Sunday, October 13, 2013

Performance Management – Breeding Thoroughbred Leaders

By. SAEED A
Chairman at RISE.

There is a reason why champion horses win. It’s because they are given undivided attention. Not whipped. Champions shine because they are nurtured. People are no different.

If you were training a filly to become a champion, what approach would you take? Surely you wouldn’t expect to produce a Derby winner without considerable training and nurturing. It is only then that you might reasonably expect your investments in time and money to produce outstanding results.

Without suggesting that an employee has the same characteristics as a horse, is it not fair to think the same logic applies to spotting and grooming talent within a business? One method companies have developed to address this over the years is what is referred to as performance management.

But in essence what does this mean? For many firms it involves a cozy annual appraisal between boss and employee, setting targets in areas where he/she can build on strengths and improve on poor performance.

Over the years I have come to learn that Performance Management is not something that happens at the end of the year, but it’s a day-to-day, continuous process. Here are some key points I picked up along the way:

1.It’s part of your culture - Only when a trainer loves, cares for and continuously nurtures his fillies does he produce a winning champion. Performance management is a culture of transparency and openness that starts at the top. By providing real-time feedback in the case of poor performance you create a culture of openness and transparency. Equally, where an employee simply doesn’t fit within a company’s culture, mindset or performance expectations, it’s fair that he/she should have the chance to identify the issues, rather than be let go out of the blue – with no idea why, and not having had the chance to investigate other employment opportunities in the meantime.

2.Positive Reinforcement – Like highly performing race horses, it is essential for a person’s performance to receive positive re-enforcement. Response to a caring guidance is markedly different from a response to a whip. Continuous negative feedback festers in people and diminishes output.

So why do we not do this with our people? Why is it that so many managers can’t pick up their phones at the end of the working day, during a lunch break or between meetings, to say, “Hey, great job in securing that contract,” or, “There were obviously some problems there today – let’s discuss it.”

3.Real-time Feedback - When I talk about real-time feedback, I do not recommend non-verbal channels such as email or SMS. Imagine a normally proactive employee who one day seems disengaged and aloof during an important client meeting. As his boss, I might construe this as disinterest, and shoot through an indelibly final, knee-jerk written email response – only to later find out that he was preoccupied by a personal situation that happened the same morning.

Alternatively, I could pick up the phone, or talk to him directly and soon dispel any misunderstandings. Verbal still remains the best form of communication, as much as our increasingly-digital universe steers us against it. Its unique advantage is that if you’ve got it wrong, you can take it back much more easily.

4.There is no such thing as negative feedback - I much prefer the term ‘improvement feedback’ – and that rather than being weaknesses, our misgivings are strengths misused. Of course, you need to have a transparent company culture that welcomes critical feedback before real-time verbal performance management can work.

So why do so many managers shy away from doing this? Perhaps to avoid confrontation. They may not consider it important – or feel that the employee will at some point figure things out on their own. Yet in reality, employees are more often than not eager to get things out in the open and hear honest feedback, rather than for their boss to develop his/her pre-conceived ideas without expressing them.

5.Have a party - Celebrate and reward success. As a racehorse trainer or owner, what kind of filly will I end up with if I continuously abuse, whip and yell at her, keep her UN groomed and in miserable living conditions?

Exactly! Now consider that people are more sensitive than horses.

There are countless companies that hold certificate-giving ceremonies, or a small party for an employee’s birthday – but do you need a birthday to prompt you to bring in a cake? How about bringing a cupcake for a different employee each day to say, “Thanks for the good job you did yesterday,” or better still get on the phone to a deserving employee at the end of the working day to show your appreciation for a job well done.

Creating a Derby winning race horse is not easy. It requires day-to-day attention and continuous nurturing and care to even compete among the best, but the rewards when it is done right are substantial. So invest time in your fillies, encourage them, give them continuous feedback, build them and celebrate with them.

Make sure every day is a Derby day.

Saturday, October 12, 2013

Who Will Be the World’s First Trillionaire?

One trillion dollars.

That's a "1" followed by 12 zeroes. It sounds like a goal that Austin Powers’ arch nemesis Dr. Evil would shoot for but, according to Swiss financial services firm Credit Suisse, it could eventually become a reality for a select few worldwide. Not anyone you or I know, of course, but we’re on track to see our first trillionaire sometime in the next century.

“Two generations ahead, future extrapolation of current wealth growth rates yields almost a billion millionaires, equivalent to 20% of the total adult population,” the bank wrote in its annual Global Wealth Report, published Wednesday. “If this scenario unfolds, then billionaires will be commonplace, and there is likely to be a few trillionaires too – eleven according to our best estimate.”

Sure, two generations is a pretty long time – about 60 years, according to most sociologists – but it’s not outside the realm of possibility that the world’s first trillionaire has already been born and is already hard at work accumulating their fortune.

Let’s consider some of the likely candidates.

1.- Bill Gates: The Microsoft MSFT) founder recently reclaimed his spot as the world’s richest person with a net worth of about $72 billion. He’s a long shot to get to a trillion, though, due to his age – he’s currently 57 – and the fact that a large portion of his wealth is tied up in Microsoft’s stock, which hasn’t been performing too well in recent years. He’s also extremely charitable, and has stated that his goal is to give away the bulk of his fortune by the time he dies. That won’t help Gates if he wants to become the world’s first trillionaire.

2.- Carlos Slim: Mexican telecom mogul Carlos Slim lost the title of “world’s richest” in September 2013 when the value of his stock portfolio fell by a fraction of a percent, leaving him with a mere $69 billion in net worth. Still, he does make a fair case to be the world’s first trillionaire – his assets are spread across a number of industries, including construction and manufacturing, and he remains one of the primary players in the Mexican economy. But he is 73 years old and would need to boost his fortune more than 14 times over in his remaining years to reach the trillion-dollar mark.

3.- Warren Buffett: Legendary investor Warren Buffett’s $58.5 billion fortune may make him the second-richest person in the U.S., but he has a long way to go to becoming a trillionaire. Like Slim, his holdings are very diverse so he’s generally protected from wild swings in market value at any one company, but at 83, Buffett will likely not live to see anyone reach the $1 trillion threshold. And his portfolio would have to go up by some 1,700% for Buffett to get there personally.

4.- Larry Ellison: The billionaire founder of Oracle (ORCL) likes to throw his $43 billion fortune around, recently hosting the America’s Cup sailing competition in his home city of San Francisco, but the bulk of his wealth is tied up in Oracle stock. He owns about one-quarter of the company, which means his own fortunes will rise and fall alongside the notoriously fickle technology sector.

5.- Jeff Bezos: OK, let’s get real here. At just 49 years old, Amazon.com (AMZN) founder Jeff Bezos has time on his side if he hopes to reach $1 trillion, and he’s well-positioned in a growth industry. But with a current net worth of around $25 billion, will the value of Amazon’s stock really increase 40-fold over the next few decades to get him there? It's a long shot.

6.- His Royal Highness Prince George of Cambridge: He certainly has the age advantage, having been born just this past July, but the son of the UK’s Prince William and Princess Kate (also known as the Duke and Duchess of Cambridge) likely won’t be appearing on any trillionaire lists in his lifetime. That’s because the bulk of the royal family’s wealth is tied up in land holdings and the crown jewels, which technically belong to Britain, not the family. Even Queen Elizabeth II, the richest of the bunch, can only claim $515 million or so in personal holdings.

7.- The House of Saud: Saudi Arabia’s royal family is a different story and, in fact, the 2,000 or so members of the core group already control a fortune estimated at over $1.4 trillion, based on their land holdings (the entire country technically belongs to them) and multi-generational oil wealth. Still, it takes one person, not 2,000, to make a trillionaire, and the price of oil needs to keep rising if any members of the family want to stay in the hunt.

8.- Elon Musk: The PayPal/SpaceX/Tesla founder is our front-runner here at Yahoo Finance due to his amazingly diverse holdings and the fact that, at just 42 years of age, he has plenty of time to create even more wealth. Sure, Musk is only worth about $6 billion as of 2013, but if even one of his world-changing ideas takes off in a major way – electric cars, commercial space travel, ultra-high speed rail – that number will likely increase exponentially.

What do you think? Who did we leave off this list of potential trillionaires? Make your case in the comments below.

culled from Forbes.com

Toyota Unveils Cars Of The Future, With Auto Pilot

Toyota Unveils Cars Of The Future, With Auto Pilot


Toyota on Friday unveiled the next generation of cars featuring an auto pilot system that will swerve to avoid collisions and also keep to the middle of the road, all without drivers touching the wheel.

The Japanese giant autos using the self-driving technology could be available on the market in just a few years' time.

"These advanced driving support technologies prevent human errors, reduce driving stress and help drivers avert accidents, which has a big potential to reduce the number of traffic deaths," Toyota managing director Moritaka Yoshida said at a presentation in Tokyo.

Leading automakers and technology firms, including Toyota, rival Nissan and Internet giant Google, have been working on self-driving and assisted-driving technology for years.

Toyota, the world's biggest automaker, said that while drivers would still need to be alert and take part in the driving process, it essentially lets them put the vehicle on auto-pilot, leaving most of the work to the computer system.

The Automated Highway Driving Assist (AHDA) system lets vehicles communicate wirelessly to avoid running into each other while keeping the car in the middle of the road lane — no matter how many twists and turns lie ahead.

"Cars with these technologies recognise the accelerating or slowing speed of those ahead, which also helps avoid traffic jams," said project manager Mitsuhisa Shida. "They can wirelessly exchange data once every 0.1 seconds."

The company plans to install AHDA in its commercial models over the next few years.

Toyota has already introduced the pre-collision braking assist system in its Lexus luxury sedan and plans to install it in other models by 2015, with the other technologies to follow.

Many cars already have systems that give drivers a panoramic view to keep watch for nearby objects while parking it.

The latest collision-avoidance system has doubled the detection time of oncoming objects to four seconds from a previous two seconds, Toyota added.

The automaker said such advances would be especially helpful for older people. Japan's society is rapidly ageing with over-65s already making up around a quarter of the 128 million-strong population.

Monday, October 7, 2013

Richard Branson's 3 Steps to Brand Loyalty

By Jack Preston

Over the years Virgin has amassed a sizeable customer base, with record labels, airlines, internet service providers and health services all leaning on the strength of the brand. For Richard Branson gaining the trust and respect of those customers has been a long process, with three key principles guiding him through the journey

In a recent entrepreneur.com blog the Virgin Founder shed some light onto how Virgin has managed to build and retain brand loyalty amongst is customers...

If you win people over, the profits will follow.

The first step in building a customer-focused business is to ask yourself: What can we can offer customers that others aren't, or won't, because they are so narrowly focused on profit? If you base your new business on this premise, it will be much easier to find an edge over your competitors.

Unfortunately, this means that you will probably face a lot of opposition and second-guessing from others in the industry when you launch your start-up. Back in the 1980s, when people were wondering whether Virgin Atlantic, would survive, some critics said that few people would fly across the Atlantic on an airline called Virgin. We responded that since we only had one 747 plane, we'd be just fine with only a small number of passengers!

As it turned out, those customers loved our airline and were very loyal, and we were soon competing with the major airlines.

Build on your employees' ideas.

The second step involves encouraging your staff to think like and empathize with customers, and then tell you about any ideas that they may have for innovations to your product or service. Find a way to empower your people to follow up on their ideas.

At the Virgin Group, we put a lot of effort into this: One example that comes to mind is that everyone at Virgin America - the CEO, the pilots, the accountants, everyone - attends an annual training program called Refresh to celebrate their achievements, build team spirit and encourage creativity. We run sessions where teammates brainstorm new ideas.

Many of the best ideas are free - it doesn't cost much to make someone happy.

Increase profits by being nice.

In some American classrooms I recently visited, there were signs posted that read: "Work hard, be nice." That sign should probably be hung in boardrooms too. There is no better way to improve the bottom line than to go the extra mile for your customers

The other day I heard about an entrepreneur who arrived at our terminal in Portland, Ore. He was frantic: He'd been preparing for his new company's launch the night before, and then he woke up 20 minutes before the departure of his flight from Portland to San Francisco. His flight had departed, and there weren't any other flights to San Francisco. He was alone and out of options -have you ever been in a situation like that?

Our team rallied and got him on a flight to Los Angeles with a connection to San Francisco. It would be tight because the connection departed the same time as the flight to Los Angeles arrived, but they were rooting for him. They assigned him a seat at the front of the plane and told him about the quickest route to his connection. A crew member told the pilots about the rush, and they managed to get the plane to Los Angeles seven minutes early.

When the entrepreneur reached his connecting gate on time, the pilot and crew on that flight congratulated him.

He wrote on his blog: "They had gone above and beyond that day. Each and every one of them had a hand in making my experience not only successful, but enjoyable - and the best part, I didn't once feel as if I was inconveniencing any one of them." Such effort and kindness can earn you a customer for life.

Have you got any top tips for creating brand loyalty? Let us know…

Friday, October 4, 2013

That Nigeria is Blessed....



God bless Nigeria!!!
That Nigeria is a blessed nation is not in doubt.
That Nigeria is blessed with abundant mineral and natural resources is not in doubt.
That Nigeria is blessed with smart and outstanding citizen is not in doubt.
That Nigeria is a consumer nation as against being a producer is not in doubt.
That Nigeria is practicing democracy is not in doubt.
That we have leaders of questionable character is not in doubt.
That we have unresolved issues with the polity and the way it is being handled is not in doubt.
That PDP, New PDP, APGA, APC, PDM, ID, LP, NLC, TUC, NTA, PHCN, NEPA and CAN are all political parties fighting for their own bellies is not in doubt.
That we have particularly been used to experiencing criminally insane leaders making living unbearable and unacceptable in Nigeria is not in doubt.
That Nigerians prefer schools overseas to that which is obtained at home is not in doubt.
That our institutions have failed to live up to expectation is not in doubt.
That the highest fraud till date was carried out by an individual or group of individuals is credited to Nigeria is not in doubt That the super Eagles have not been in top form since Atlanta 96 is not in doubt.
That Diezani Allison Maduekwe may be the richest woman in Africa is not in doubt.
That Dame patience Jonathan may have contributed to the issues in PDP and Nigeria is not in doubt.
That Nigerians Senator earns an absurd amount of money doing nothing and will even talk about earning “hardship” allowances is not in doubt. That we still are unsure if the nation will go to war is not in doubt.
That youths are unemployed and there seems to be no hope in sight for better economic situation is not in doubt.
That Nigeria is working as a Nation is in doubt.
That Nigeria is a democratic Nation is in doubt.
That we have had the fair share of good leadership is in doubt.
That Goodluck Ebele Jonathan is the 14th President of the Federal Republic of Nigeria is in doubt.
That we understand and can comprehend the role of the first lady in making the nation a better place for women and children is in doubt. That we as a people will continue to support the present government is in doubt.
That there is an end in sight to the rubbish we have been subjected to of late by our leaders is in doubt.
That we will have steady power supply as promised by Mr. President before the year ends or even at the end of 2014 is in doubt.
That Goodluck Ebele Jonathan will win the Presidency come 2015 is in doubt.
That there will be peace in 2015 if GEJ is eventually announced winner is in doubt.
That we may never have to experience unrest is in doubt.
That Nigeria is heading towards a permanent change for good is in doubt.
That David Mark will run for the Presidency in 2015 is in doubt.
That Nigerians will stop watching Big Brother Africa is in doubt.
That Dbanj and Don Jazzy will come back to make MoHits record work again is in doubt.
That NollyWood will stop acting nude movies and porn is in doubt.
That twitter will be banned in Nigeria is in doubt.
That the feud between Amaechi and the Jonathan family will end soon is in doubt.
That Amaechi will not contest in 2015 is in doubt.
That Nyesom Wike will turn the educational sector around for good is in doubt.
That Tompolo will stop receiving mouth watery contracts from the Jonathan led government is in doubt.
That Tompolo, Asari and the other sets of militants won't return to the creeks after Jonathan crashes out is in doubt.
That oil theft will cease in Nigeria is in doubt.
That anything is impossible in Nigeria is in doubt.
That 2Face will stop giving us good music is in doubt.
That you may not read this piece because it may not hold true to your expected story about Nigeria is in doubt.
That God will Bless Nigeria is not in doubt.