior DNA baked into any and all HR processes. We all know that once a person is hired the ongoing relationship with their boss is critical to retention.

Best, this behavior tech is scalable now, in part due to agile API but also because each individual discovery takes approximately 10 to 12 minutes to complete. Thats a minimal individual commitment for results that pay dividends across time, platforms and functions.

Aprs dner

You know how great interactions, idea sharing and brainstorming continue to percolate after, in this case, a dinner? Well, an email two mornings after our Future HRtech dinner came from a participant who was previously not so familiar with our DNA solutions. He’s a serial entrepreneur who knows the value of powerful tech and data solutions across myriad industries.

Reflecting on a solution and corresponding challenge mentioned at the dinner, he had had an idea for a multifaceted app that would both leverage DNA Behavior discovery results and help users deploy them in practical ways, even enabling users to launch new products and services. (Yes, we’ve already put that idea into development.)

It’s always gratifying getting an appreciative, spirited thank-you note after a great dinner. You know what’s better? Enthusiastic participants who continue germinating robust ideas for real-world solutions based on our behavior tech platform.

Make your reservation

In addition to this Future Tech dinner focused on human resources, we previously had one focused on the financial services space. We plan other Future Tech and HRtech dinners and I am excited about what great ideas, insights and collaborations may emerge.

If you’re interested in being part of one of these dynamic evenings, please just drop me a line: inquiries@dnabehavior.com. Your big idea may be the next best thing on the menu.

And if you would like to whet your appetite, take your complimentary BDNA Discovery here; you’ll receive an infographic report were happy to review with you.

Behavioral Science

Behavioral Science Teams Increasingly Important to Financial Services

This article first appeared on Nasdaq.

Behavioral sciences teams can influence business strategy, decision-making and service offerings through deep insight into human behavior. Such a teams ability to understand behaviors helps mitigate failure and decrease industry waste.

The more innovative financial services companies are starting to appoint behavioral teams. They understand the power of applying behavioral science to improve customer and employee behavior.

Why add the behavioral facet?

Real-world financial decisions are complex. Investors look to advisors to inform their decisions. They want to make the most of their money to achieve goals and build for their future.

But how can each party build trust sufficient to share life goals? And the other provide corresponding advice that delivers those goals? How can customers be sure their finances are being managed within a culture of integrity, honesty and trustworthiness?

Never has there been a greater need for the financial services industry to prove it can be trusted.

What will be revealed…

Using behavioral science to identify and weed out misconduct is just one aspect, though it may be the most familiar. Being able to better understand people to inform the culture of the business is another side of behavioral science, and a fundamental aspect of building trust.

But the big one – and the one that will build and sustain business – is being able to use behavioral science to better understand customer behavior and to advise them how to make better decisions. Relying on big data itself is not enough. Big data is stronger when paired with little data, if you will; that is, behavioral insights and overlays that are sourced from personality discovery.

Interventions to foster better customer decisions have been around for a long time; behavioral science has opened our eyes to human differences and complexities.

Science, not soft

The application of this approach to the advisor-client relationship is new. The market now offers validated, scientific profiling systems that will identify not just decision making, but also how individuals react under pressure. This information is delivered to the advisor in real time at their fingertips.

Building a trusting and trusted culture based on financial behavior to help clients make better financial decisions is no longer a nice-to-have feature. Its becoming a competitive edge, if not a must-have.

Cost justified

Appointing a behavioral sciences team to work with leadership to shape culture and help advisors work more effectively with clients impacts the bottom line. Using the team in the hiring process and in the workplace sets the trust compass in the right direction.

Applying a behavioral data-gathering discovery places deep insight into the behavioral science teams hands. They can then respond to different demands across the business. From the behavior of the board to the frontline, they can advise and educate on how to understand and leverage (or attenuate) behaviors. Behavioral science teams look for and correct bias. Their work keeps the financial industry honest.

When financial advisors know how to use and apply behavioral insights, they develop stronger client rapport and can give tailored financial advice to clients. Ultimately, they can claim greater market share as they build a reputation of trust and integrity.

Think of that impact industry wide if behavioral science and discovery are applied to recruiting, assessing and managing people, truly tailoring advice, excluding any form of unconscious bias and making sure peoples inherent behaviors are accounted for.

To learn more, please speak with one of our DNA Behavior Specialists (LiveChat), email inquiries@dnabehavior.com, or visit DNA Behavior

Leadership

11 Leadership Styles That Shape A Winning Organization

Building and shaping the culture of an organization begins with the behavior of the leaders. When leaders are behaviorally smart, and understand their leadership and communication style, they are more likely to set the kind of example they want everyone to follow.

There is no one leadership style fits all. The key, through self-awareness, is to find the balance that works with the teams you lead.

The Fast-Paced Leader

A leader who is fast paced, logical, challenging and tends to be critical may well deliver results, but can damage the talent they are responsible for leading. This style of leadership births a culture of stress, staff turnover and unwillingness to want to work under their leadership.

The Analytical Leader

The analytical, systematic, rigid, work by the rules, style of leadership may be a gatekeeper in terms of the processes of the organization, but can shut down innovation, spontaneity and the kind of creative approach to decision making required when things go wrong. This inflexible and rigid style of leadership does not inspire a culture of shared goals, thoughts and ideas.

The Skeptical Leader

In today’s rapidly changing market, businesses need innovation to survive. A skeptical leader who is not open to ideas, continually questions, is guarded and fails to build trust with their teams, will not create the kind of innovative culture that breeds success. Finding a successful balance between trust and a healthy skepticism that protects the business is tough.

The Competitive Leader

Similarly, leaders whose focus is solely on results, who is very competitive and wants always to be the one who sets the agenda, can push teams too hard to achieve goals. If these leaders see targets slipping away they can become manipulative and assume a driven style of leading that causes teams to crash and burn. This approach leads to a toxic culture – very difficult to recover from.

The Peoples Leader

Leaders who are highly people focused and expressive, can inspire passion and purpose, but if this style of leadership is not based on a foundation of a clearly articulated vision and mission, the culture they create is one of chaos and confusion – but fun. Leaders such as this need strong boundaries and need to learn to focus on one goal at a time.

The Risk-Taking Leader

Some leaders are comfortable with taking risks. They know their limitations and are comfortable with managing failure. However, when risk taking leads to over confidence, leaders will cut corners placing the business in jeopardy. Further, team members assume the culture of risk extends to them. This can lead to outlier behavior as they take inappropriate risk that undermines the organization.

The Creative Leader

The highly creative leader embraces new ideas, can be quite abstract in their thinking and open to imaginative approaches to decision making. However, such creative ideas need to have value, they can’t be random as this leads to a culture of anything goes. Creativity in leadership works when it’s part of a culture that is sensitive to teams, colleagues and the overall needs of the business.

The Cooperative Leader

Not many organizations survive on a cooperative style of decision making. When a leader is seen to be compliant others very quickly take advantage of them. They may well be able to communicate the vision and encourage input from teams, but without their own understanding of how to be behaviourally smart, this style of leaderships leads to the loudest voice getting their way. Further, it can lead to a culture of frustration as the leader seeks everyone’s opinion before making a call.

The Reserved Leader

Generally, the reserved, reflective leader tends to be a loner. They do not have an open-door policy and can be withdrawn. This style of leadership breeds a culture of suspicion and can lead to more outgoing team members driving the culture and making decisions that are inappropriate. However, when the leader understands the importance of building relationships, this style of leader is likely to be much more accurate in their instructions. They prefer to get things right first time and will reflect and focus on this.

The Patient Leader

When a leader is overly understanding and tolerant there will always be others who will take advantage of this. A culture of leniency will prevail and mistakes will be repeated leading to frustration and discontent from team members. Generally, this leader tries to create a culture of stability, believing that everyone will function more effectively within the environment. This approach only works when everyone has knowledge of each other’s preferred environment for working, otherwise the culture will be too relaxed.

The Spontaneous Leader

Spontaneity challenges many people who prefer leadership to be structured and predictable. A spontaneous leader creates a culture of impulsiveness and lack of planning and forethought. Spontaneity panics some people and can lead to disruption and stress in the workplace.

A Leader who can create a successful organization culture will not only understand their own natural behavior and how to manage it, they will invest time gaining insight into the behaviors of their teams. When they achieve this balance, the culture they create looks like this:

  • There is a shared vision – communicated in a way that everyone feels valued in role for delivering it
  • There are high levels of personal confidence
  • Everyone has a can-do attitude
  • Teams collectively look for solutions
  • The leaders listen to other ideas and suggestions
  • The individuals feel motivated
  • Attrition is low
  • There are clear goals and everyone knows where they fit in delivering them
  • Success is shared
  • Trust goes both ways
  • There are quantifiable measurable outcomes that demonstrate the culture of the organization

To learn more, please speak with one of our DNA Behavior Specialists (LiveChat), email inquiries@dnabehavior.com, or visit DNA Behavior

As a Financial Advisor, how do you advise Entrepreneurs

Advising Entrepreneurs, as a Financial Advisor

A good idea, a solid strategy, an understanding of clients genetic makeup could be a ticket to their success. But without this insight – failure is more likely both for you as an advisor and for the client who wants to be an entrepreneur.

DNA Behavior International’s extensive research from recent academic research and studies supports the findings that a person is born with entrepreneurial genes. Providing advice to a client like this could be tricky.

A key for financial advisors is to understand the genetic makeup of an entrepreneur. What makes them tick. All entrepreneurs have similar characteristics. Their minds are genetically wired in the same way. In other words, they tend to depart from established patterns of thinking. Their resilience and appetite for risk are inherent qualities. The more mindful financial advisors are in their understanding of the entrepreneurial mind, the greater the chances of success in delivering sound targeted advice.

The Business DNA research concludes that entrepreneurs have the following genes in descending order of dominance:

  1. Resilience (Measured by the Fast-Paced trait) – they achieve results, manage setbacks and rationally take quick action.
  2. Risk Taker (Measured by the Risk trait) – confidently take risks and tolerant of losses.
  3. Creativity (Measured by the Creative trait) – innovative with ideas and seeks to differentiate.
  4. Work Ethic and Focus (Measured by the Pioneering trait) – pursues goals and is often ambitious and competitive.
  5. Charisma (Measured by the Outgoing trait) – outgoing, connects with a lot of people and influences people to follow them.

Entrepreneurs are confident, passionate and determined to succeed. They are comfortable taking the risk and will invest heavily in their business venture, maybe to the detriment of other areas of their life.

However, being genetically predisposed towards entrepreneurialism doesn’t guarantee that an individual will become an entrepreneur and then whether they will succeed. It is not just enough to be born with the entrepreneurial gene, people must do something with it. Financial advisors need to be able to dig below the surface to understand the dynamics of the entrepreneurial client and then can target advice.

Behaviorally smart financial advisors should be:

  • Comfortable being a user to test the financial validity of an opportunity.
  • Confident enough to challenge ideas and ask questions.
  • Trustworthy enough to encourage yet confront when the entrepreneur’s ideas are spinning out of control.

When financial advisors understand that Entrepreneurs are driven by the need to succeed and control their own destiny, they are less likely to put them in a client box. They won’t deliver mundane advice but will recognize the importance of getting inside the mind and genetics of an entrepreneur.

To learn more, please speak with one of our DNA Behavior Specialists (LiveChat), email inquiries@dnabehavior.com, or visit DNA Behavior.

Entrepreneurs Cant be Lone Wolves and be Successful

Entrepreneurial Lone Wolves Can’t Be Successful

Entrepreneurs can’t do it alone. From start-up, the entrepreneur has many roles and will not have the skill set for all of them. Building the right team around them is critical to building a successful business.

Sir Richard Branson makes the following observation:
People tend to think of entrepreneurs as lone heroes, but this isn’t how it works in real life. Many live up to their reputation as risk-takers and some remain outsiders, but despite this outlier status, entrepreneurs need support to be successful. In fact, were a lot like Formula 1 race-car drivers: The person in the cockpit gets all the glory since fans tend to forget about the pit crew and the behind-the-scenes effort it takes to keep the driver on the track. Business is no different; an entrepreneur does not succeed alone.

Behaviorally smart entrepreneurs, who know their limitations, are more likely to have conversations about the skills they lack and reach out to others to fill the gaps.

Those individuals who have completed the DNA Behavior Natural Discovery process and read our significant research into Mastering your Entrepreneurial Style understand their genetics as outlined below:

1. Resilience (Measured by the Fast-Paced trait) – they achieve results, manage setbacks and rationally take quick action.
2. Risk Taker (Measured by the Risk trait) – confidently take risks and tolerant of losses.
3. Creativity (Measured by the Creative trait) – innovative with ideas and seeks to differentiate.
4. Work Ethic and Focus (Measured by the Pioneering trait) – pursues goals and is often ambitious and competitive.
5. Charisma (Measured by the Outgoing trait) – outgoing, connects with a lot of people and influences people to follow them.

 

Key TraitsSource: DNA Behavior International

More importantly, they will have a deeper insight into their entrepreneurial genes and feel empowered, through this knowledge, to bring others on board to take up some of the heavy-lifting.

As the business grows, entrepreneurs tend to feel besieged by the day to day workload. The appointment of someone, we will refer to as an Integrator, is a key first hire. Integrators should have the experience, skills, and temperament to manage the day to day business operations and understand how the entrepreneur ticks. This will ensure the business has a strong foundation. Further, it releases the entrepreneur to focus on building the business and using their entrepreneurial talents to do so.

Generally speaking, the talents are:

  • Big picture thinking
  • Creatively solve problems
  • Sees opportunities to go to market
  • Manage the pressure and risk
  • Has little patience for the day to day minutia

When the Entrepreneur and the Integrator have insight into their own and each other’s personalities, their communication style, and their decision-making approach, they understand where and when they need to modify their behavior to be a successful team.

Here are a few keys to building the Entrepreneur/Integrator relationship:

  1. Mutual respect
  2. Both passionate and driven to build the business
  3. Communicate directly
  4. Clear on boundaries
  5. Open to learning from each other
  6. Trust built on transparency and openness

Understanding each other’s strengths and limitations ensures the gaps’ are filled, and the business can move forward.

When an entrepreneur has no insight into their personality, hitting a no man’s land,’ such as dealing with day to day issues, managing 10-30 people and still trying to envision the business, they need to understand that failure is a very real possibility.

If there is no Integrator introduced, the next phase, when the business is getting off the ground and showing signs of success, will stall because:

  • It hasn’t the people to grow sales
  • It hasn’t got the innovation to keep growing.
  • It hasn’t the problem-solving capabilities

Once success is on the horizon, 30 employees can quickly become 50, 100, 500. This stage, moving into a sales organization, requiring sales systems and customer relationship management systems/processes, is where many entrepreneurs struggle. Such a level of hands-on day-to-day minutia (their interpretation) to grow can frustrate them.

This is where an Integrator and Entrepreneur working well together can take a vision to market.

To learn more, please speak with one of our DNA Behavior Specialists (LiveChat), email inquiries@dnabehavior.com, or visit DNA Behavior.

 

 

science-dna-genetics

Are Entrepreneurs Born or Made?

Like me, many of you instinctively knew that you had a strong desire to start a business and then at some point, the right innovative idea came along and in you jumped. Then along the way, the entrepreneurial journey turned out much harder than you had expected – both emotionally and financially.

Having built five different businesses over the past 21 years, one principle I stick to is the ability to manage my own behavior. Then add managing the behavior of the team, and you have the primary difference between success and failure. Did I always just know this, or where did I learn it? It begs the question of are entrepreneurs born or made?

At DNA Behavior International we extensively researched the subject of Entrepreneurial Genetics using our validated Business DNA Natural Behavior Discovery Process as the foundation. Our analysis that a person is born with entrepreneurial genes is supported by other similar findings in academic research and studies. However, being genetically predisposed towards entrepreneurialism doesn’t guarantee that an entrepreneur’s journey won’t be without challenges.

Our research concludes that entrepreneurs who have built a business with over $1m in turnover will have the following genes (natural hard-wired behavioral traits) in descending order of dominance:

  1. Resilience – achieves results, manages setbacks and rationally takes quick action.
  2. Risk Taker – confidently takes risks and tolerant of losses.
  3. Creativity – innovative with ideas and seeks to differentiate.
  4. Work Ethic and Focus – pursues goals and is often ambitious and competitive.
  5. Charisma – the ability to influence people to follow them, often having a balance between being outgoing and reserved.

These genes are more pronounced for those entrepreneurs who have built businesses with a turnover of more than $10m. And for the fast-growing number of women who are becoming entrepreneurs, the tendency for them is to be more moderate in the above-listed traits. However, they compensate with their natural ability to build stronger relationships.

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Entrepreneurs must be multifaceted and dynamic, yet be laser sharp and narrowly focused. Their many duties require a uniquely talented character, but differences in personality and perspective can determine success or failure. It is not surprising, therefore, that the number one genetic trait of an entrepreneur is resilience as this is foundational to survival in life and business.

Regardless of where you are on the entrepreneurial journey, there will be challenges. Without personal self-awareness of the above five key traits, even the most gifted entrepreneur will crash and burn. Whilst a strong sense of purpose will keep entrepreneurs motivated during challenging times, behaviorally smart individuals face challenges knowing that through them, they will learn and grow.

Look again at the five entrepreneurial genes and ask yourself these questions:

  1. Which of the above entrepreneurial genetic traits am I most dominant?
  2. Am I leveraging the dominant one? If not, why not?
  3. Who is alongside me as a partner or integrator (master key executive) to bridge the gap between the less dominant genes? And is that support successful?
  4. Who else do I need on the team and in what roles?
  5. Resilience is an essential quality to succeeding in any business, but how is my work/life balance?

Understanding the genes that make you a successful entrepreneur is very empowering. These insights provoke deeper thinking about the essential success factors and to consider how to activate your underused talents for building a business, and life, with meaning.

To learn more, please speak with one of our DNA Behavior Specialists (LiveChat), email inquiries@dnabehavior.com, or visit Communication DNA.