Finance Matters

Organizational Trust, Speed of Trust pt. 4: Finance Matters

Wave 3 - Organizational Trust:  The principle of alignment

 

In this pod, we deal with establishing trust with internal stakeholders.  If you don't have the level of trust and high-trust dividends you want in your organization, it's time to look at the principle of alignment.  Join Patty and Brandi for the fourth pod in the Speed of Trust series and learn more about the paradigms affecting cultural trust. 

 

 

Resources Mentioned:

The 13 Behaviors of High-Trust Leaders Mini Session, From Franklin Covey  

 

The Third Wave — Organizational Trust

The Principle of Alignment

All organizations are perfectly aligned to get the results they get. – Arthur W. Jones

Truly, symbols are powerful. They carry disproportionate value. They always override rhetoric. They communicate paradigms far more clearly than words. And they do so with geometric influence. (240)

THE 7 LOW-TRUST ORGANIZATIONAL TAXES

1. Redundancy

…a redundancy tax is paid in excessive organizational hierarchy, layers of management, and overlapping structures all designed to ensure control. For the most part, it grows out of the paradigm that unless people are tightly supervised, they can’t be trusted. And it is very costly. (250)

2. Bureaucracy

Low trust breeds bureaucracy, and bureaucracy breeds low trust. In low-trust organizations, bureaucracy is everywhere. (251)

3. Politics

…in many ways, “politics” is an antonym for trust. (251)

4. Disengagement

Disengagement is what happens when people continue to work at a company, but have effectively quit (commonly referred to as “quit and stay”). They put in what effort they must to get their paycheck and not get fired, but they’re not giving their talent, creativity, energy, or passion. (251)

5. Turnover

I’m not talking about the desirable turnover of nonperformers, but the undesirable turnover of performers. (251)

On average, it costs companies one and half to two times the annual salary to replace an exiting worker. (252)

6. Churn

Churn is the turnover of stakeholders other than employees. (253)

My sister told me about a restaurant she went to recently where she asked the waiter what he recommended from the menu. The waiter’s response? “I recommend going to another restaurant.” (253)

…employees tend to treat customers the way they’re treated by management. (253)

7. Fraud

THE 7 HIGH-TRUST ORGANIZATIONAL DIVIDENDS

1. Increased Value

2. Accelerated Growth

3. Enhanced Innovation

4. Improved Collaboration

Different than the traditional approaches of coordination and cooperation, real collaboration creates the key opportunity model of today’s world. (256)

5. Stronger Partnering

6. Better Execution

It is better to have grade-B strategy and grade-A execution than the other way around. (257)

7. Heightened Loyalty

Nothing is as fast as the speed of trust. Nothing is as profitable as the economics of trust. Nothing is as relevant as the pervasive impact of trust. (258)

The ability to establish, grow, extend, and restore trust truly is the key leadership competency of the new global economy. (258)

Relationship Trust, Speed of Trust pt. 3: Finance Matters

Wave 2 - Relationship Trust and the 13 Behaviors of high-trust leaders

Relationship trust is all about consistent behavior.  In today's episode, Patty and Brandi delve further into Covey's book The Speed of Trust, discussing the universal principles that govern trusting relationships.  The 13 behaviors will significantly enhance your ability to establish trust in personal and professional relationships. 

 

 

Resources Mentioned:  

The 13 Behaviors of High-Trust Leaders Mini Session, from Franklin Covey

Self-Trust, Speed of Trust pt. 2: Finance Matters

Wave 1 – Self-trust and the 4 Cores of Credibility

 

In this pod, Patty and Brandi delve into Stephen M.R. Covey's Speed of Trust, tackling the topic of Self-Trust.   Self-Trust is the First Wave of Trust, and deals with the confidence we have in ourselves, in our own ability to set and achieve goals, keep commitments, and "walk our talk."  Listen in to learn more about self-trust and the four cores: integrity and intent (part of character), and capabilities and results (part of competence).  

 

Questions to ask yourself: 

 

About Integrity:

Do I genuinely try to be honest in all of my interactions

Do I typically "walk my talk?"

Am I clear on my values and am I comfortable standing up for them?

Am I open to the possibility of learning new truths that may cause me to rethink or redefine my values?

Am I able to consistently make and keep commitments to myself?

 

About Intent: 

How often do I discount or "tax" what someone says because I'm suspicious about their intent?

What kind of tax is my organization paying because employees don't trust management's intent?

What kind of tax are we paying as a team because we are suspicious of one another's motives?

What kind of tax am I paying because people question my intent?

What can I do to improve and better communicate my intent? 

 

About Capabilities

What capabilities do I have that make me credible and that inspire the trust and confidence of others?

What experience have I had/not had in developing capabilities that affects the confidence I have in myself?

What impact are factors such as technology and globalization having on the relevance of my current capabilities?

What is my attitude and approach toward improving my current capabilities and gaining new ones?

 

About Results

What kind of results am I currently producing?  Do these results increase or diminish my personal credibility?

If I were considering hiring someone, to what extent would that person's track record or current performance influence my decision?

How good is my own track record?  How likely would someone be to hire me based on it? 

How good am i at identifying desired results and executing effectively to accomplish those results?  Does my performance inspire confidence and trust? 

 

 

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Introduction to Speed of Trust: Finance Matters

"Trust" sounds like a soft concept, but it's the one thing that can have the biggest impact on our personal and professional lives.  In this pod, Patty and Brandi kick off a series focusing on Stephen M.R. Covey's bestselling book The Speed of Trust.  Listen in to learn the measurable results you can expect to see in your relationships and business when you start focusing on trust.

 

Resources Mentioned: 

The Speed of Trust (book): https://www.amazon.com/SPEED-Trust-Thing-Changes-Everything-ebook/dp/B000MGATWG

https://www.speedoftrust.com/ 

Bridging the Generation Gap in the Workplace: Finance Matters

Lisa Harris, Senior Learning and Development Consultant with UVA's Talent Development unit, joins Patty and Brandi to talk about how members of our multigenerational workforce can learn from one another and find common ground and strength in their differences.   Soon we'll have five generations in our workplace  -- now is the time to embrace age diversity!

 

Resources Mentioned:

 

A breakdown of generations in the workplace: 

 https://www.lindseypollak.com/different-generations-workplace-definitive-guide/  

http://www.wmfc.org/uploads/GenerationalDifferencesChart.pdf 

 http://www.pewresearch.org/fact-tank/2018/03/16/how-millennials-compare-with-their-grandparents/#!17

 

Talent Development at UVA, "Bridging the Generation Gap" classes: https://leadershipexcellence.virginia.edu/classes/academic

Lynda.com (search for generation gap or multigenerational workforce -- here's one to start with: https://www.lynda.com/Career-Development-tutorials/Communicate-bridge-generation-gap/510309/579749-4.html )

More info on multigenerational workforce issues:  https://www.shrm.org/resourcesandtools/tools-and-samples/exreq/pages/details.aspx?erid=892

Generation Z: The Largest Percentage of Population

https://workdesign.com/2017/10/generation-z-the-largest-percentage-of-population/

8 Key Differences between Gen Z and Millennials

https://www.huffingtonpost.com/george-beall/8-key-differences-between_b_12814200.html 

The Secret to Effectively Managing Different Generations (it’s not what you think)

https://www.monster.com/career-advice/article/manage-different-generations-work

The Millennial Generation: A Demographic Bridge to America’s Diverse Future

https://www.brookings.edu/wp-content/uploads/2018/01/2018-01-30_metro_themillennialgeneration_bill-frey_presentation.pdf

What Defines Your Generation

https://www.youtube.com/watch?v=9RqZQ_XOMbI

Four Generations in the Workplace. What’s that Like?

https://www.youtube.com/watch?v=Dg99LxpLKkU

 

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Change Fatigue: Finance Matters

Change is necessary if we want to grow and improve, but what do you do when those changes are coming too fast and too many at once? On this episode of Finance Matters, Patty and Brandi talk with Mary Brackett, Senior Associate with Organizational Excellence at the University of Virginia about the topic of change fatigue.  Listen in for tips on how to deal with the burnout that can come from lots of change and some insight on how organizations can make change easier for everyone involved. 

 

Resources Mentioned: 

 

Prosci (lots of great change management content): https://www.prosci.com/

 

Organizational Excellence: https://organizationalexcellence.virginia.edu/

Organization Tips: Finance Matters

As 2018 winds down and 2019 looms, you might be beginning to think about your resolutions, and/or how you'll change the way you organize your life for better productivity and less stress.  On today's episode, we have some tips you should consider for getting more organized or at least finding some organizational strategies to try.  

This is part one of at least a two-part series.  For part two, we invite listeners to submit their own organizational strategies, methods that have worked for you, and books/frameworks that you have tried.

Send your feedback to bv8h@virginia.edu or pam5w@virginia.edu.

You can also tweet us at @UVA_Finance

Resources Mentioned: 

 https://bulletjournal.com/pages/book

https://officedynamics.com/9-ways-to-improve-your-organization-skills/

 https://gettingthingsdone.com/getting-things-done-the-art-of-stress-free-productivity/

https://zenhabits.net/27-great-tips-to-keep-your-life-organized/

Fun Size Professional Tips Inspired by Halloween Candy: Finance Matters

We blame the sugar high for this one.  Listen in for a short and lighthearted episode focusing on the professional and life lessons we can learn from Halloween candy.  It's a little silly and a little serious.  Boo!

 

 For our Millenial audience members, here are the old school commercials we reference: 

Reeses: https://www.youtube.com/watch?v=dkCl_MHg0qw

Tootsie Pop: https://www.youtube.com/watch?v=2IA5Cv_5-g8

Snickers:  https://www.youtube.com/watch?v=orGV2XK0bAo

Dairy Queen:  https://www.youtube.com/watch?v=CutPaY2ZTlA

 

What We Learn from Failure: Finance Matters

Lynne Schwar joins Patty and Brandi on this episode to talk about failure.  Sounds like a dismal topic, right?  Nope! Managed correctly, failure is the secret to success.  Listen in to hear more about learning from failure and recovering after failures.  #FAILUP!

Resources Mentioned:

https://www.wanderlustworker.com/the-importance-of-failure-5-valuable-lessons-from-failing/

 

https://www.huffingtonpost.com/sean-kim/10-lessons-learned-from-f_b_5105094.html

 

http://stunningmotivation.com/lessons-learn-from-failure/

The Strength of Being Vulnerable: Finance Matters

As a general rule, vulnerability doesn't sound good to us.  We'd rather be safe and protected and shielded from harm and criticism.  Yet many have pointed out that vulnerability is actually one of the most obvious demonstrations of courage, and is definitely a desirable trait for leaders.  Join Patty and Brandi as they talk about vulnerability with guest Sarah Doran. 

Resources Mentioned: 

Four ways to be a vulnerable leader: https://www.businessnewsdaily.com/10680-unmasking-vulnerabilities-leadership.html

Brene Brown and Vulnerability: https://www.forbes.com/sites/danschawbel/2013/04/21/brene-brown-how-vulnerability-can-make-our-lives-better/#5ae5505d36c7

"The Man in the Arena": http://mentalfloss.com/article/63389/roosevelts-man-arena

The Hubbl story:  https://hbr.org/2014/12/what-bosses-gain-by-being-vulnerable