Communications – Page 4 – thoughtLEADERS, LLC: Leadership Training for the Real World

Using Stretch and Commit Goals to Drive Performance

September 21, 2020/0 Comments/in Business Toolkit, Career, Communications, Entrepreneur, Leadership, Sales /by Mike Figliuolo

Goal setting is tricky business. You’ll get much better performance if you set two goals for your team. Once you’ve done so, paying for performance is more of a math equation than it is black magic.

Incentives can, and have been, a topic of great discussion but one thing that is hard to argue is this: you want to complete a goal, incentives work.

Sometimes incentives are money. Incentives can be salary increases or bonuses. You may offer stock or options. Other incentives can be awards, time off, or promotions. Incentives need to be something that’s meaningful and exciting to your team, collectively.

When you set the incentives, make a direct linkage between the goal and the reward. I’ve always liked setting “commit” and “stretch” goals. The commit goal is something where folks are signing up to deliver it no matter what. There’s zero bonus associated with hitting a commit. It’s the “you did your job” level of goal. A “stretch” is the furthest point that folks think is in the realm of possibility. They have an idea for how they’ll achieve 70% of it but no clue where the last 30% will come from. And to be clear – that first 70% will take a lot of blood, sweat, and tears to hit. With a stretch goal, people can max out their bonus.

If you have a commit goal and a stretch goal, put the bonus on a sliding scale between those two instead of creating an all-or-none scheme. A “commit” goal is the minimum that someone will deliver to the organization. At the “commit” the bonus is zero. A stretch goal is a high level of impact that will take a tremendous amount of effort to achieve. If someone hits their stretch, the bonus should be 100% of what’s available as an incentive.

Teams can get extremely frustrated when they hit 85% of their stretch goal and they get nothing for it. They should get 85% of the possible bonus. I’ve been in both of these situations. I was in one organization where we had a commit of $50 million of profit and a stretch of $75 million of profit. At $50 million dollars, our bonus was going to be zero. If we hit the commit, there was no bonus. At $75 million of profit, the bonus was going to be 10% of our salary.

What’s the best part of being in a leadership role?

September 17, 2020/0 Comments/in Communications, Leadership, Poll, Strategy, Training /by Ryan Shaw

Our reader poll today asks: What’s the best part of being in a leadership role?

Helping my team members develop, grow and succeed: 52%
Having control over the way things run: 4%
Being able to set direction, take risks and make things happen: 34%
Being visible and valued in the organization: 6%
Overcoming the challenges leaders face every day: 3%
Something else: 2%

Making stuff happen and developing others. The two clear winners in this poll are how much you enjoy making things happen and developing your team members. Both are great rewards for any leader. The interesting thing is they’re both outward-facing in that the impact is about the environment around you versus the impact of the role on you. While I recognize these polls are simple and these are complex topics, there are clear patterns. If you happen to be inward-facing in your leadership, I encourage you to take a moment to look at the broader impact you’re having. The things you’re getting done and your impact on helping people grow may be much larger than you expect. You will likely also find the rewards of that impact far exceed the inward-facing rewards of how your role makes you feel.

Do you agree with these poll results? Let us know in the comments below!

– Mike Figliuolo at thoughtLEADERS, LLC

Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!

Developing Stronger Executive Communication Skills

September 16, 2020/0 Comments/in Business Toolkit, Communications, Leadership, Strategy /by Ryan Shaw

Mike Figliuolo, thoughtLEADERS Managing Director, sat down with Adam Torres of The Money Matters Top Tips Podcast to talk about executive communication.

In this podcast interview, Mike reunites with Adam Torres of The Money Matters Top Tips Podcast to delve deeper into his personal thoughts and tips on executive communication.

Mike breaks down executive presence and what exactly it is, and then points out a few of the standard shortcomings that people point out with regards to executive presence and how finding a few small fixes really can move the needle in interacting with others.

As the discussion continues, Mike gives his top tips for improving this executive communication, starting with knowing your audience, something people have heard many times before, and how finding and knowing that hot button topic to get people engaged and bought in is a game changer. And then being able to assemble everything beyond facts into a compelling story that further engages the ‘audience.’

Stay tuned for more of podcast features and interviews from Mike and the rest of the thoughtLEADERS team.

Money Matters Top Tips Podcast – Mike Figliuolo

How do you react when your work is unfairly criticized by someone?

September 10, 2020/0 Comments/in Communications, Leadership, Poll, Training /by Ryan Shaw

Our reader poll today asks: How do you react when your work is unfairly criticized by someone?

I ignore it. Haters gonna hate. 10%
I take it too personally but don’t react. 29%
I rebut their position gently, then move on. 54%
I vigorously defend my work until they recant their words. 7%

Split reactions on reacting. Unfair criticism is frustrating and sometimes painful. About 40% of you let it go, while 60% rebut it with varying levels of vigor. For those who let it go, your restraint is commended. Just be aware of the risk that the criticism could spread and become “fact” to others so if it’s not something you want associated with you, consider a rebuttal. For those who do say something about it, moderation is the key. Attack the criticism to vigorously and you’ll escalate the conflict. Do too little, and your rebuttal will be brushed off and ignored. Paramount in all of this is to remember to confront the problem and/or the comments versus attacking the person. The instant you make it personal, the higher the risk you face of an escalated response. Make it about the facts of the matter and the comments at hand, and you have a much better chance of resolving things peacefully.

Do you agree with these poll results? Let us know in the comments below!

– Mike Figliuolo at thoughtLEADERS, LLC

Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!

How do you allocate your time spent with your direct reports?

September 3, 2020/0 Comments/in Communications, Leadership, Poll, Training /by Ryan Shaw

Our reader poll today asks: How do you allocate your time spent with your direct reports?

I spend most of my time with my high performers. 17%
I spend an equal amount of time with everyone. 62%
I spend most of my time with my low performers. 22%

Spend time where it’s needed. While it may seem “fair” to give everyone on your team the same amount of your time, you’re doing them (and yourself) a disservice. Your high performers likely need less of your time. By giving them more than they need, you’re wasting their time – and yours. You’re also not being fair to low performers who need more of your time but aren’t getting it. While it’s easy to just schedule everyone for an hour a week (or whatever the timeframe is), be more deliberate about giving people the time they actually need. In total, you might even end up spending less time with them but that frees you up to do other things and it helps them be more productive because they’re not wasting time sitting with you when they could be getting more work done. In some cases, you’ll give them more time than you currently are and that’s good too because then they’re getting the attention they really need. Don’t be lazy with your time allocation. It’s the most precious resource you (and they) have. Treat it accordingly.

Do you agree with these poll results? Let us know in the comments below!

– Mike Figliuolo at thoughtLEADERS, LLC

Did you enjoy this post? If so, I highly encourage you to take about 30 seconds to become a regular subscriber to this blog. It’s free, fun, practical, and only a few emails a week (I promise!). SIGN UP HERE to get the thoughtLEADERS blog conveniently delivered right to your inbox!

Don’t Pay It Back: How Positive Influence Leaders Pay It Forward

August 31, 2020/0 Comments/in Balanced Lifestyle, Career, Communications, Leadership /by Ryan Shaw

Positive influence leaders make a big impact on the people they encounter and the outcome of that positive leadership is to pay it forward and help others.

Today’s post is by Glenn Parker, author of Positive Influences.

Singer/songwriter Taylor Swift donated $1 million to the V Foundation for Cancer Research, but she also gave $50,000 to the nephew of one her backup singers who was being treated for cancer. It’s clear that people who have benefitted from a positive influence in their life tend to be a positive force in the lives of many of the people they encounter.

Research indicates that some people take their experience of being on the receiving end of a positive influence leader and look for opportunities to have a similar impact on people they encounter in their work life. They can point to specific people they have impacted and the positive outcomes of those encounters. We also found that others have adopted a more generalized approach to people that seeks to have a positive influence on everyone in their orbit.