Next Generation Next Destination

WISDOM REQUIRES LETTING GO

What do we lose by continually cramming more data into our brains? Most of us are doing that these days, and perhaps Gen Y/Millennials most of all since it is a hallmark of their education.

Let’s look at the contrarian view: How we gain by subtracting.

Matthew E. May, author of “The Law of Subtraction: 6 Simple Rules for Winning in the Age of Excess Everything,” quoted the teaching of 2,500 year old Chinese philosophy Lao Tsu. “To attain knowledge, add things every day. To attain wisdom, subtract things every day. Profit comes from what is there, usefulness from what is not there.”

In support Mays quoted management guru and author Jim Collins: “It is in the discipline to discard what does not fit – to cut out what might have already cost days or even years of effort – that distinguishes the truly exceptional artist and marks the ideal piece of work, be it a symphony, a novel, a painting, a company or, most important of all, a life.”

Mays’ advice as given in the New York Times Preoccupations column (1/20/13) in a nutshell is to:

1. Create a prioritized list of your goals and your projects and tasks.
2. Create a “to do” list referring to the first list and eliminate the bottom 20% of the items entirely – he says forwever.
3. Ask all the stakeholders in your life that matter to you what they would like you to stop doing.

Mays says when you remove the right things in the right way “good things happen.”

To really simplify and achieve this you need the stakeholders’ perspective. It’s best not to rely only on your own assumptions. It’s hard for us to let go of ideas, “bright shiny objects” that distract us ,and no longer useful to us activities and involvements. I confess to being guilty of that hardship.

Does this approach feel like a relief or threat to you?  Please comment and also share your experiences with trying to subtract from your work and life.

Phyllis Weiss Haserot   www.pdcounsel.com

TRANSITIONING TO LEADERSHIP

Many CEOS and coaches give their definitions of leadership, and there are many similarities. I pass on this one from the Corner Office column in the New York Times Sunday Business section (1/6/13) from an interview with G. J. Hart, CEO and president of California Pizza Kitchen.

1. Be the best you can be, including honest about your good and bad qualities and things to improve.
2. Dream big. Stretch or you don’t get started, even if you never get there, it’s a motivation.
3. Lead with your heart first, showing your compassion.
4. Trust the people you lead. Let go when appropriate. Allow others to grow. Leaders pick people back up if they fall down.
5. Do the right thing, always, including giving a second chance to people you believe in.
6. Serve the people you lead. Put the cause before yourself, and be willing to see it through.

Hart says #4 is often the hardest for young people. It takes time to build confidence in yourself and get over the insecurity that may come from lack of experience as a manager or leader.

What do you think of these steps or principles? Do they resonate with you? What would you add or subtract?

Phyllis Weiss Haserot     www.pdcounsel.com

GENERATIONS & MONEY TALKS

Whatever generation you belong to, whatever stage of your business as a trusted advisor, you are more likely to encounter inter-generational challenges than ever in the past. That’s because external forces and formative influences have resulted in greater differences in how the generations view money, lifestyle, investing, philanthropy and relationships.

Money may not be the root of all evil, but it often leads to the primal “fight or flight” response.

Talks about money are often the hardest discussions among work colleagues, family members, friends and even in instances of our own self-talk. It’s an emotional thing tied up with perceptions of our self-worth or somebody else’s. For some people money is more important as a scorecard than the actual value of what they can do with the money. In families it’s tied to how much one is loved compared with others 

So it’s easy to see why money talks are avoided, even before taking such huge steps as marriage, living together and having children. Yet it’s been documented that relationships turn out happier when money conversations do take place before major decisions.

As I work with financial services professionals, I witness the tensions that can occur over money. Advisors often find it difficult to get their clients to talk with family members or business associates about money in order to do estate planning and decide how they would like to donate money philanthropically. And advisor teams may have their own money conflicts when they neglect to discuss in advance their attitudes, expectations, transitioning and exit strategies.

 So, yes, money discussions can be volatile, but it’s worse to avoid them. Instead:

 *    Establish a shared language about money.

 *    Identify and avoid “trigger words.”

 *    Understand what key words connote for each party.

 *    Identify and be aware of your own “trigger words.”

This last point may be the most important for anyone trying to facilitate the discussion, whether among clients or family.

 Phyllia Weiss Haserot    www.pdcounsel.com

2012 MARKETPLACE IS PREDATORS' PARADISE: BTI'S ADVICE

I recently attended a webinar by The BTI Consulting Group, Inc. providing an overview of corporate counsel survey results and advice for law firms desiring to compete favorably in what was called a “predators’ paradise” in the marketplace for services. In my opinion, the advice is relevant beyond the legal arena to any professional service or actually any business with which needs a strong client focus. So I offer this brief recap of salient points to my readers.  (For more details, contact me at pwhaserot@pdcounsel.com.) It is important information for members of any generation aspiring to attract and retain clients in the “new normal” economy.

• High client satisfaction rates are crucial to defending against predator competition.
• The more fronts  (practice or service areas) on which you can penetrate and serve the client, the more likely you are to keep the business.
• You must be strongly aligned with clients” marketplace objectives, thinking like them. Situation specific approaches garner higher fees.
• Start with identifying marketplace needs and work backwards to determine and develop what you will offer, with flexibility. The aim is to provide individual clients with semi-customized services and delivery, that is, customizing for each from processes and templates in place.
• Rapid change in external factors means processes and approaches may have to change every 18 months.  Firms that are static in their mindsets and offerings will only get commodity work, which pays on the lower end.
• Focus is critical. Have 5 or fewer strategic objectives in a 12-month period.
• Actively and specifically respond and anticipate clients’ changing needs and priorities.
• What clients said was most difficult to find is “commitment to help them” rather than focus on the service provider’s needs.
• The second most important goal for clients is to have providers who give the best value for the dollar. So they are looking for more value for less cost.

BTI’S ADVICE ON HOW TO THRIVE IN A PREDATORS’ PARADISE. 

MAKING THE MOST OF UPSIDE-DOWN REPORTING RELATIONSHIPS - Part 2

In the previous post I provided guidelines for the more senior in age team member who is assigned to work for a younger supervisor.  Sometimes this happens after a long career, possibly including leadership positions. The demographics of the current and future workplace are resulting in some unconventional structures. The younger manager, though ostensibly in charge, may feel as awkward as the older colleague. Even if not feeling insecure in the role, there are things the younger manager can do to foster a harmonious and productive relationship.

Here’s some advice to promote trust and cooperation.

• Keep in mind the purpose of your work. What are the common goals for team members?
• Show respect for experience.  (Some day you will be the experienced, older person.)
• Ask for advice, even if you think you know what the best approach is. Invite input and listen.
• Build allies among the older generations on your team for advice and support.
• Surmount “just a kid” perceptions through your performance and involving others. Use your collaborative skills and don’t make a show of coveting praise and credit.
• Get your older team members what they need to do their jobs well – resources, approvals, etc. (That will help them make you look good.)
• Give seasoned team members freedom, but establish boundaries and communications requirements upfront.
• Identify what motivates each individual and what type of recognition is meaningful to each.
• Give appropriate credit to others and arrange for their recognition.

A solid and harmonious relationship with older colleagues will pay off in spades for building your career, access to their (often high-powered) networks, and organizational success. Demographics indicate that this is the wave of the future.

Phyllis Weiss Haserot    www.pdcounsel.com

 

MAKING THE MOST OF UPSIDE-DOWN REPORTING RELATIONSHIPS

One workplace reporting relationship that used to be fairly rare is older workers reporting to younger managers. This is a growing phenomenon and will become more prevalent until the younger Boomers stop working in any form. As Boomers transition from leader and top expert roles to new roles that allow the next generations to move up the ladder, we will see what traditionally have been unconventional structures.

Though some people deal with it well, in many cases at best it is awkward, at least at first. At worst, it has led to a lawsuit. But serious tensions and confrontations can be avoided.

Both the younger and the older parties to the relationship can feel uncomfortable. A new young manager may feel insecure and even intimidated. An older team member can be unsure of how to react as well.  Having worked extensively with all the generations, I will offer some tips in a 2-part blog post.

In this first piece, here are some guidelines for the older subordinate.

• Establish common goals. Focus on the purpose of your work.
• Be open to new ideas and methods. Don’t obsess on differences in how you were taught, what always has served you as the best method, or whether the manager has preconceived notions about how you think and operate.
• Be generous about giving advice – when asked. Create a non-threatening environment so you will be asked. Don’t be pedantic about advice and unsolicited opinions.
• Seek out younger co-workers, and learn from them in a mentoring partnership.
• Find opportunities to disprove myths and perceptions of older workers.
• Be appreciative of how your young manager gives you support and provides tools to allow you to achieve top results.
• Be clear about preferred communication styles and media and about appropriate boundaries.
• Identify the younger manager’s motivations.
• Be appreciative of recognition you are given, and reciprocate.

These tips will help start the relationship off on an even keel and minimize expending of negative emotional energy.

Next up: what the younger manager can do to build a collaborative and non-threatening environment.

Phyllis Weiss Haserot    www.pdcounsel.com

NEXT GENERATION OF MANAGEMENT INCHING UP TO SPRING TRAINING AND CULTURE CHANGE

I often use baseball references in my work and writing. Many of those who know me know I am a big New York Mets fan (after being a huge Yankee fan through age 18). All baseball fans know that the Mets have had a string of bad years. The new manager, a veteran manager, Terry Collins has a new approach for himself as well as the team.  First off, though naturally intense, as a manager he wants to have fun, and for the players to have fun with each other, according to a recent interview in the New York Post by reporter Kevin Kernan.

Here’s his plan: bowling, communication, involving players and management together in their daily work life, giving the players a voice. The bowling (with bowling balls displaying the Mets logo) and pizza is meant to be fun and draw the team together.

Collins admits to doing a bad job managing the clubhouse in previous stints as a manager. But he thinks his communication skills have improved and his approach is changing. He told the coaches he wants them to have input into clubhouse life too and to have their lockers with the players. And he wants the players to have a voice in things. His formula for the players is preparation, self-discipline, maximum effort and a thoughtful process.

For the manager’s part, he promises communication and stability and spelling out expectations so that each player will know where he is playing and what he is expected to be doing.

He seems to have a grasp of management as Harvard Business School professor Linda Hill (not advising the Mets) defines it: it’s about interdependence and getting things done by working with and through others.

Collins is a Boomer managing Gen Xers and Gen Y/Millennials. My reading is that he is expressing humility, openness, challenge, approachability, collaboration, consistency, high expectations, confidence and ability to make decisions - which should be appealing.

For the Mets and other organizations that have been struggling with some dysfunction, this sounds like a good start. Whatever your team, what do you think of this approach? Is it a winning formula for success and fun?

Phyllis Weiss Haserot      www.pdcounsel.com

TIPS FOR WORKING WITH A YOUNGER BOSS

As promised, here are some strategies for succeeding in these increasingly common reporting and team relationships.

DO

*   Support and show respect for the younger manager

*   Learn how to "manage up" so you will be valued

*   Be open to new ideas, even if untested

*   Look for mutual mentoring opportunities

*   Be tactful and sensitive in making constructive suggestions for improvement

*   Learn the manager's communication style - and flex your own if necessary.

DON'T

*   Talk about how things used to be, "the good old days"

*   Put down ideas

*   Adapt a communication style or interests that seem inauthentic

*   Overvalue years of experience

Phyllis Weiss Haserot     www.pdcounsel.com

NEW REPORT ON SUCCESSION AND TRANSITIONING PLANNING

I want to alert those of you concerned with these vital issues that Managing Partner Magazine's new report Transition and Succession Planning for Law Firms is now available. I provided much of the background for Part I and an article and two sidebars for Part II – the case study section.

Below is a brief overview. A full executive summary and table of contents can be found here.

Firms are facing a leadership dilemma - Quite simply, the large ‘baby-boomer’ generation is nearing retirement, and many will soon leave their firms. With this demographic phenomenon looming on the horizon, firms are faced with a situation in which much of the next generation is either unwilling or not suitably trained to take over the demanding responsibilities of leading their businesses.

If your firm fails to implement succession strategies now you may well find yourself with a leadership gap in just a few years. And what will start as an internal problem can soon escalate to a business disruption and disadvantage as your firm loses vital knowledge and the means to continue to effectively serve your clients. Rather you want the means to impress your clients with the kind of long-term thinking that protects business interests.

The report considers numerous issues including:
- The impact of generations X and Y on the practice of law in the 21st century. What does senior management need to know to ensure a smooth transition to the next generation?
- The retirement of the baby-boomer generation. What ongoing risks does this pose to a law firm’s business stability?
- The current preparedness of the younger generation to take the reins of their businesses. Do they even want to follow in the retirees’ footsteps?
- To what extent has the recession turned an ongoing succession challenge into a potential crisis, as numbers of lawyers, support staff and resources have been cut?
- What are the potential professional development and human resources solutions?
- What role can technology – and particularly Web 2.0 tools – play in addressing the succession challenge?
- And whose responsibility is succession planning anyway?

This important new report includes highly practical case studies from firms in the U.S and UK who have successfully implemented succession planning, including Weightmans LLP; Mills & Reeve LLP; Eversheds; Optim Legal; Macpherson & Kelley Lawyers; and Borden Ladner Gervais.

For more information, contact  melam@ark-group.com.

Phyllis Weiss Haserot     www.pdcounsel.com

FORECAST: ASK THEM WHAT THEY WANT

n      A component of the engagement package is reward. So organizations will adopt Innovative Ideas to Reward Their Valued Workers. Employers will focus on recognition and non-financial rewards that will provide the psychic rewards that professionals and other top talent need to keep them going and loyal.  And firms will learn to go to the source of most welcomed ideas – workers suggesting what rewards other than money are most appreciated. I bet that one of them, especially for Gen Y, is employers listening to their ideas and taking their suggestions seriously – so this one is a two-fer!

 

       Different generations and individuals have their own ideas of what is meaningful recognition. Rewards may need to be customized and must be perceived as fair.

 

        Phyllis Weiss Haserot    www.pdcounsel.com