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At a recent address to shareholders, legendary investor Warren Buffet explained his approach to getting the best from those who run his businesses. In summary: Motivate subordinates with trust and accountability, not money and control. I agree entirely with this statement but I suspect that many professional service firms attempt to do just the opposite, [...] An earlier post addressed the importance of Game principles and their use in L&D. Now a new social media website Empire Avenue gets me wondering if the practice of setting objectives and targets for professionals could be improved by positively using game principles. I say positively because objectives and targets are rarely seen by professionals as exciting [...] I have just revised my chapter on Talent Management in The Law Society’s HR Toolkit (it is just as relevant to other types of professional firms). Last year I added a section on managing people through difficult times. Though difficult times are certainly still with us, the climate has moved on again. Here are some of [...] A new Change This Manifesto on brain science in management and selling comments that: Brain science has proven that monetary rewards aren’t motivational at all. When we experience something as rewarding, the neurotransmitter dopamine is released by an area of the brain known as the nucleus accumbens, and creates an effect not unlike that of cocaine. [...] According to a Cornell study a 1% bonus related to specific performance can improve job performance by up to 20% whereas the same 1% in the form of a pay rise would muster just a 2% performance improvement. According to Michael Sturman, who carried out the study, achieving such results depends on the link between pay [...] A Survey by Robert Half Associates (reported in Accountancy Age) reveals that finance professionals nominate career development as the number one factor in determining job satisfaction, ahead of salary (19%) and benefits package (11%). Yet many (or most) firms still fail to approach career development with any real sophistication, instead preferring to take the easy (if expensive) [...] |
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