Do’s and Don’ts for first time leaders at work

Taking on a leadership position may not be for everyone, but we all have to assume the mantle at some point in our lives, especially in the workplace. Being in charge of several people can be new to many employees. This change in dynamics ushers in a particular discipline with regard to interacting with non-executives.

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According to Patrick Dwyer of Merrill Lynch, leadership should be embraced through preparation. Here are some do’s and don’ts for first time leaders at work:

Don’t just give criticism. Give feedback There is a mountain of difference between explaining to a person where they went wrong than simply telling them outright that they are wrong. In business, It’s not always about getting things right. People managers have to account for the process that leads to the outcome. By providing feedback, leaders teach workers to improve their process and productivity.

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Don’t do it all. Learn to delegate We often complain about people not doing their part in group activities. But when it comes to work, a leader shouldn’t shoulder the bulk of the work simply out of obligation. Neither should he or she hand all the work to other people. A good leader should learn the ropes of delegation. This involves awareness of the strengths and competencies of other people and seeking out the best candidates for the tasks at hand.

Don’t rely on yourself for everything. Get a mentor In most corporate settings, even your boss has another boss to answer to. Patrick Dwyer of Merrill Lynch would insist that it’s not a sign of weakness to ask more experienced people for help. If you are new to a leadership position, find guidance from someone in fulfilling the role.

Just like any other profession, entrepreneurship requires specific skill sets to be obtained and mastered. Patrick Dwyer of Merrill Lynch encourages everyone to never stop learning. To read more about business leadership, visit this website.

How To Manage Your Workforce Amid Economic Downturn

The United States and the world have gone through different economic recessions, from the Asian financial crisis in 1997 to the collapse of the U.S. financial markets in 2008. In business organizations, survival became the name of the game. But how should senior executives and leaders lead their organizations during these trying times? Here are some tips to adapt, become agile, and make winning teams out of unfortunate circumstances.

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Prepare a contingency plan

Create action steps based on corporate function and operating unit such that the steps are clear and everyone knows what to do. This plan involves headcount and hiring changes; compensation, benefits, and incentive plan adjustments; and asset divestitures. It also includes expense cutbacks, hierarchy for cost-saving initiatives, as well as considering other options, such as outsourcing non-core activities that aren’t strategic to the business.

Keep your people motivated

During financial difficulty, employees will naturally be worried about job security, especially in the private sector. Help keep them calm and put their psychologies at ease without sugarcoating the situation. This starts by communicating with them regularly, encouraging them to open up to their managers and continue to participate in company activities and learning initiatives.

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See it as a teaching moment

Uncertainty naturally breeds anxiety – but it can also be an opportunity to learn, engage workers better, and make them stay laser-focused on the job at hand. Urge everyone to better contribute and see how their job fits into the business strategy and its mission to survive amid the hard times. If there’s agility, people will solve problems instead of mourn over them, and they will innovate for the years to come.

Patrick Dwyer of Merrill Lynch vouches for education’s effectiveness as a tool to achieving success in business. Learn more on this page.

Fostering Business Growth Through Strategic Planning

Having a clear vision and plans is necessary for any organization to grow and succeed. When communicated clearly to every team member, the vision can unify all organizational levels. Each employee can then understand his part and role, and focus on efficiently delivering his tasks.

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A common vision and set of goals can also prevent any perceived interdepartmental competition, and fosters solidarity across the entire company. Flow of information can also be increased, as well as the pooling of resources from the different silos in the organization; thus, coordination will be seamless.

The definition of the vision, direction, goals, and tactics can be specified through the regular conduct of strategic planning. The management initiates this activity, and in coordination with the entire organization, uses this to tackle fundamental decisions and actions that determine what should be done – and why – in the foreseeable future, as well as the adjustments needed to respond to the changes in the environment.

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Strategic planning follows no single framework. However, it typically involves the following phases:

•   Assessment of the organization’s current situation, as well as the trends in the environment

•   Vision casting, and formulation of short- and long-term strategies in every level of the organization

•   Creation of action plan on how to execute strategies, and how to evaluate said strategies

Patrick Dwyer of Merrill Lynch understands that education is needed for entrepreneurs and managers to survive the harsh and often complicated world of business. For more of his insights, follow this Twitter page.