My Holland, Author at EQuest Asia

In Motivating People, It’s Not All About Money

Emotional Intelligence, Khả năng lãnh đạo, Motivation, Workplace Culture / My Holland

There’s always been this world-wide belief that offering more money to people at the workplace will bring in better productivity and superb performance. And so, you’ve got bankers, lawyers, and business executives receiving such gargantuan paychecks you’d think they were the only children of God. On an annual basis, these peoples’ wages most times amount to a small fortune it’s almost criminal! One head honcho running a large international bank gets something like forty million dollars ($40,000,000) a year. Going by the computed figures of a leading trade union, it’s enough to pay for an extra 1,019 nurses, 859 social workers, and 2,165 caregivers. No wonder, issues of morals and ethics (if not legality) get into the picture. Of course, most of us in this highly competitive world have this pre-conceived idea that offering people bigger money rewards lead to them trying harder. But, guess what? There’s a steadily growing bunch of research and data in the fields of psychology, economics, and even neuroscience that is suggesting a more complex picture of the connection between money, motivation, and job performance. What The Studies Say In the early 1970s research work in this field was trail-blazed by Edward Deci, a psychologist in New York’s Rochester University. What he found was that students who were offered cash to solve certain puzzles tended to discontinue working on them once payments were made versus students who weren’t offered any cash prizes. What this observation says is that there are two sides to motivation: Doing things because you enjoy doing them, or doing things because you want to get that offered financial reward. In a lot of other past formal and informal surveys, asking respondents to check their top reason for motivation in a list of ten, only a few selected financial rewards. The top ones were appreciation of management and peers for the work they do and enjoyment in what they do. Psychologist Edward Deci further contends that people have generally three psychological needs: 1) the need to feel independent and autonomous, 2) the need to feel able and competent, and 3) the need to feel related to others. When one is offered an over-emphasized financial reward, it undermines one’s autonomy and leaves a negative impact on one’s intrinsic motivation. In other words, while you need top-quality performance from bankers and business executives, you’ll need thinkers, people who can solve problems, and can be creative. Offering money to motivate them won’t get you that. Continuing research work along this vein by noted and respected psychology professors and experts from a few other universities in the states and the UK tend to show the workings of money relating to motivation are far more complex than what we generally assume. The one strongly-suggestive take away from these observations though is that… in motivating people, money isn’t everything.

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AI Might Be Telling Your Boss You’re Probably Quitting

Workplace Culture / My Holland

Life continues to imitate art. Remember that movie where people are stopped before they actually do something wrong? This was possible because the film’s fictional society had the means to predict future events. Right now, there are algorithms in use that can foretell who are most likely to quit at work. By the way, predictive analytical software isn’t new. Businesses have been using these to prepare for the future. Why use predictive tools to determine which employees will probably leave? What happened to good old performance evaluations and employee feedback? According to this Harvard Business Review article, these are no longer reliable in gauging satisfaction in the workplace. By the time employees quit, it’s too late to stop them. Keep costs down and remaining competitive These are among the reasons why organizations employ AI to predict resignations. Generally, it’s more cost-effective to retain employees than to rehire and train new ones. Replacements may be available on short notice but, there’s no guarantee they would perform as well as their predecessors. The loss of employees is disruptive, especially if they hold key positions. Future plans and ongoing projects could be derailed. Organizations may lose their advantage if their star performers quit. A sudden change in leadership, culture, or direction can likewise spur employees to seek other jobs. Companies would like to know beforehand who these would likely be. Arguments for Predictive AI Many companies in Asia are experiencing high turnover rates. DBS, based in Singapore, is one of them. The bank is using a predictive algorithm that hopefully reduces its turnover rate to 1%. It’s based on hundreds of data like salary, civil status, and even absenteeism. There is no standard algorithm among organizations. But, many claim their software programs are at least 90% accurate. Knowing who will likely quit will help companies become proactive in their retention efforts. HR personnel can now make the first move by communicating with disaffected employees. AI tools cut costs, according to IBM. Also, these helped its HRD become more efficient and relevant. Proponents of predictive algorithms say this is good for employees. HR personnel can now directly address individual concerns. Soon, AI tools can design more precise career paths by analyzing employee strengths. Of course, there are reasons for quitting a company has no control over. A desire for a career change or location, self-employment and more family time are some examples. Nevertheless, predictive software will be used continually in the future. Arguments against AI Predictive tools only use public data which includes social media. Already, many feel their privacy is violated if algorithms “read” their FB or Twitter posts. There’s also the chance the data could be misread by a machine that cannot analyze human quirks. Imagine being approached by your HR or boss when you haven’t even thought of leaving. Results from these software programs may be mishandled and cause more harm than good. Management might be unable to hide its feelings towards employees who might leave. They might give more attention to those they want to stay. On the other hand, an employee who is no longer a good fit might even be nudged to resign. An employee who is likely to quit doesn’t mean there is actual intent. This places management in a dilemma. How does it engage employees “marked” by a machine? Employees might begin to feel uncomfortable because software determined they’re likely leaving. They begin to second-guess and watch their every move at work. In short, they stop being themselves. This is one consequence companies should be concerned about. So, what do you think of AI predicting who will likely quit? There’s nothing wrong with using tools to address concerns in the workplace. However, these should only complement efforts to discover what can drive employees to leave their jobs. With improved employee engagement, maybe these predictive algorithms may not be necessary at all!

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If You Have These traits – You’re Emotionally Intelligent

Emotional Intelligence / My Holland

It’s been proven that people with high EQ are more successful than those who haven’t mastered their emotions. In fact, people with high EQ earn more money. Forget the old advice of leaving your feelings at the front door when you enter your office. It no longer applies! There’s scientific evidence that we inherit intelligence, but it’s not the same with EQ. We weren’t born with emotional intelligence. It’s developed over the years. So, don’t worry if you think you don’t have a high EQ. It’s a work in progress. On the other hand, maybe you’re just unaware you’re already emotionally intelligent. Check out the traits of emotionally intelligent people below. Perhaps, all these apply to you. You recognize the emotions you experience. Emotions and feelings are two different things. The former actually gives rise to what you feel. For instance, happiness and excitement cause pleasant feelings. The opposite is true with anger and fear. People with high EQ know why they feel good or bad. Sounds simple enough but it isn’t. But, if you can quickly identify what your emotions are, good for you! You’re one of only 36% who’s capable of doing this. You master your emotions. You’re going to be late for work because of a road accident or your train is experiencing technical difficulties. Despite either, you’re not upset because you recognize these are beyond your control. Also, you’re thick-skinned. No matter how hard others may try to annoy or provoke you, you just keep your cool. You welcome constructive criticism knowing this will help you improve yourself. When disagreements arise at work, you never take it personally. You’re aware of other people’s emotions. Not only do you listen to what people say, you also strive to understand what they’re feeling. You show empathy and this enables you to correctly judge another person’s character. With this trait, you know how to deal with each individual at home or at work. If you’re a leader, you gain the respect and trust of your subordinates. You always forgive yourself and others. Like everyone, you make mistakes. But, you learn from them and move on. You may feel regret but this doesn’t hold you back. As the old saying goes – it’s not about how many times you fall but how many times you get back up. When you can forgive yourself, it’s not hard to forgive others. You understand that lapses in judgment can lead to errors. Forgiving has an added benefit. It improves our mental and emotional well-being. You don’t fear change. Take note that fear alone is not a negative emotion. It keeps us safe from harm and danger. Fear of change is different altogether. Many people desire to remain secure within a comfort zone when faced with unknowns. But, when you welcome new beginnings and adapt to them, you are emotionally intelligent! You have healthy relationships. Persons with high EQs interact well with others. They’re altruistic so they always consider others. But, they never lose their individuality. Instead of competing with their colleagues, they support them. And they live happy lives at home. If you possess all of these traits and work hard, you can look forward to a more rewarding and happier life. Learn each and soon you’ll realize these make a big difference.

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Use Your Emotional Intelligence During the Pandemic

Emotional Intelligence, Positivity / My Holland

What we’re experiencing now is unprecedented in the last 100 years. If you’re uncertain about what’s going to happen tomorrow, you’re not alone – we are too! Sure, there was the Spanish flu of 1918, which killed somewhere between 17 to 50 Million people worldwide. There was no internet or television then. The first commercial radio broadcast was still two years away (1920). Economies were not intertwined and intercontinental travel was mostly by sea. Now, with just a mouse-click, you can find out what’s happening anywhere in the world, including your neighborhood. Businesses a few blocks or continents away are closing their doors. Your favorite café or hangout may even be one of them. Depressing and saddening, especially when you feel helpless with what is going on around you. Unfortunately, we didn’t have enough time to prepare for what we’re experiencing now. Everything was turned upside-down in the blink of an eye. We didn’t have any choice. The pandemic imposed its will on us. Name that Emotion How many times have you woken up in the morning fully refreshed only to be reminded that all isn’t well with the world? How does this make you feel before you rise out of bed? Your day hasn’t begun but you can already sense that heaviness in the air. Sadness, anger, and fear are among the emotions we experience today. You might be feeling one of these if not all. We also feel lost because of uncertainty. Are you one of those whose routine has been severely altered because of the pandemic? Or, maybe, even if you are working from home, you don’t feel secure. Everything seems off but you can’t quite put your finger on what’s causing it. Whatever you’re feeling, you must discover its source. Identifying the emotions you experience is the first step in coping with everything around you. Is it a fear of totally losing the job that’s causing you to be anxious? Or, is it sadness because COVID-19 has taken the life of someone you know? Keep in mind that emotions may exist in our subconscious. Our feelings confirm their presence. Only you can tell what emotions you are going through. Believe me – it doesn’t take much effort to identify what those are. When you do, it’s already a small victory. Acceptance is the next step but it doesn’t end there.

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Bias That Affect Decision-Making

Emotional Intelligence, Mindfulness, Workplace Culture / My Holland

It turns out, our brain evolved primarily to help us survive and not to become great thinkers. This isn’t bad at all. If our brain was wired differently, we humans might be extinct by now. Think of the many times you’ve reacted instinctively when you were faced with potential harm or danger. That’s the result of your brain making split-second decisions to prevent injury or even death. With self-preservation as the default setting of our minds, we may be taking mental shortcuts when making decisions. Scientists refer to these as “biases.” They can be valuable when decisions have to made quickly but detrimental when a well-thought-out process is needed. The trick is to recognize these and how they affect decision-making. Here are some of these biases. Similarity Bias There is no harm in hanging out with people who have similar beliefs, tastes, and preferences. But there is a downside to this. We could be missing opportunities for growth if we shun people who think differently. The similarity in the workplace also closes the door to creative and diverse thought. Companies may lose out if managers only hire people who think like them. Imagine an organization where everyone agrees all the time. It will be ineffective in the long run. Confirmation Bias Beliefs are hard to modify. We can sometimes turn a deaf ear to new data that challenges anything we believe in. On many occasions, we only “see” information that confirms our beliefs while ignoring those that don’t. In short, we should open our minds to new possibilities and different views that run counter to our preconceptions. Risk-Aversion Bias This is a bias against potential rather than an actual loss. It’s a desire to remain within a comfort zone. Many people prefer a guaranteed low-yield investment over a non-guaranteed high-yield venture. “Playing it safe,” as many people would like to call it. But, would we as a species advance so much if we were all risk-averse? Fortunately, trailblazers who seldom played it safe thrived throughout history. We celebrate their achievements and consider many of them as heroes. Think of the moments you avoided risk but later regretted doing so. We’re not suggesting we always throw caution to the wind. Instead, we can gain more if we think of what we can achieve if we took risks. Expedience Bias We experience a familiar sequence of events and immediately assume what will happen next. We base our decision on this assumption without letting the situation play out. It’s the same with information. We see the numbers “1,2,3” and automatically believe 4 is the next number. How often have we been proven wrong when we rush to judgment? We are all guilty of deciding quickly with familiar yet incomplete data. Again, it’s our brain making shortcuts. Stereotyping is another result of this bias. It’s like assuming all apples in a bushel are sweet after just eating one. Wrapping Up Most of the decisions we make are instant and subject to the influence of these biases. It’s not enough to be aware of these, though. We must change our decision-making processes. It won’t be an easy task. But with a conscious effort, we can reduce the effects of these mental shortcuts and make wiser decisions.

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My Holland

In Motivating People, It’s Not All About Money

AI Might Be Telling Your Boss You’re Probably Quitting

If You Have These traits – You’re Emotionally Intelligent

Use Your Emotional Intelligence During the Pandemic

Bias That Affect Decision-Making

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