Tag Archives: business

On Fake quitting, real layoffs, and worker unhappiness

It’s been a tumultuous time when it comes to the current workplace, or at least business writers think so. From quiet quitting to the Great Resignation, writers can’t stop coining terms about pseudo quitting. So we have pieces on quit quitting, on rage applying and my new favorite, calibrated contributing. Even places like the WSJ join in with this piece on High-Earning Men Who Are Cutting Back on Their Working Hours. It’s as if readers of business magazines and websites can not get enough pieces on worker unhappiness.

That was before times though. Now workers, at least IT workers, have something to be truly unhappy about: being laid off.  You can read about it everywhere, from the Verge to the New York Times. It seemed like every IT company was suddenly shedding workers, from Facebook/Meta, to Microsoft, to Salesforce, to Google……even IBM, which had a decent year compared to the rest of the list. The reasons for the layoffs were varied. Facebook/Meta continues to have a bad business model. Others like Microsoft went on a hiring bender and the layoffs are almost a hangover. There’s also been talk that some of the companies were just following the others and trying to look tough or something. One tech company that did not lay anyone off: Apple.

Layoffs suck. If you get caught up in a layoff program, you can find many guides as to what to do. Here is one layoff guide: What to do before during and after getting laid off.

If you only pay attention to the tech job market, you may guess it applies to the job market in general. But if you read this, Mass Layoffs or Hiring Boom? What’s Actually Happening in the Jobs Market, you get a different picture. The job market is a jumble now due to the fallout of the pandemic. I suspect it is going to take another year to settle down.

In the meantime, good luck with your work. Things aren’t as bad as they may appear. Despite all the think pieces and the tech layoffs. Stay positive.

Advertisement

How to succeed in business: make life better for people by taking advantage of new technology

What drives innovation? If we look at the most innovative companies in the last decade, we see innovation happening in areas such as:

Finance: Square, Venmo, Zelle
Communications: Spotify, Tiktok, Instagram, Slack
Logistics: Uber, Lyft

What underlies all those companies: the mobile phone. While the mobile phone is not synonymous with innovative companies,  those innovative companies I listed were able to capitalize on the capabilities of that device to vault themselves into leadership positions.

Mobile phones are not new on the whole, but the capabilities they provide in the last decade provided these companies with the means to innovate.

What else do all those companies have in common? With one of two exceptions, they all made life better for a large population of people. They made life more entertaining, they made it easier to work, to manage your money, to get in better shape, to cook well, to get around easier.

Companies that find ways to make life better for many people while taking advantage of new technologies will be successful companies. It seems obvious, but too often I see companies focused on the technology and not on making life better for people. You need both things to succeed. Obvious, not easy.

For more on this, see: The 16 most innovative new companies of 2010s.

 

 

 

On the fall of SBF (Sam Bankman-Fried) and FTX


I got excited last week watching things unravel for SBF and FTX. It’s hard not to get excited when someone/some org goes from being worth $16B to $0 in the matter of a few days. It’s a story that reminds me of something between the Big Short, Theranos, and Enron.

This isn’t even the end of the story, as far as I can see. I suspect we will find out more in the next few weeks. I also suspect it won’t be pretty. It will definitely be interesting.

Meanwhile here are some good pieces covering the story for anyone interested:

The suit is dead! Long live the suit!

The suit is dead! Well, if not dead, likely on death’s door. To see what I mean, read this: The end of the suit: has Covid finished off the menswear staple?  The suit has been already dying off somewhat in the last few years, with the decline in necktie use and the introduction of more casual shoes to go with it, among other adaptations. Perhaps it will be gone altogether in the next few years.

I was thinking about the death of the suit when I was eyeing this work above in London last spring. That form of business attire has been dead for centuries! No doubt in centuries from now people will be standing in galleries looking at painting of men with neckties and double breasted  blazers and thinking how odd it looks, just like how we think the Dutch men above look odd. Suits — of all eras — eventually die off.

What will not die off, though, is the need for some form of fashion to indicate the person wearing it has a specific business function. What form that will take, I don’t know, but there will be something, some form of “suit”, that indicates you are talking to a doctor or a lawyer or a banker or a businessman (or woman) of some stature. Of that you can be sure.

The suit (as we know it) is dying: the suit (will come to know) is being born. Long live the suit.

 

Want to make employees more productive. Do this, not the other thing…

If you are a manager and have or planning to have trackers on your employee’s computers to see how productive they are, I have an alternative and better suggestion.

The suggestion? Use your Office software to see how many meetings your employees are in. There is an inverse correlation between the number of meetings they are in and how productive they are. (Worse, when employees are trying to be productive by multitasking in meetings, people running the meetings will sometimes criticize them for not paying attention.) If you can reduce the number of meetings your employees are in, your employee productivity will increase, I assure you. (Can you make it increase even further? Yes. Give them S.M.A.R.T. targets and do whatever you can to help them achieve them. That will be another post.)

Meetings are a necessary evil for work: you need them, but not too many. Anyone managing people should review the meetings their employees are in and find ways to cut them out like bad clutter. And if they can’t eliminate the meetings, have fewer of them and make them shorter. One way to do that is use tools that default to shorter times. Software like Microsoft Teams makes the default meeting size 30 minutes. Years ago software I had would make the default meeting size 60 minutes. Guess what? We had lots of 60 minute meetings. Ideally software would take the default meeting size down to 20 minutes: that would give back at least 20 minutes / hour to employees, and more would get done.

For more on the problems of spying on your employees, see this piece in the WSJ: More Bosses Are Spying on Quiet Quitters. It Could Backfire.

P.S. Microsoft Viva can provide some of this information. For more on that tool, go here.

How to say “no” at work, why boundaries are important, and a very special mute button

To be effective at work, give your best, and not burn out, you need to learn to say “no”. Now if it were as easy as saying “no”, you wouldn’t be reading this. 🙂 Given that, here’s some good advice on how to say no at work without saying no.

I’d add that you want to get to say “yes” as much as possible. However, you want to say “yes” in such a way that doesn’t cause you to be ineffective, burnout or quit. That’s no good for you or your employer. To do that, say “yes” in a reasonable context. Instead of starting by saying “no, I can’t do that this week”, trying saying “yes, I can do that next week / month / etc”. Saying “yes + better alternative” is one way to get to yes for both parties.

That said, sometimes you will have to just say no. Remember, when you say yes to One Thing you are often implicitly saying no to Other Things. Make those Nos more effective.

As an aside, you could always say Yes and then never do it, like Mel Brooks did! But I don’t advise that. 🙂

Speaking of say “no”, here’s a piece on bosses who promise jobs with a coveted perk: Boundaries. Two things on that. One, boundaries are a good way of saying No in advance. Two, boundaries are more common than the WSJ lets on. Your salary is a boundary. Your office situation is a boundary. Scope statements, terms and conditions in contracts, and agreements: all are boundaries. Boundaries are important for EVERY aspect of your work. Don’t let anyone tell you different. Boundaries make work better for everyone. Make sure the people you work with respect them. Go work elsewhere with other people if they don’t (thereby establishing a new boundary).

In other business links, here’s more on quiet quitting, which is a passive way of saying no. And here’s a very sophisticated mute button, which seems related. 🙂

(Image: link to page on Austin Kleon’s blog)

 

 

 

On Sheryl Sandberg

Sheryl Sandberg is leaving Facebook/Meta. I used to think at best she was weak tea. Like Eric Schmidt, she was brought in to provide a degree of professionalism and organizational skill missing from their respective companies and leadership. And like Schmidt, she left when that missing skill was no longer needed or wanted.

I think Sandberg benefitted from having someone like Zuckerberg as her boss. The worst aspects of Facebook were associated with him, while whatever nefarious actions she was taking were unrecognized. This is not to absolve him or say that she was the one to blame. It’s just to note that many of the terrible things that happened on her time at that company should also fall on her.

Right now I think her legacy will change and darken over time. It will certainly  be less bright than it was in her Lean In days. But who knows: she may pull a Bill Gates and go on to be someone who spends her time and efforts in being philanthropic and charming.

Whatever her future, here’s some things I’ve been reading now in mid 2022 about her leaving:

This makes me want to write a cover letter again. Read it and you will too.


In this era of LinkedIn and software processing your resume, cover letters seems like a relic. But hop over to here and read this one: Benedict Cumberbatch Reads “the Best Cover Letter Ever Written” | Open Culture.

It’s a treat to hear Cumberbatch read it, but even if you don’t, go and relish that one. You might want to write you own afterwards and send it unsolicited to organizations. They might enjoy it and want to have a chat with you!

(Photo by Álvaro Serrano on Unsplash )

On long lived institutions and companies

Most companies come and go, as do organizations. Even former great ones can collapse or merge with others.

Most do, but not all. Here’s two really good studies of companies and organizations that have lasted for a very long time:

  1. The Data of Long-lived Institutions | by Alexander Rose | Long Now | Medium
  2. See the oldest company in each country around the world

 

 

Good news. No one wants to become a Wall Street banker anymore


That may seem snarky, but it’s true. Despite efforts by firms like JPMorgan hiking entry-level pay, it remains to be seen if it will be enough to attract young people to come and work with them. It’s true, many are not attracted to the extreme hours required to do the job. It’s more than that, though. As Bloomberg argues, the real reason

… isn’t only the hours. All the exciting work has been regulated within an inch of its life, leaving millennials and Gen-Z employees searching elsewhere.

And that is great news. It means regulation of banks is working. Sure the work is boring. Boring banking is stable banking. After the Great Recession of 2008, the last thing we need for a long time (i.e. eternity) is exciting banks.

Let the young people looking for exciting careers look elsewhere. Let them go join firms and fight climate change, pandemics, world inequality. Leave the people looking for stable jobs to go into banking. Everyone wins that way. Even the banks. (Ask the people who used to work at Lehmans if you disagree.)

(Photo by Sean Driscoll on Unsplash )

Zoho and other companies that hum along

When I first started following Web 2.0 companies over 15 years, Zoho was an early player. Since then, some companies became very successful and many failed. I used to joke with a friend every time a story of Zoho came up I was surprised it still existed. Not only does it still exist, but it is rolling out new features: Zoho’s pipeline-centric CRM solution built for small businesses gets new features

I’m happy to see it is a going concern. It’s easy to think companies should “go big or go home”. It’s better to think that there is another path to success. Zoho seems to have found that path.

More on them here.

On preparing for a post-pandemic world

Theatre sign saying the world is temporarily closed

If you are in business, you need to start thinking today about how everything will change after the pandemic. If you need help, review this piece in HBR: Preparing Your Business for a Post-Pandemic World

If you are not responsible for a business, it could still benefit you to read it. I see plenty of people fantasizing about what they might do after the pandemic. Why not go further and start planning to do it? If you are thinking of moving after the pandemic, what will that take? If you are planning on travelling, what do you need to have in place to make that happen?

The pandemic will end. Not soon enough, but sooner than you are prepared for. Get started on that today. The world is only temporarily closed.

(Photo by Edwin Hooper on Unsplash)

Quote

On supply chains, using one tiny widget’s journey through North America


You may have a view of trade as being straightforward: one country either buys or sells a product to another country. However as this older piece shows, it’s never quite that simple: One Tiny Widget’s Dizzying Journey Through the U.S., Mexico and Canada.

That’s not to say all products are like that. As we learned during the pandemic, all it takes is for a shutdown of one country and suddenly we can’t get a product. But for many products, the journey isn’t from A to B. It’s from A to B to …Z? It’s complex. And if there is a disruption along the way, disaster can occur.

One thing for sure, given how the pandemic disrupted supply chains, I expect many companies are countries are going to be revisiting how they get products and how they can better protect themselves against not being able to get it in times of emergency.

Quote

Are meal kits the future of restaurants?

I don’t know, but I do know this is a good piece to read for anyone interested in establishments having some degree of success with them: Meal kits were dying. Covid-19 brought them back to life. | The Counter.

I am not sure what the future of restaurants will be. Or any places that depend on having many people close together for periods of time.  If COVID-19 sticks around for months and years, we are going to be forced to find out. Whatever that future is, it will be substantially different to the time before the arrival of this disease.

Quote

Are you a Canadian business wanting a primer on Canada’s COVID-19 Economic Response Plan?

Then check this out:  A quick guide for businesses navigating Canada’s COVID-19 Economic Response Plan | IT Business

Quote

What’s wrong with starting a sustainable business?

Nothing, of course, unless you are playing by the rules and goals of Silicon Valley, where VC money comes at a cost. In this piece He Wanted a Unicorn. He Got … a Sustainable Business | WIRED, we hear 

(this) story is one part cautionary tale for entrepreneurs seduced by the allure of venture capital and billion-dollar valuations, and one part an example of how a company can thrive outside those expectations.

I liked the angle of this story and found it fascinating. I think we need more stories of people quite nicely achieving a sustainable business. It’s not that having a blockbuster business is terrible, but it is rare, like all exceptional things are. It’s a winner takes all approach to business. To me, a better approach is that people can be successful in many different ways. Ways like having a sustainable business that provides a service that people really need. That’s a good measure of success to me. I hope we can get more such stories.

Quote

One of the the better reviews of WeWork and their IPO is naturally this one, by Stratechery


Stratechery is always great and this piece is no different: The WeWork IPO – Stratechery by Ben Thompson.

What makes it good is that rather than just slamming WeWork superficially, as many takes have, it delves into what could possibly justify why WeWork is a good investment.

My take is that if WeWork had a different executive, it could be a successful company. I think the comparison to AWS is somewhat valid, and in the gig economy with lots of short term work, it could become very successful. (It worked really well for a recent project I was on).

That said, I believe the executive team of WeWork will not be able to handle any drying up of capital or a recession of any length. Or investors will wake up and ask themselves why WeWork should be valued way more than IWG/Regus. Time will tell, of course.

One last thing: my understanding is that WeWork had to start from scratch in terms of buying up / leasing real estate, but AWS did not start from scratch and took advantage of existing capacity Amazon currently had.

(Image link to the original piece in the article reference)

Quote

What is the best age to launch that start up?


Did you guess 50? No? If you didn’t you should read this: A Study of 2.7 Million Startups Found the Ideal Age to Start a Business (and It’s Much Older Than You Think) | Inc.com

Key quote:

And in general terms, a 50-year-old entrepreneur is almost twice as likely to start an extremely successful company as a 30-year-old. (Or, for that matter, a successful side hustle.)

It’s never too late to pursue that business dream.

Quote

What are the top business books?


Arguably they are the ones in this article: I read the 8 best business books of all time—here’s what I learned. If you want to know what they are and get a synopsis, read that piece.

Quote

If you are thinking of using chatbots in your work, read this


Chatbots are relatively straightforward to deploy these days. AI providers like IBM and others provide all the technology you need. But do you really need them? And if you already have a bunch of them deployed, are you doing it right? If these questions have you wondering, I recommend you read this: Does Your Company Really Need a Chatbot?

You still may want to proceed with chatbots: they make a lot of business sense for certain types of work. But you will have a better idea when not to use them, too.

Quote

Two thoughts on Jamie Oliver’s U.K. Restaurants Declare Bankruptcy

One, It’s always terrible when this type of thing happens: Jamie Oliver’s U.K. Restaurants Declare Bankruptcy – The New York Times.  

But two, I am curious about what has been happening with his businesses based on this:

… his British restaurants ran into financial trouble in 2016 and got into such dire straits that Mr. Oliver had to inject millions from his own savings to salvage the business. Even then, he had to close about 20 restaurants and pizzerias in the months that followed.

What has been happening in the past three years? I remember reading that at the time and it seemed like they had turned the corner at were going to be ok. They turned a corner but they were the opposite of ok.

I’d really like an in depth article of what happened.

Some thoughts on bad communication by Chase and other large organizations

Lots of people on twitter giving Chase heat for this tweet today:

Part of me understands that. I mean, how could a company that received such a big bailout have the nerve to tweet that? But the other part of me knows that big organizations work in silos and compartments. There is likely no-one at a high level at Chase scrutinizes low level communications like tweets. You know how Amazon sometimes sells T shirts with offensive messages? Same problem.

People believe big organizations are homogenous and aware of every aspect of the people who work there and what they are doing. This belief is wrong. Some orgs may be that way, but the majority are not.

Something to think about the next time this occurs.

Quote

Stratechery: a great site you should read

First off, what is it? It’s this, via the About section of the site:

Stratechery provides analysis of the strategy and business side of technology and media, and the impact of technology on society. Weekly Articles are free, while three Daily Updates a week are for subscribers only.

Recommended by The New York Times as “one of the most interesting sources of analysis on any subject”, Stratechery has subscribers from over 85 different countries, including executives in both technology and industries impacted by technology, venture capitalists and investors, and thousands of other people interested in understanding how and why the Internet is changing everything.

Everything I’ve read on it has been insightful and in depth, including this piece on IBM and the acquisition of Red Hat.

On entrepreneurism and ageism

Col Sanders
Should you become an entrepreneur if you are older? If you are an entrepreneur, should you hire older workers despite worrying they won’t be a good fit? This piece, Don’t Let Your ‘Senior Citizen’ Status Kill Your Entrepreneurial Spirit, makes the case that the answer to both questions is yes. Well worth reading if you have been asking yourself these questions.

And why is Colonel Sanders shown here? The article will explain.

(Image linked to is on Wikimedia)

Want to start a startup? All you need for that is here

And by here, I mean this site: Startup Stash – Curated resources and tools for startups. It is an amazing collection of tools you likely will need, for one thing. Plus, it has a superb user interface that not only groups the tools well, but gives you a sense of all the things you need to think about if you are going to go forward and create your own startup.

If you aren’t seriously thinking about startups, but would like to know about new tools to make you more productive at work, then I recommend you check out this site too.

Kudos to the creator of the site. Well worth a visit.

Are you travelling for work? Listen to Austin Kleon and travel smart

You may not being going on a book tour, but if you are travelling for work, you can steal these ideas from Austin Kleon (Austin Kleon : 10 Things I Learned On Book Tour) and have a much better trip.

Ideas I stole on a recent trip:

  1. Invest in good gear. I had my carry on well packed, and it fit nicely above my head. It made my 2.5 hour flight a breeze to get through. Plus I had everything I need, meaning no need to scramble at my destination looking for things (time you usually won’t have, anyway).
  2. Wear a uniform. I do this now on all trips. You look presentable, you look good in photos (if you take selfies), and you don’t have to pack as much.
  3. When in doubt, go to an art museum. I was in Tampa, and I found out where their museum was and visited. Not only is it a great museum, but they had on two good shows. Bonus: the area around the museum was excellent in itself.

His entire list is worthwhile. If you are travelling soon on business, you will benefit from reading him first.

P.S. Photo from a link to his blog. Go read his blog. Better still, buy his books.