Poll – thoughtLEADERS, LLC: Leadership Training for the Real World

How often is your organization “penny-wise and pound foolish?”

June 30, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: How often is your organization “penny-wise and pound foolish?”

All the time. We save a little money here but at the expense of important things like quality 42.55%
Sometimes. We’ll pinch pennies on less important things but generally spend on important stuff 47.51%
Never. We always look at the broader implications of spend decisions and make good choices 9.94%

Save now, pay later. A striking portion of respondents (43%) say your organizations focus more on savings than on the longer-term implications of saving a few bucks in the near term. This is usually a costly strategy. What does a lack of quality cost? What does rework cost? While budget and cost pressures are always prevalent, you need to understand the implications of being cheap and how it can cost you more money in the long run. If you’re the person trying to get money to spend, present the cost of skimping on quality as part of your business case. If you can show the negative impact of that short-term savings, you might be able to influence your approving authority to spend in a more thoughtful way.

– Mike Figliuolo at thoughtLEADERS, LLC

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How rigorous is your succession planning process and execution of it?

June 23, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: How rigorous is your succession planning process and execution of it?

Extremely — we know who’s going where next and execute the plan well 5.24%
Very — we know where most people are headed and generally execute the plan 20.95%
Somewhat — we know where key players are going but don’t always execute 33.50%
Not very — it’s unclear where people are headed and we don’t execute well 25.13%
Not at all — what’s succession planning? 15.18%

Who’s next? Nobody knows! Almost 75% of you report only having a vague idea, at best, of who’s going where and when in terms of succession planning. This lack of planning is creating a lot of risks for your organization. First, in a crisis when someone leaves the organization, the lack of planning leads to delays in filling the open role. Second, a lack of succession planning creates attrition risk. If people don’t know what their career path looks like, they get anxious. They want visibility. And if they can’t get visibility with your organization, they’ll leave and get it at another one. By the way, these people craving this visibility are usually high performers who want to take their careers places. Can you afford to lose them (which then triggers the first risk I mentioned). If “people are our most important asset” then we need to act like it. Spend some time assessing trajectories, roles, growth, and expectations. Build and communicate a plan. It will keep your people around longer and it will prepare you to address inevitable departures from the organization.

– Mike Figliuolo at thoughtLEADERS, LLC

How is your organization handling price increases and rising costs?

June 16, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: How is your organization handling price increases and rising costs?

We’re accepting those increases — everything costs more these days and we understand 22.56%
We accept most increases but push back on unreasonable ones 55.64%
We push back on most increases but accept a few small ones 9.02%
We push back hard on all increases and accept very few 12.78%

Prices are going up, but people understand (within reason). An inflationary environment is tough on everyone but generally respondents agree that they’re willing to take on reasonable price increases from suppliers. 79% of you said you’re accepting reasonable price increases. For those who are increasing prices, be sure your increases are reasonable and justifiable. If it’s been a long time since you’ve increased prices, be sure to point that out in your discussions. Be wary of getting too aggressive though – it could undermine the goodwill you’ve built with your customer. And don’t forget, when your profits increase due to price increases, be a good leader and pass along some of that benefit to your employees. They see you raising prices. They see profits increasing. Most of them won’t ask for a raise but they will leave your organization if they feel like they’re not being valued.

– Mike Figliuolo at thoughtLEADERS, LLC

How much value do you place on your own time?

June 9, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: How much value do you place on your own time?

An extreme amount: It’s the only commodity I can never get back 20.33%
A significant amount: I get pretty upset when people waste my time 40.42%
A moderate amount: Time is important, but I don’t obsess over it 29.79%
A minor amount: I have more important things to worry about 3.23%
A negligible amount: I focus more on outcomes than my time 6.23%

Know your worth. While 60% of you place a premium on your time, the other 40% value it less. This perspective can lead you to take on work you shouldn’t be doing. If you’re an entrepreneur or business owner, this means doing work that doesn’t properly compensate you for the value of your time. If you’re working in corporate, it might lead you to take on jobs that don’t value your skills appropriately. This mindset can also show up in you not pushing back on your employer taking advantage of your willingness to do additional work (evenings, weekends, days off, etc.) because you don’t value your time highly enough. Here are two quick ways to assess the value of your time. First, take your total annual compensation (base, bonus, benefits, etc.), divide by 250 days then divide by 8 hours. Now triple that number. That’s your hourly rate to account for vacation, time off, etc. Ask yourself if the work you’re doing is worth the rate you should make. If not, consider turning it down. The other method is to assess opportunity cost. Ask yourself: if I say “yes” to this work, what do I have to say “no” to? That might be time with family/friends, vacation, exercise, or hobbies. Is it worth giving up those things you like to do in exchange for the work you’re being asked to do? If not, consider pushing back on the additional work. Your time is the most precious resource you have. Treat it accordingly.

– Mike Figliuolo at thoughtLEADERS, LLC

What’s your view on meeting with people purely with a purpose of getting to know them and building a relationship?

June 2, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: What’s your view on meeting with people purely with a purpose of getting to know them and building a relationship?

It’s extremely important and worthwhile 60.83%
It’s important but only with select people 22.43%
It’s of secondary importance to getting stuff done 9.79%
It’s not important and is a “nice to have” if you have free time 4.38%
It’s a waste of time 2.57%

Meeting for meeting’s sake. While it might be counterintuitive to meet with someone without a clear business “purpose” for the conversation, that’s exactly why you should do it. The vast majority of respondents agree that meeting with someone for the sole purpose of building a relationship has tremendous value. If you’re a non-believer, give it a try. Identify a few colleagues, suppliers, customers, or business partners you don’t know very well. Find time to meet with them on a semi-regular basis with no other purpose than to get to know one another better. Freeing yourself from a specific “purpose” or business agenda might yield surprising opportunities. At the very least, you’ll build relationships that can make your work more meaningful and pleasant.

– Mike Figliuolo at thoughtLEADERS, LLC

How “situationally aware” is your team of the perceptions others have of them?

May 26, 2022/1 Comment/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: How “situationally aware” is your team of the perceptions others have of them?

Very: They are very attuned to how others perceive them 12.56%
Somewhat: They’re aware of obvious perceptions others have 46.05%
Not very: They only pick up on the strongest perceptions 30.23%
Not at all: They’re clueless about how others perceive them 11.16%

Do you know what they think? 40%+ of you report your team isn’t very aware of the perceptions others have of them. This can be a problem. Whether that opinion is good or bad, your team is missing opportunities. If the perception is unfavorable, your team can be taking action to improve their performance to change that perception or they can do a better job of communicating the work they do to make sure people know the value they deliver. If the perception is positive, your team members might not be aware that people appreciate their work. This can lead to morale being lower than it should or attrition being higher because they don’t feel appreciated. In either situation, you, as the leader, can go gather these external opinions, interpret them, share them with your team, and help them change their performance or their perception.

– Mike Figliuolo at thoughtLEADERS, LLC

How effectively do your team members “manage up” and manage your involvement in their work?

May 19, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: How effectively do your team members “manage up” and manage your involvement in their work?

Very: They pull me in as needed and keep me well informed 38.43%
Somewhat: They involve me but not always in the most effective ways 44.11%
Not very: They struggle to figure out how to involve me in their work 8.73%
Not at all: They either involve me way too much or not at all 8.73%

Pulling Leaders In. A large proportion of you report that your teams do a very effective or somewhat effective job of involving you in their work. If you’re not satisfied with how they’re involving you (the “somewhat,” “not very” and “not at all” groups), ask yourself if your expectations are clear for how best to involve you. Have you sat down with them and told them the types of decisions you need to be consulted on? Do they know specific areas of expertise you have where you can help them with problem solving? Do they know the frequency you expect to be updated? Do they know your preferred communication methods (email, meeting, call, etc.) for getting involved? If they don’t know your expectations, it’s unfair to think they’re not doing a good job of meeting them. Sit down with them and answer these questions for them. You might find their effectiveness goes up significantly when they actually know what you expect.

– Mike Figliuolo at thoughtLEADERS, LLC

How willing is your organization to put profits over people?

May 12, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: How willing is your organization to put profits over people?

Extremely: Profit comes first, no matter the cost 11.68%
Very: Money is almost always the first consideration 33.95%
Somewhat: We strike a good balance between people and profit 29.20%
Not very: We value our people pretty highly 16.78%
Not at all: People truly do come first in our organization 8.39%

People first… barely. While the poll results are unsurprising, they’re disappointing. 44% of you point out that it’s profit above people in your organization. For those whose organizations truly put people first, bravo. Your job as a leader is to continue to build on that culture and behave in ways that strengthen it. For those of you working in profit-first organizations, ask yourself the question – how much does it cost to replace an employee? What’s the cost of low morale and low productivity? Because this is the price you’ll pay by continuing to put profit first. An engaged workforce is a productive workforce. That engagement means putting people above profit but the return on that decision is far higher than focusing on short-term financial metrics. Challenge yourself today to find one instance of putting people over profit and build on that momentum tomorrow.

– Mike Figliuolo at thoughtLEADERS, LLC

If you could only invest in helping your people build one skill this year, what would it be?

April 28, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: If you could only invest in helping your people build one skill this year, what would it be?

Leadership skills 23.38%
Resilience skills 23.38%
Interpersonal skills 28.92%
Technical skills 11.32%
Management skills 8.43%
Something else 4.57%

Getting along, getting through, and getting ahead. The results are pretty clear in terms of where leaders believe their teams need help. Getting along with one another requires better interpersonal skills, Remote and blended environments during stressful times can make it challenging to get along. Speaking of challenging times, resilience is seen as an almost equally-critical skill to build. We can only handle so much stress before health and performance suffer. Finally, helping people be better leaders is a third area of focus. Leading well during ambiguous and challenging times can set that individual’s and their organization’s performance apart from others. Knowing these areas require investment, your job as a leader is to make the space and resources available to help your people build these skills. This can be in the form of training, coaching, on-the-job assignments, and mentoring. Spend some time putting together your plan for how you’ll create these opportunities for your team then share that plan with them. Sharing creates accountability and increases the likelihood you’ll follow through on your committed investments.

– Mike Figliuolo at thoughtLEADERS, LLC

What is the largest obstacle to your team’s success?

April 21, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: What is the largest obstacle to your team’s success?

Corporate bureaucracy 25.52%
Lack of resources 27.59%
Lack of skill/talent 13.80%
Lack of clear direction 19.31%
External market factors 4.13%
Lack of motivation 3.79%
Something else 5.86%

It’s a strategy obstacle. When there’s a lack of clear direction, improperly allocated or insufficient resources, and a corporate bureaucracy hampering your team’s success, it all points to a strategy issue. A good strategy will set the right direction and make it clear to everyone. Based on that strategy, resource needs will be clearly defined and properly prioritized. This means getting teams the resources they need both in terms of money and talent. Corporate bureaucracy should decrease in such an environment because resources will be moved away from ineffective controls and into more strategic efforts being driven by market-facing teams. If the strategy isn’t clear, push your leaders to create and execute one. If you’re in a position to define that strategy, stop messing around with the small day-to-day tactical tasks and invest the time in creating a proper strategy that prioritizes resources and clarifies efforts.

– Mike Figliuolo at thoughtLEADERS, LLC

What kind of work are you more inclined to pursue and enjoy?

April 14, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: What kind of work are you more inclined to pursue and enjoy?

I like work involving big strategic thoughts and long-term plans 15.46%
I like work focused on execution, operations and tactics 25.76%
I like having a balance of both kinds of work on my plate 58.78%

Enjoying the Strategic and the Tactical. A significant portion of respondents like having a balance of strategic and execution-focused work. While it’s nice to operate in the land of strategy and big thoughts, it’s also satisfying to put those plans into action and see real results. Being able to connect both of those types of work gives the satisfaction of not only coming up with the plan but also seeing it through to completion. Having only strategy work is great but might leave some unfulfilled if the strategy doesn’t get executed or is executed poorly and you have no ability to influence the outcome. Having only tactical work could be frustrating if it feels like the strategy is handed down from an ivory tower. In either scenario where you have only one type of work, find ways to connect with your counterparts and form a partnership so the strategy and execution are working hand-in-hand.

– Mike Figliuolo at thoughtLEADERS, LLC

What’s the attitude of leaders in your organization when it comes to mental health issues?

April 7, 2022/0 Comments/in Business Toolkit, Career, Leadership, Poll /by Trevor Jones

Our reader poll today asks: What’s the attitude of leaders in your organization when it comes to mental health issues?

It matters a lot and they treat it just as seriously as physical health issues 40.80%
It’s important but they only pay attention to crisis situations 30.33%
They don’t focus on it much and don’t really understand it 20.57%
They’re dismissive of it and say “it’s all in your head” 3.61%
They push back on it and treat it like people are faking issues to get out of work 4.69%

Mental health is still health. An encouraging portion of respondents (41%) report that mental health issues have significant attention and support in their organizations. What’s alarming is 50% only pay attention to those issues if they’re a crisis or they don’t focus on the issue at all. Even more alarming are the 9% who are dismissive of these issues and see them as being faked. Mental health issues have serious consequences up to and including loss of life. If you’re a leader and you don’t understand these issues, their signs, their consequences, and their treatments, you owe it to yourself, your team, and your organization to educate yourself. If you do understand the issue, be part of the solution and educate others. Treat these issues just as seriously as you’d treat a heart condition. It’s simply a different organ of the body being affected. Or do nothing and accept the fact that your people who suffer from these issues will conclude you don’t care about their needs and they’ll find more caring leaders elsewhere.

– Mike Figliuolo at thoughtLEADERS, LLC

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