Mon, 30 September 2019
An Inside Look at the Academy at Bank of America, Which Supports More Than 40,000 Employees Each Year
John Jordan is the Head of the Academy at Bank of America, an award-winning employee development organization that trains around 40,000 people per year. As John puts it, The Academy is, “truly an environment where people can practice, where they can learn that goes beyond just the typical sort of learning environment into a really high-touch coaching environment and we've really seen great results so far.”
John has been with Bank of America for about 16 years in a wide variety of roles, all of which have prepared him to lead The Academy.
The Academy is used to onboard new employees, to support and train employees looking to move into a leadership position, to help employees enhance their current skills and more. They use a combination of web-based training and hands on practice. One example of training they have is a client engagement simulator that allows employees to practice using the online systems while having client conversations at the same time. This allows employees to get comfortable interacting with customers live on the phone before they officially step into their role.
Since starting The Academy, Bank of America has seen a lot of benefits from the program. Their turnover rate is the lowest it’s ever been and their client experience rating is the highest it’s ever been. John and his team understand the importance of investing in their people.
John says, “I've heard a stat that I've just sort of repeated over and over again, which is if you have a bad onboarding experience, you're six times more likely to leave the company within the first year. We saw a pretty high turnover amongst people within our first year and it just became a question of, were they onboarded well? Were they trained to do the job well? Did they get good practice?”
When you have great employee experience, you have people who want to stay at the organization a long time. And when you can have tenured employees who know what they are talking about and who can give great advice you get great customer experience.
One set of skills that The Academy is focused on teaching is soft skills such as empathy, problem solving, good communication, adaptability, creativity, etc...And John shares that they actually teach the basics such as how to give a proper handshake, make good eye contact, and how to hold a conversation.
“I think empathy is such an important skill in this day and age to really understand where the person sitting across the table is coming from. We have really put a lot of money where our mouth is on that front and through The Academy really invested in empathy. We feel like there's a lot left to do there. I believe talking about technology of the future, things like virtual reality are going to maybe help us with that, to put us in someone else's shoes or help us to see some of the challenges that our clients may be facing that we can't necessarily know or see on a daily basis. Lots to learn there and I'm really excited about and hopeful for just continuing to build a more and more empathetic workforce.”
What you will learn:
Direct download: John_Jordan_Podcast_done_-_new_with_no_sponsor.mp3
Category:Business -- posted at: 5:12am PDT
Wed, 25 September 2019
There are a lot of people who feel like they are the lone changemaker in their organization. You may be in that position right now. It can feel extremely frustrating and lonely at times, but that shouldn’t stop you. Changemakers are persistent, resilient, and determined--they have to be.
As a changemaker you will probably get told ‘no’ a lot, you may be rejected, and you may find that people around you have a hard time keeping up. There is a price to pay to be a changemaker, but it is worth it.
Don’t give up! Keep pushing your organization and the people around you. The change will happen, maybe slower than you want, but it will.
Direct download: The_Price_Of_Being_A_Change_Maker.mp3
Category:Business -- posted at: 1:08am PDT
Mon, 23 September 2019
How to Teach Empathy and Instill the Importance of Diversity and Inclusion: Insights from Ingersoll Rand's Chief Diversity Officer
Michelle Murphy is the Chief Diversity Officer and VP of Global Talent Acquisition at Ingersoll Rand, a manufacturing and sustainability company that creates products and services for commercial, industrial and residential customers. Some of their products include heating and air conditioning systems, golf carts, and power tools. They were formed in 1905 and today they have 40,000 employees around the world.
Michelle recently wrote an article, titled Truly Effective Diversity Training Can Be Measured in Goosebumps where she opened up about the moment when she realized the importance of diversity and inclusion inside and outside of the workplace. Her experience ignited a passion for creating a safe place to work inside of Ingersoll Rand as well as encouraging others to do the same in organizations around the world.
With the current world of work, where we are all so connected and where we can interact with customers and coworkers from countries all around the world the issue of diversity and inclusion is more important now than ever before. It is crucial for all of us to have empathy and compassion and to be able to see the world through the eyes of others.
Ingersoll Rand has some great programs in place to foster and develop a culture of diversity and inclusion. They include:
The question is, is it possible to teach someone to be empathetic or to focus on diversity and inclusion? Michelle says, “When I think about how do you teach someone, I feel like what we do is we try to create opportunities to offer experiences for people, because I'm not sure that there's a training you could go to, or that you could teach people what it's like to feel certain ways. So, creating experiences where people get to watch others describe their feelings, and share in that, tend to take us a little bit further than I'll call maybe a typical training class. Because what you realize in that setting is, "These are the people I see and work with every day, and I know them pretty well, and I think they're smart people and good people, and I like them, and wow, I had no idea that that's what they were dealing with." Sometimes that acknowledgment is part of what helps create the opportunity for learning, for maybe that person who doesn't demonstrate empathy easily or well. Sometimes creating those experiences where they have those opportunities is the best way to do it.”
Direct download: Michelle_Murphy_Podcast_-_done.mp3
Category:Business -- posted at: 2:58am PDT
Wed, 18 September 2019
One of the most important skills to have for the future of work is learning how to learn, but a major component that goes along with being a perpetual learner is consistently reinventing yourself. It’s not just about learning new things, it’s about how the outside world sees you.
Reinvention is about how you position yourself, it’s about how you market yourself and it is about the brand that you build. This is something that should be taking place consistently, whether it is every 3 years or every 10 years.
So when did you last reinvent yourself? If the answer is never, it’s time to start.
Direct download: Do_You_Know_How_to_Reinvent_Yourself.mp3
Category:Business -- posted at: 6:09am PDT
Mon, 16 September 2019
How Artificial Intelligence is Changing the Face of Business: Insights from Maria Bartiromo FOX Business Global Markets Editor and Anchor
My guest today is Maria Bartiromo, anchor and Global Markets Editor for FOX Business. Maria has been a journalist for 30 years, starting back in 1989 as a production assistant at CNN Business News. She has seen and reported on some of the world’s most major events which you will hear about in our discussion. Maria has an upcoming special debuting on September 22, 2019 tied to how Artificial Intelligence is changing the face of business and the workplace. Her research for this special included traveling across the country over the past year and interviewing the top tier CEOs leading the charge on this topic. In today’s conversation, you will hear some of her findings and what CEOs are saying about AI and technology. You will also hear Maria’s advice on how we should prepare for what’s to come, what assumptions she had at the beginning of the process that were proven wrong, what jobs will be most on-demand in the future, and how AI might impact leaders.
Maria was the first journalist to report live from the floor of the New York Stock Exchange on a daily basis and she was the first female journalist to be inducted into the Cable Hall of Fame Class of 2011. She has written three books, The Weekend That Changed Wall Street, The 10 Laws of Enduring Success, and Use The News: How to Separate the Noise from the Investment Nuggets and Make Money in Any Economy.
She has a one-hour special coming up on September 22, 2019, called Artificial Intelligence: The Revolution Happening to Our Work and Our Lives, which will air on FOX News. The report is based on research Maria has been conducting for over a year on how Artificial Intelligence is changing the face of business and the workplace. She has traveled around and interviewed the leading technologists of the world, people like Marty Schmidt, Provost at MIT, Peter Thiel, founder of Palantir and co-founder of PayPal, Ginni Rometty, Chairman and CEO of IBM and Jim Hackett, Chairman and CEO of Ford Motors.
After all of her in-depth research, what does Maria think will happen to jobs in the next 5-10 years? “I mean this is today in 2019, we have more job openings than we have people. I mean, the labor force is so tight right now with a 51-year low in unemployment, and jobs are plentiful. I think that will only get worse, whereas there won't be enough people for the jobs that we need, and the jobs that we have will be able to be filled by computers. I think longer term, you are going to see a massive displacement in work and in jobs. I think the most important thing that people have to do is first of all recognize that machines are getting smarter and smarter, and they will take your job. You need to make sure to arm yourself with the right information and education, where you are savvy with technology, because if you're not savvy with technology in the next 10 years, you will be left out.”
There’s no doubt that AI is becoming smarter and smarter and implementing it into business can save money and time. It can also allow humans to get involved in more creative roles and it will free us up to do the things we actually want to do.
So what can we do as individuals to prepare for the future of AI and technology? Maria says first and foremost we have to enjoy every moment of everyday because life is short and it is precious. Secondly she says that education is key. Things are changing in a rapid pace and it’s not going to slow down. We need to be perpetual learners, constantly growing, innovating, dreaming, creating, and learning so that we can keep up in this upcoming world of work.
Direct download: Maria_Bartiromo_Podcast_-_DONE.mp3
Category:Business -- posted at: 2:30am PDT
Wed, 11 September 2019
There are two things about the future of work that worry me.
The first is if executives at organizations will choose to use AI and automation to replace humans instead of using them to augment humans.
The second is that if we as individuals take a passive role in our lives and careers. We cannot just sit back and watch from the sidelines as the world changes. That is a surefire way to ensure we get replaced by technology.
If we can work on both of these issues, then the future of work is optimistic
Direct download: Two_Things_To_Worry_About_For_The_Future_of_Work.mp3
Category:Business -- posted at: 2:31am PDT
Mon, 9 September 2019
Today I am joined by Ott Vatter, the Managing Director at e-Residency, an initiative started by the Republic of Estonia to encourage more people to start businesses in Europe and to make it easier for remote workers and entrepreneurs to work while on the move. E-Residency was the first digital initiative of its kind, and there are now over 55,000 e-residents worldwide, including Bill Gates, Barack Obama, Pope Francis, and Angela Merkel. It has been so popular that e-residency applications have been growing faster than the number of births in the entire Estonian nation.
Today we are talking about how e-Residency came to be--what made the government of Estonia start this initiative, the benefits that have come from it, what impacts the country has seen from the program, and the possibility of other countries creating their own programs. You will also hear some mistakes they made along the way and how they overcame them.
Ott Vatter is the Managing Director at e-Residency, an initiative started by the Republic of Estonia in 2014 to encourage more people to start businesses in Europe. It makes it easier for remote workers and entrepreneurs to work while on the move.
E-Residency was the first digital initiative of its kind, and there are now over 55,000 e-residents worldwide, including Bill Gates, Barack Obama, Pope Francis, and Angela Merkel. It has been so popular that e-residency applications have been growing faster than the number of births in the entire Estonian nation.
So why was it first formed? Ott says, “If we look at the population first of Estonia, we're only 1.3 million people. With the domestic market, we can't really develop or scale. We're also demographically losing people. People are moving away. Some people are moving back. But in general, the outlook in 50 years, 100 years is not that positive. We have to be clever in these ways that we can actually innovate. We're not a rich country in terms of national resources, or we don't have huge resources of oil. But what we do have is the basis of a digital country. We could really capitalize on that. The infrastructure of e-Residency was already there for our own citizens. We didn't have to invent anything new, but we could replicate the same model for foreigners. We use the same identity card, taking away the photo and making it available for others as well.”
Any individual is able to apply for e-Residency, even if they are not currently looking to start a company or work remotely. Some people just do it to say they are an “e-Estonian”. One of the main benefits of joining e-Residency is the ability to use your digital certificate to sign documents quickly and it allows remote entrepreneurs to let other people handle the basic administrative tasks which leaves the entrepreneur freed up to focus on more important parts of running a business.
When thinking about the future of work Ott believes that being a digital citizen will have huge benefits. He says, “People are traveling around even more and more. I think remote work is growing immensely. Digital identity is something that makes your life easier. As a German citizen, you wouldn't have to fly back to your own country, for example, from Thailand and wait in line in the tax office to fill out a form. Or in the U.S., for example, the tax forms, I mean, they're crazy. You physically have to be present to actually present all of these documents. I think the future of work is about being location independent. Being able to submit or do your business from anywhere in the world. I think digital identity will play a very big part of this revolution.”
What you will learn:
Direct download: Ott_Vatter_podcast_-_done.mp3
Category:general -- posted at: 12:19am PDT
Wed, 4 September 2019
Have you ever been asked a question that you don’t know the answer to? What was your response? Did you make something up? Did you talk around the question? One thing I have learned over the years is the power of saying three simple words---”I don’t know”.
It might seem like a scary phrase, you might think people will lose respect for you or that they will think you’re an idiot. But I have found that the opposite is true. People tend to have more respect for someone who admits they don’t know everything.
I think getting comfortable with this phrase is something that is going to be increasingly important in the days ahead as the pace of change gets faster and faster. We are never going to be able to know everything about everything. There is power in admitting you don’t have all the answers.
Direct download: The_Power_of_Saying_I_Dont_Know.mp3
Category:Business -- posted at: 6:00am PDT
Mon, 2 September 2019
This week I am joined by Ann Anaya, the Chief Diversity Officer at 3M, a global company with 93,000 employees in 70 countries around the world. They use science and innovation to create and supply products for the fields of industry, worker safety, health care, and consumer goods. One of their most well-known products would be the Post-it Note.
In our conversation today you will hear Ann’s advice for people looking to make a career shift and why it is more important to focus on your skills rather than your past job titles. You will also hear how the Post-it was created, what people outside of HR need to know about diversity and inclusion, and what programs 3M has going on to emphasize and focus on diversity inside the organization.
Ann gave advice to others who are looking to change careers, she said there are three pieces in figuring out the best industry and role.
She says, “we all know that we're really good at some ... a handful of particular skills and one of the things that I am fortunate to have as a skillset that I do well at is the ability to influence change and doing that through advocacy. Yes, those are skills for a trial lawyer or a litigator but those are skills that we use in so many other ways. Number one, is passion. Number two, what skills do we really have that we're really good at? Then, finally, I would say, where can we take our experiences and apply them in a way that there is a need to make change?”
Ann also had a mentor, who played a huge role in helping her figure out where her skills fit best. She believes everyone should have people in their lives who push them, challenge them, and stretch them in order to be better. As she puts it, “We all need champions. We can’t do it alone” no matter if you are a leader or an entry level employee.
3M has been focused on intentionally embedding diversity and inclusion into their brand, their mission, and their goals. They are going through a “new culture refresh” and it will be a part of all 3M does. And they are finding that having a diverse and inclusive organization not only impacts the employees, it also impacts the customers.
“Diversity is all about demographics and inclusion is about our environment or the atmosphere we create in our workplace. There is no one without the other. You can't have an inclusive workforce if there isn't diversity within the workforce and you can't be inclusive without the diversity of ideas, perspectives and backgrounds. You won't benefit from diversity, inclusion unless you have both.”
What you will learn:
Direct download: Ann_Anaya_Podcast_-_done.mp3
Category:Business -- posted at: 9:59pm PDT