Einstein’s Eighth Wonder of the World

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            [post_content] => [caption id="attachment_22612" align="aligncenter" width="600"] Jack Welch was CEO of GE for 20 years. In a changing world, is he still the model for leadership?[/caption]

 

When discussing the challenges facing business leaders it seems almost de rigeur nowadays to talk about the level of change organisations are facing.

The challenge to equip leaders to build the future in these uncertain times is certainly daunting, with seismic geopolitical shifts (in this context the Trump administration seems to be the gift that keeps on giving), disruptive technological change (how many of us even fully understand the implications of bitcoin, blockchain and whatever new technology will be unleashed on us next) and even severe climate and weather events.

The very ubiquitous nature of these challenges may however inure us to their real potential as both a threat and an opportunity to affect a true paradigm shift in how we view leadership, a classic case of an issue being undervalued through overuse.

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The Concept of Leadership

From the perspective of the 21^st century the development of our concept of leadership is a little clearer than it may have been in the past.  From this remove we can see how the largely male, heroic models of leadership have greatly influenced the literature and teaching in this field.

The business leaders who are most often cited, Jack Welch, Steve Jobs etc. are broadly from a similar mould and the models of leadership, with the exception of Servant Leadership (as a servant leader you put the needs of others, particularly team members, before you even consider your own, but how many executives really model themselves on this type of leadership?) extol an assertive, confident, out-going and mainly extroverted style.

In fact, the Myers Briggs type most associated with leadership is the ENTJ (extraversion, intuition, thinking, judgment), which is described as the ‘general’, again exposing the military underpinnings of the leadership canon. We can clearly see this bias in the continuing popularity of books like Dale Carnegie’s “How to win friends and influence people”, the pseudoscience of NLP and programmes that teach executives how to create the right ‘impression’.

Given the genesis of the leadership concept it is understandable that people might misconstrue the notion of leadership presence as the ability to impose oneself (and influence people), but there is real hope that we are about to experience a genuine shift in the paradigm.

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Unhappy Influencers

[caption id="attachment_22617" align="aligncenter" width="600"] Richard Boyatzis studied how leaders influence those around them and how that effected their lives and careers[/caption]

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Recent research conducted by Richard Boyatzis and colleagues from Case Western Reserve University examined the relationship between the extent to which people adopted an ‘influencing’ leadership style and their later satisfaction with both their careers and their life in general.  Interestingly they found a very strong negative correlation between these factors, i.e. the more people adopted an influence style the less satisfied they were with their careers and lives.

Boyatzis and colleagues did not have an objective measure of career success, so one could still argue that the ‘influencers’ did better in their careers, but Boyatzis’ research does tell us that irrespective on how well an outsider might judge your career progress, the ‘influencers’ are less happy about their situation.  The researchers concluded that those who adopt an influencing style are pushing on their environment and trying to get more from others, e.g. they tend to show a high need to control social situations.

The crux of the problem, especially in the context of a VUCA world, is that pushing on or trying to control an environment that is in a constant state of flux, verging on chaos is unlikely to be very effective and will certainly lead to people being highly dissatisfied and unhappy in their work and indeed their lives.

Now would be the perfect time for the leadership movement to learn the lessons of evolutionary psychology that success in a changing environment falls to the most adaptable, those who can outlearn their competition.

 

The Adaptable Generation

This will require a cadre of new leaders who are less ego-identified with success and winning, who don’t see problems as opportunities to impose themselves and demonstrate mastery of the environment.

Rather we will see the emergence of leaders who can go with the flow, adapt to new realities quickly, work through and with others as either leader or follower and pivot gracefully as cherished paradigms fall away and hard-earned experience proves ineffective as a guide to new problems.

There is no doubt that the idea of women in leadership is in the current zeitgeist and may or may not create a fundamental shift in how we see leadership in the future.  I am however hopeful, that as the new model emerges we will see less emphasis on the old machismo of the ability to impose oneself on others and on the environment and more emphasis on the willingness to adapt, change and ‘flow’ with emerging realities.

Bruce Lee used to tell his students to ‘be like water’, perhaps that is not a bad metaphor for what leaders will need to become.

 

Dr Colm Foster is Director of Executive Education at the Irish Management Institute. He has acted as a leadership development consultant to organisations in the US, Asia and Ireland, particularly specialising in Emotional Intelligence.

The next IMI Diploma in Leadership starts on 2nd May, 2018.
            [post_title] => 21st Century Leadership: The Shifting River
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            [post_title] => 30% Club Sponsorship offered by IMI
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            [post_content] => With the surge of new computing capabilities afforded to us through cloud computing and data analytics there has been a significant increase in the ability to source, integrate, manage, and deliver data within organisations.

The emergence of a new breed of  technologies means that traditional restrictions on data processing have been overcome and the resulting boost to information capacity means that all organisations can become more agile, flexible, lean and efficient

The term Intelligent Enterprise is being used to describe those that seizing the opportunities presented.  

This has led to a demand for people that can make this “Intelligent Enterprise” a reality.

The bottom line is that without the right skills and capabilities, new technological innovations will not only be of no benefit to firms but may actually become a disadvantage to those that are unprepared to implement them.

Indeed, staffing and skills have been singled out by firms as the top barrier to Agile Data Analytics, with 61% of respondents citing them as a challenge in our recent report for the Cutter Consortium.

So what can organisations do to become Intelligent Enterprises and get the most from big data? We believe they need to develop three main skill bases:

1. Technology support

2. A deep analytical capability

3. A savvy understanding of what big data can deliver

Organisations will increasingly be employing not only Data Miners, Data Scientists, Data Architects, Database Administrators Business Developers and Business Analysts but those individuals that combine skills from those roles such as Project Managers, Data Visulalisers and Programmers Developers.

[caption id="" style="float:center" width="300"] The Intelligent Enterprise - mapping skills and roles[/caption]

At the centre of the skills bases are the Chief Information Officers (CIO) and Chief Data Offers (CDO) that will drive the transformation.

With a skill set that covers all three categories, individuals are ideally placed to successfully lead their organisation into an era of extracting tangible value which is currently hidden in organisational data.  It is from this perspective that we have designed the IMI Diploma in Data Business, which provides knowledge and insight into each to three areas. 

To find out more about how you can develop these skills come to our Information Evening for our Diploma in Data Business and Diploma Cloud Strategy in the Marker Hotel, Dublin 2, at 6pm on Tuesday 10^th September register here.

Tadhg Nagle is joint Programme Director of the UCC IMI Diploma in Data Business and a lecturer and researcher in Information Systems at University College Cork.  With a background in financial services his expertise is in strategic innovation and emerging and disruptive technologies.
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            [post_content] => One of the most common struggles people have in life is speaking in public.

Source: www.webdesignerdepot.com
You may have always managed to avoid these scenarios like the plague. You may also be in a place where enough is enough and you just want to be equipped to be comfortable and confident to present without the all the drama attached.

From a personal perspective, it can be sometimes easy to wiggle out of these stressful scenarios.  Sooner or later from a professional context, avoiding a presentation at work or leaving it until the last minute can start to impact your career or work life.
Where to start – start with yourself and your thoughts
Most people have the same fears, looking silly, what will people think, being forgetful, babbling or not getting to the point. It is really important to overcome these fears and understand where these unhelpful beliefs come from.  Once you challenge these beliefs you can make huge strides which will impact both your personal and professional life.
Understanding stress
Most people become stressed when it comes to public speaking. Surveys often quote that the number one fear amongst the population is public speaking. To put this in context fear of death is number two on the list. It is useful to remember the purpose of stress. Stress is a function of the human body designed to protect you, once you reframe how you see stress it will make public speaking such a different experience. To help with this reframe remember: FEAR stands for False Evidence Appearing Real. The more relaxed you are the easier it is to communicate, so find ways to relax before presenting.
Confidence
Helpful beliefs about your self is a great start to increasing your confidence. Always play to your strengths. What people tend to do is compare themselves to others and then they never match up. Comparing yourself to others can be limiting and damaging. Everyone has their own personality and style. Play to your strengths be your authentic self. Sometimes you just got to imagine that confident state and fake it until you make it can be a good strategy until it comes second nature to you.
Structure
Always start with the audience in mind. What is the purpose of your presentation? What would interest them? It is really important to capture the audience’s attention and maintain their attention. Here preparation is key. Have structure, a beginning, middle and end. Ensure you know what key messages you would like them to remember and find ways to make those messages memorable. Remember: what would you like the audience to think, feel or take action on.
Engage the audience
Many people would love to have the confidence to engage the audience but just don`t know how. This is about understanding your audience and meeting their needs. Build rapport, be brave and curious when it comes to audience interaction. Being able to read people`s body language and influence people will increase your ability to engage the audience. Remember, always put yourself in the audience’s shoes.
Practice makes perfect
If you ever learned to drive a car, you will know you didn't just drive automatically to your destination without guidance. Treating presentations the same will help you improve. Seek feedback from others on how you could improve and look specifically at what others do. Remember, look back, reflect on what you did well and find ways to improve. Focus on presentations as a learning experience to becoming an expert to presenting with impact confidently.

William Corless is an ICF accredited ACC Coach.

He brings over fifteen years’ experience in general management, supply chain, team development and strategy.

William is an IMI associate faculty and teaches on Presenting With Impact. 
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Caroline Kirrane

6th Nov 2019

Caroline Kirrane is an IMI associate on the IMI Diploma in Management.

2018 hghlights from IMI speakers

21st Century Leadership: The Shifting River

30% Club Sponsorship offered by IMI

3 critical skills to develop if you want to work for the Intelligent Enterprise

“I have just been asked to do a presentation”... Relax and take your finger off the panic button

Einstein’s Eighth Wonder of the World

“Compound interest” or “compounding” is when interest is added to the principal sum of a deposit or loan, and it’s one of the most basic and useful concepts in finance. The mechanics of compound interest are relatively simple, but its effects are powerful. Compound interest is such a valuable tool that Einstein reputedly called it the “eighth wonder of the world” and “the strongest force in the universe”.

The easiest way to understand the power of compounding is to look at a simple example. Let’s say you invest €100 at 10% per annum compounded annually. At the end of the first year, your principal of €100 has earned €10 of interest. The new principal is €110. In Year 2, you earn €11 of interest, €10 of interest on your original principal plus an extra €1 of interest on the interest. The fact that you are earning interest on your interest might seem like a small win, but it ends up being substantial over a long period of time, even in low-interest rate environments.

In 10 years with your original €100 and 10% annually compounded interest rate, your principal will have grown to €259.37. If your original €100 was invested on the basis of simple interest – where you just get interest on the original €100 each year – then your €100 would only have grown to €200 over the same time period. So after ten years, we can clearly see that we’re winning to compounding. If we look to even longer periods of time, the value of compounding “compounds”. Over 30 years, your €100 has grown to €1,745! Simple interest would only have grown your €100 to €400 in the same time period. So your patience is paying off. After 50 years, your original €100 has grown to €11,739, a staggering 117X return on your original investment. Even in low-interest rate environments like we’re in currently, compounding produces impressive results over time. With a paltry 2% interest rate your €100 still grows to €181 over 30 years and €269 over 50 years.

Companies and their financial managers would do well to regularly remind themselves of the power of compounding. If you’re borrowing money for a project or acquisition, it should be productive enough to cover your cost of capital, because if not, you’re destroying value. Compounding gives us a crucial law of investment – the longer the time horizon, the better the outcome. Compounding shows that you can build wealth if you invest in projects that have the potential to be continuously productive over the long-term.

What about individuals? If you are a net saver, then compound interest is working for you. If you are a net borrower, it’s working against you. Compound interest explains why you will pay roughly €100,000 of interest alone on a 20-year mortgage of €270,000 in Ireland (i.e. your total repayments will be about €370,000). This is not to say that borrowing money is always a bad thing. In the past, mortgages have been seen as sensible because of the underlying asset – your home – was almost sure to increase in value year-on-year, offsetting the interest rate you have to pay on the mortgage. House price performance in Ireland over the last decade has forced a revision of these assumptions. Another area of personal finance where compounding should be considered carefully is with regard to your pension. “Save early, save often” is a mantra in the pensions industry and compounding shows us the particular power of saving early.

This week saw the announcement that Bulmers is to retire its familiar marketing slogan “Nothing Added But Time”. It’s a great slogan and as compounding shows us, can be the key to financial success. At the very least, we should be mindful of Einstein’s cautionary note regarding compounding – “Those who understand it, earn it. Those who don’t, pay it.”

Caroline Kirrane is an IMI associate on the Finance for the Non-Financial Manager Programme. Caroline has a decade of experience working in financial markets. She has an undergraduate degree in Business from Dublin City University and holds a Master of Business Administration (MBA) from Trinity College Dublin and is a CFA Charterholder. She is an adjunct lecturer in Finance at the Trinity Business School and also advises start-ups on finance and strategy.