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Management Exam 3
Terms in this set (115)
People with emotional intelligence (EQ) have many characteristics that make them great employees:
1. Ability to work with different personalities because they are EMPATHETIC.
2. They're DIFFUSERS and have the patience to listen to all sides when resolving an issue.
3. They want to "INVEST" time into building relationships with clients and colleagues.
4. Are SELF-AWARE. What interviewers are looking for when they say, "Tell me about yourself..."
5. Are CURIOUS & want to continue learning & growing. (Ben Frank Ch. 5)
What is CEO of Microsoft, Satya Nadella, looking for when she hires managers?
People that are SELF-AWARE
What are 4 behaviors of emotionally intelligent people?
1. They OWN their failures. *
key to learning
2. They are REFLECTIVE. *
key to team building
3. They exhibit an INTERNAL LOCUS of CONTROL
4. They don't walk into the situation with an opinion because they are so self-aware, therefore, they demonstrate the ability to REMOVE ANY PERSONAL PREFERENCE in understanding each side's argument.
What is true leadership when it comes to emotionally intelligent people?
When he/ she not only impacts their own position, but can make those around them more effective and more fulfilled in their jobs
What is the Fundamental Law of Motivation?
"If you cannot or will not get people to do what they otherwise naturally would not do, you will never succeed in management."
What is Motivation?
a person's individual, psychological state that influences the direction, energy and persistence of their work
What 3 terms fall under motivation?
working on task and focused without distraction
working vigorously with great effort
whether a person keeps trying in the face of obstacles
What are the 2 types of Motivation?
Intrinsic and Extrinsic
-behaviors performed on their own stake
-source is actually engaging in that behavior
-gives a sense of accomplishment derived from doing the task well
-behaviors that are performed to acquire something/ avoid something
-source is consequences of the behavior, not the behavior itself
Conrad Hilton said, "___________ seems to be connected with __________. Successful people keep moving on."
"___________ don't wait for other people to ______________ them. They know it is their responsibility to push themselves beyond their comfort zone."
This is an internal locus of control
President John F. Kennedy said, "There are risks and costs to a program of ________, but they are far less than the long-range risks and costs of ______________ ______________."
action, comfortable inaction
** Holbein adds, " Great ships are always safe if they stay in the harbor. But that is not why we build great ships."
Senator Robert Kennedy said, "Only those who dare to _________ greatly can ever __________ greatly."
LESTER WUNDERMAN// INTRINSIC MOTIVATION
KNOW THIS STORY
MICHELANGELO//"MICHELANGELO COMMITS HERESY"
KNOW THIS STORY
What did Michelangelo commit heresy to?
to the CONVENTIONAL CULTURAL WISDOM of today by being committed to tasks even when it wasn't his passion
"But! Once Michelangelo accepted the ________________, he thoroughly ______________ himself to it."
"The __________ of Michelangelo's ________________ was far-reaching."
"Undoubtedly, Michelangelo's __________ created the potential for greatness, but without _________________, his influence would have been ___________."
talent, commitment, minimal
Lesson by Holbein on Commitment:
Duty to honoring a purpose higher than yourself gives you the power of commitment to work through things that are not your passion. You do not necessarily have to like what you are doing to do a great work.
"The only _________ measure of commitment is ___________."
"As a leader, you will face plenty of ____________ and _______________ There will be times when _______________ is the only thing that carries you forward."
obstacles, opposition, commitment
What are the 4 types of people in terms of commitment?
How can you measure your own level of commitment?
Look at your calendar and your checkbook. (There you will see what you are truly committed to)
Bill Bradley was told, " Just remember that if you're not working at your ________ to the utmost of your ability, there will be someone out there somewhere with ___________ ability. & one day you'll play each other, & he'll have the ______________."
game, equal, advantage
How many methods, as a manager, do you have to boost the EXTRINSIC MOTIVATION of your employees?
EXTRINSIC MOTIVATION: Model #1
Expectation: hard work produces good results
Instrumentality: good results will be rewarded
Value: they will like the reward
EXTRINSIC MOTIVATION: Model #2 (employee needs)
Abraham Maslow's Hierarchy of Needs!
HELP SATISFY EMPLOYEES' 5 BASIC NEEDS:
1. Physical Needs- living wage for food, clothing, shelter
2. Safety Needs- security, insurance, job security
3. Social Needs- need to interact with others
4. Esteem- be proud of ourselves
5. Self-actualization- realize our full potential
EXTRINSIC MOTIVATION: Model #3 (employee needs)
-Believed there was something missing from Maslow's 5 Needs
-Maslow's 2 lower needs (physical and safety) he called "Hygiene Needs"
-These do not motivate people, but they do play a part in motivation
-These are necessary but not sufficient for motivation
EXTRINSIC MOTIVATION: Model #4 (employee needs)
WHITE COLLAR, HIGHLY PROFESSIONAL PEOPLE HAVE 3 PRIMARY NEEDS THAT MOTIVATE THEM:
3. Need for power over decisions
EXTRINSIC MOTIVATION: Model #5 (employee needs)
Need for Fairness/ Equality/ Justice!
P (myO/I) >= P (their O/I)
P= perception or point of view
O= out-take (what is obtained from the job)
I= input (what is put into work)
AM I GETTING AS MUCH OUT OF THIS JOB, CONSIDERING HOW MUCH I PUT IN, IN RELATION TO OTHERS?
EXTRINSIC MOTIVATION: Model #6
Goal Setting That Really Motivates People!
1. Goals should point to a higher purpose
2. They are specific
3. Difficult but not impossible (& one method)
4. Boss & employee should set goals together
5. Worker can see steps to achievement
6. Worker receives clear and timely feedback about their performance
EXTRINSIC MOTIVATION: Model #7
Operant Conditioning by B.F. Skinner!
1. Positive Reinforcement
2. Negative Reinforcement
EXTRINSIC MOTIVATION: Model #8
Vicarious Learning/ Social Learning/ Role Modeling!
-Set a good example as a leader yourself. You are a role model.
-Also, show your employees others who are doing things right
EXTRINSIC MOTIVATION: Model #9
Merit Pay -Money motivates people!
2. Piece Rate Pay
4. Profit Sharing
5. Employee Stock Ownership
In order to motivate people, you must understand
In order to be successful, you must have
very clear priorities
Ms. Goler of Facebook, " We're looking for __________. We're looking for people who can look at any situation and think, "That works pretty well, I bet it can even better, and I have a ________ for how to make it better."
just like Walt Disney and his vision in the Discontented Voice
Ms. de Baubigny of Kleiner Perkins Caufield & Byers, " It's all about ____________ ___________, being able to flip between those different functional sectors, and then to be able to have some good _____________."
mental agility, perspective
Ms. Goler of Facebook interview question:
"On your very best day at work when you go home and think, "I have the best job on the planet," what did you do that day?"
Mr. H Construction CEO says, "Decisions can be made, but they are meaningless if you cannot make your employees _____________ and become ____________ to a new course of _____________.
respond, motivated, action
Mrs. L Consumer Products CEO says, " _____________ _____________ principles are critical in every industry. Always be about recognizing employees needs and their accomplishments, and encouraging them to ________, and getting them to rally in tough times by keeping them __________.
Human relation, grow, positive
Can our "iron cage" be unlocked when it comes to self-discipline with our financial decisions? How do we know?
Yes, the study at Utah State University showed us that after taking a Finance class, students changed their behavior when it came to investing and waiting to receive more of a payoff.
William James said, "The greatest discovery of my generation is that human beings can _______ their _________ by ___________ their ___________ of mind."
alter, lives, altering, attitude
Thomas Edison learned _________ lessons when creating the lightbulb. His ________ burnt down and he joked about telling his kids to get their mother because this was the biggest fire she had ever seen. Thomas Edison had a great sense of ____________.
10,000, lab, optimism
"If you look at the ________ of people in any profession who achieve lasting ___________, you will find that they almost always possess a ___________ outlook on life."
lives, success, positive
Denis Waitley said, " The __________ edge is not in a gifted birth, a high IQ, or in _________. The ___________ edge is all in the ___________ not the ___________.
winner's, talent, winner's, attitude, aptitude
Martyn Lloyd Jones said, " Most ________________ in life is due to the fact that you are listening to yourself rather than _____________ to yourself."
What are the 2 scientific discoveries that lead us to believe that our CHARACTER and POTENTIAL LEADERSHIP are not bound by birth or nature?
1. DNA Triggers
The impact of our DNA on our behavior is switched on/off by our choices and actions. The things that we do habitually, the environments that we choose, what we persist in listening to or thinking, can trigger or inhibit DNA's influence.
Our brain structure is also subject to our choices and actions. Just as with DNA triggers, the things that we do habitually, the environments that we choose, what we persist in listening to or thinking, shape our brains.
Victor Frankl (death camp survivor) said, "The last of our human ___________ is to choose our __________ in any given circumstance."
"How can you have charisma?"
"Be more concerned about making others feel good about themselves than you are making them feel good about you."
STORY OF WILLIAM GLADSTONE & BENJAMIN DISRAELI
" When I left the dining room after sitting next to Mr. Gladstone, I thought he was the cleverest man in England."
"But after sitting next to Mr. Disraeli, I thought I was the cleverest woman in England." CHARISMA
"Most people think of _____________ as something _____________, almost undefinable. They think it's a quality that comes ____ __________ or not at all. But that's not true. _____________, plainly stated, is the ability to draw people to you. & it's like any other ______________ traits, it can be developed."
charisma, mystical, at birth, charisma, character
Benjamin Disraeli said, " The greatest good you can do for another is not just to share your _______ but to reveal to him _____ _______."
riches, his own
Napoleon Bonaparte characterized leaders as...
"dealers in hope"
What is a Group?
Two or more people who interact with one another
What is a Team?
A group whose members work intensely with each other in order to achieve a common purpose
Why do corporations value teamwork?
1. Companies are more responsive to customers
2. There is an increased level of innovation
3. Teamwork correlates with increased employee satisfaction and motivation
What are the 4 stages of Team Development?
1. Forming: building relationships of trust
2. Norming:establishing common values and shared priorities
3. Storming: members disagree constructively, but because of forming and norming, they know each other well enough to get through it
4. Performing: doing the actual work
The 4 stages of Team Development must....
be done IN ORDER
If a team's results start to fail or fall behind, recycle to the....
What 2 companies are mining employees' emails and chat logs, analyzing their online calendars, and tracking their face-to-face interactions using sensor-laden ID badges to get a better grasp on how information travels among employees
Boston Consulting Group, Microsoft
The goal of tracking employees is to...
cut down on
1. time-consuming meetings
2. vague emails
3. useless training sessions
New technologies are trying to measure of how _____________ teams communicate, and how well they collaborate.
It is likely that the ___________ ("attaining appropriate goals") of communication is more important than it's ______________.
What did Boston Consulting Group do in preparation of an office move?
They gave 20% of their 500 employees ID badges to wear last spring. The badges tracked the movement through the office and recorded whom they talked to and how long the convo lasted. IMP: They hoped to learn how the old office layout affected their interactions with colleagues and overall workload.
What did Boston Consulting Group find out about the patterns of their employees' conversations?
It showed that any employees were spending too much time with BOSSES or DIRECT REPORTS. Which LIMITED THE FLOW OF INFORMATION ACROSS TEAMS.
How does what we learned about the Boston Consulting Group study relate to what we have already learned in class?
1. Vertical "silos" that we saw when learning about organizational structures are a real problem. Keep people from horizontally sharing info across the organization
2. Mary Parker Follett was right: Cross-functional teams are vital
3. A matrix of organizational structure can help a company like BCG get information where it needs to go
People across industries now spend _____% more time collaborating than they did _____ years ago, according to a study that analyzed _____ organizations.
50, 10, 300
Syndio, a California firm, created a software that...
helps companies find out which employees may be feeling left out of formal channels of communication. The app gathers email data and asks co-workers to respond to a survey. It then maps a connection of dots which represent relationships & the strength of each bond.
SOCIAL NETWORK ANALYSIS
What is Training?
It involves short-term, technical methods so that employees know how to perform their current jobs today.
What are 2 types of training?
1. Classroom Instruction- best for technical techniques
2. On-the-job Training- provides a richer set of skills
What is Development?
It involves long-term, holistic methods so that employees are enabled to take on new duties and meet new challenges into the future.
What are 2 types of development?
1. Job rotation among a variety of departments and functions
2. Formal education credits (tuition reimbursement)
Performance Appraisal & Feedback usually.....
MAKES MOST MANAGERS VERY NERVOUS
3 Ways to Appraise people are:
1. Trait Appraisal- most common & most useless. Judging people based on subjective personal opinion, not performance
2. Behavior Appraisal- do employees follow instructions? Look at their actions
3. Results Appraisal- the most objective; judgement based on what people have accomplished
What are 2 cons to Results Appraisal?
1. If this is the only way the manager evaluates, it might lead to unethical behavior.
2. It occurs after the fact so the manager can't correct performance as it is happening
Who judges an employee's performance?
Your boss, subordinates, peers/colleagues, customers, yourself too
Formal Performance Feedback:
through a set procedure at a set time
Informal Performance Feedback:
whenever you can
What are 6 steps to giving performance feedback effectively?
1. Praise the employee
2. Be specific
3. Focus on correct behavior
4. Give them suggestions for improvement
5. Set a timetable for improvement
6. Express confidence in them
What 3 factors must be considered in setting an appropriate level of compensation for an employee?
1. They job performance
2. The job market
3. The future: company's future needs, future potential of the individual
There are 3 benefits that firms must provide for their employees:
1. Worker's Compensation Insurance
2. Unemployment Insurance
3. Social Security Insurance
There are 4 major labor laws to be aware of:
The National Labor Relations Act (1935) -gave unions power
The Fair Labor Standards Act (1938) -child labor, min. wage, max working hours
The Equal Pay Act (1963) -men women=pay
The Work Place Safety Act (1970) -safe working conditions
Negotiations with unions most often focus on the following 6 concerns:
1. Work hours
4. Working Conditions
5. Job Security
6. Grievance Procedures
What does the term "in good faith" mean?
That unions and companies must be willing to compromise to make a decision
Brain Stann, a former captain in the Marines and head of Hire Heroes USA, said, "One of the biggest mistakes employers can make is not understanding how to _______ ____________ of veterans' skills."
What is Hire Heroes USA?
a nonprofit, ran by Brian Stann, that helps veterans find jobs and prepare for the corporate world
What are 5 challenges that exist when it comes to military soldiers coming to work in the civilian world?
1. Goal setting is different in the business world rather than in the military
2. Behavioral nuances can be different
3. Veterans may have physical injuries or PTSD
4. Flexing leadership
5. In the military, you see a problem, you fix it. In business, things work a little more slowly
What can companies and veterans do to make things work better?
1. Develop support in the workplace
2. You need to have a "buddy" that you can relate to
3. You need to have a mentor
4. You need to be humble
"People don't care how much you _______ until they know how much you _______."
Le Roy Kurtz of General Motors said, " The fields of industry are strewn with the bones of those organizations whose ___________ became infested with _________, who believed in taking instead of _____________, who didn't realize that the only ________ that could not be replaced easily were the ____________ ones."
leadership, dryrot, giving, assets, human
If your focus is on what you can ______ _______ ________ rather than what you can get out of them, they'll __________ & __________ you - and these create a great foundation for building _______________."
put into people, love, respect, relationships
Jack Welch (CEO of GE) said, "Nothing else matters if we don't get the _______ thing right."
Boeing's Senior Vice President of Operations said, "I have never ________ anyone in 30 years of engineering failure, but only for __________ failures."
Human Resource Management:
1. Recruitment and Selection
2. Training and Development
3. Performance Appraisal and Feedback
4. Compensation and Benefits
5. Labor Relations
Before managers can recruit job applicants or select who they will hire among those applicants, they must first....
PERFORM JOB ANALYSIS
What is Job Analysis?
identifying the tasks, duties, and responsibilities that make up a job, and the knowledge, skills, and abilities needed to perform well on the job
What are the 2 ways Job Analysis can be conducted?
1. By asking a hiring manager what they want and expect in the job. (This is a an idealized analysis)
2. Observing what current employees are doing in that job. (This is more realistic analysis)
Should we use both ways of Job Analysis?
What is Recruitment?
Activities that managers engage in to develop a pool of job applicants
What is Selection?
The process by which managers determine the relative qualifications of applicants, and their potential for performing well into the future.
What managerial responsibility made Holbein most nervous?
Selecting/ Selection Process
it is dangerous to hire poor employees
What are the 7 Selection Tools?
1. Background Information: resumes, cover letters, and application
3. Paper and pencil tests
4. Physical ability tests: Always ask yourself, "Does this relate to the job?"
5. Ability test: Doing a sample of the actual work tasks
6. Assessment Center: Doing an ability test in a facility that simulates the real work environment. THE MOST VALID SELECTION TOOL
7. References: We must always check them although they are the last valid tool
What is Validity?
a selection tool is valid to the extend that it predicts future job performance
"Tomorrow, in a very real sense, your life - the life you _______ from the scratch of your own - ___________." -Jeff Bezos
"How will you use your _______? What __________ will you make?" -Jeff Bezos
"I will hazard a prediction. When you are 80 years old, and in a quiet moment of reflection narrating for only yourself the most personal version of your life, the telling that will be most compact and meaningful will be the series of choices you have made. In the end, we are ______ ________.Build yourself a ________ __________." -Jeff Bezos
our choices, great story
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