Posts

A Behavioral Driven Performance Model

While it is a trend to create a diverse team in a workplace, I have found that companies are still using a standard performance model across the board to measure their behaviorally diverse teams performance.

Several months ago I started evaluating consulting company’s performance evaluations. With much dismay I have found that most are using a similar model to the one I was critiqued on, 20+ years ago as an accountant.

A recent development in the DNA line is a behavioral driven performance model. There are two aspects to addressing workplace performance The DNA Way. First: is the natural behavior of an individual. This establishes the natural strengths, struggles and development keys of this an employee. The second element is the Workplace Engagement 360 Report. The 360 Report is generated on an evaluation process where the employee first critiques them self on 75 workplace engagement items, the results are then compared to the perception that others have on his or her engagement, through a confidential data collection process.

Ask yourself this: Would you like your performance measured on your own strengths, struggles and development keys or someone elses?

Managers need to realize that some of their employees will be better at sales, networking or better at analytics than others. Understanding your employees natural behavior first, and then comparing it to their yearly progress with a Workplace Engagement 360 Report is the fair, honest and simple way of measuring your teams success and enhancing your business performance.

Confidence Sustains Performance

In all areas of life, people talk about how they can improve and sustain performance. How do we get better results and keep good results regularly coming? This is true for people in their personal lives and careers, businesses, sporting teams and so on.

Foundational to building performance to a high level is knowing your DNA Behavioral style, openly communicating with others and then keeping to a purpose based plan. This is the core DNA Performance Model.

However, the key to sustaining performance is “confidence”. Building performance and starting a “winning streak” is one thing but keeping it going is another. Have you noticed how some people get it together early in their life or career and then lose it later seemingly going into a downward spiral. Some then come back, some do not. Others start slow and then get in the groove and grow. This is also true of businesses and also sporting teams. When you take a look into all of these situations of fluctuating performance the common element is confidence.

When confidence is increasing and is high it can propel you forward further to achieve even better results. However, competency and arrogance can creep in with a failure to remember what got you there. Then a bad event comes or someone does something great out of the blue and you do not know what to do. This can be the start of a loss of confidence, which can build up. At the same time, for another person who has been on a losing streak they string together some wins and successes. Suddenly, they start the climb upwards.

I would encourage all of you to think about what makes you confident and what makes you lose confidence. If you like, we can help you with looking at your confidence attributes.

I would also encourage you to read the book “Confidence” by Rosabeth Moss Kanter. This book uses plenty of great personal, business and sporting stories to show how winning streaks and losing streaks begin and end.

Importance of Private Businesses to Business

When one looks at business, it is easy to miss or not appreciate the importance of private businesses and entrepreneurship. How often do you look to the larger public companies for opportunities, marketing and jobs? Probably a lot. This is what many first think of doing.

I would like to suggest that you change your thinking and focus on private companies. Information from the recent G8 Summit in Italy shows that 70% of the world’s jobs are provided by private companies and 100% of job growth. This would mean the energy forces are with entrepreneurship for many business opportunities.

Think about this next time you hold a strategy session for your business.

Redeploying Your Talents

The current financial crisis is bringing to light a huge workplace shift. For many baby boomers, they only had one career or expected to have one career. The thinking of this generation was that upon getting your qualifications you had one career – working up the ranks often in the same company. Today, it is expected that the Gen Y’s will have 10 or more careers. They will job hop. Although, this may be more difficult to do in the current circumstances.

With the financial crisis many people of every generation are having to re-evaluate their career to survive. Some career paths will simply go. What happens to the talent? How do people change careers? For many the big issues will be financial by being locked into the “debt trap” and being faced with relocation.

The first step for re-evaluation is going to be mindset. People will have to look inwards to themselves and see how their talents can be redeployed. Coaching or mentoring may help because we all have blind-spots and will need a confidence boost from another person’s wisdom. The point is that many of us are capable of changing careers and still getting paid a reasonable income. The truly wealthy person is one who can confidently see that they have the potential for 2 or more careers. Of course, when there is financial pressure it is harder to see this because of the emotions that get triggered from panic. So, the key is to get people to take a step back and look at their talents which are the greatest source of their wealth.

As an example, I was talking with a friend of mine not long ago who is a leader in a bank. After some thought and discussions he has come to see that with his business knowledge and leadership experience he could successfully work in other companies. These other companies may not be in banking, but he can nevertheless redeploy his talents and make a great contribution. Even this week I have talked to 2 different groups of entrepreneurs about how they can re-examine their roles in their own businesses taking a similar approach. For some of them, it could positively change their business as they will get back in touch with their talents which are the real source of their productivity.

So, I really encourage you to look at your talents and see how by redeploying them you may find new opportunities. Be prepared to think creatively and beyond where you are now. A key part of this is not to let money be an immediate barrier. Look at the potential redeployment opportunities first. Then when you have your list, the economic denominator can be brought in as part of the decision-making process. The experience of doing this will be nothing short of liberating and powerful. You may even work in a job you are truly passionate about for the first time!!

Should You Be In The Business?

I have had some interesting discussions in the past week with financial advisors and managers of advisors. With the financial downturn everyone is evaluating where they are at. The big question being asked is: “Should you be in the business?”

My feeling is that over the next 1 to 3 years many current advisors will give up or be forced out. When you think there is research showing that 89% of clients are considering switching advisors there is much to think about. The financial services landscape is going to change dramatically. There is no easy street any more. Those totally committed to the industry with the right business model will prosper greatly if they stay with it.

So, getting directly to the point, whether you stay in depends on the answers to the following fundamental questions:

1. What are your talents and expertise?
2. What are you passionate about?
3. What is the vision for your life?
4. What is your purpose?
5. To what extent is money a primary driver of your decisions?

Financial down turns will always bring out what your true desires are. Everything in your life gets called into question particularly when your income goes down and there are angry clients to deal with (rightly or wrongly).

Taking a positive approach, this is a great opportunity to really discover what you love about being a financial advisor and re-create your niche. However, you are going to have to be very committed to work through the changes but it will be exciting and career/business changing.

Finding Meaning In Your Life

For a few years now there has been an increasing trend toward people taking steps to find greater meaning in their life. Gradually, more and more people are having the courage to do it and not just talk about it. This may involve turning their back on what is a well paid job and years of study and even moving from where they live. I even believe that this desire to find meaning will increase with turbulent financial times which could be quite dislocating for some. To survive emotionally and financially people will have to change their perspective on life and their relationship to money so that their meaning is not as much defined by how much they have.

I know for myself the Financial DNA business exists today because this is a major life transformation I made. I found my deep passion is to help people worldwide to become more financially empowered through greater self understanding of how they are wired. This was a big shift from the numbers world of accounting, tax and packaging investments for people. What I do know is that your quality of life in every dimension can increase well beyond where you are today if you take the plunge.

I would encourage everyone to discover who they are and what would provide the greatest meaning in your life. Do not die with regrets. Of course a fear is the financial consequences. Remember getting there is a building process and will not happen overnight. Putting a plan in place is the key to start with and thereafter you can manifest it step by step over a number of years.

Also, there is the fear of actually what am I passionate about? How do I discover that? There are processes for discovery which are both structured and more feelings based. We are helping many people around the world with discovering their passions as this is a core part of reaching a greater level of becoming more financially empowered. If you would like some inspiration click on the link to this USA Today article on 24 September 2008.