Do Ethics Really Make You a Better Leader in Business?

http://www.leadershipdigital.com/edition/daily-leadership-innovation-2019-03-29?open-article-id=10125816&article-title=do-ethics-really-make-you-a-better-leader-in-business-&blog-domain=leadershipnow.com&blog-title=leading-blog

Do Ethics Really Make You a Better Leader

ETHICS IS NOT a word used very often behind the walls of companies and organizations. Many companies have a set of values and company policies. However, very few companies educate leaders about ethics and encourage leaders to discuss ethics with their teams. 

Ethics are usually an afterthought, taken seriously only after an event that causes a business or team to fall apart. If understood and put into practice by a dedicated leader, ethics have the potential to turn stagnant, declining teams into productive and engaged ones. Ethics enable new teams to continue to grow, sustain, and thrive as the individuals and the business evolve.

Ethics are the foundation for peace and progress. Don’t we all crave both peace and progress at work? Ethics are timeless principles for behavior toward ourselves and others that translate to specific actions.

Ethics are what fuel personal growth and make large-scale collaborative efforts work. The lack of clarity about what ethics are and what ethics really involve in action is the primary barrier for many leaders in practicing ethics at work. Here is how an understanding and intentional practice of ethics at work make leaders, and therefore businesses, stronger and more successful.

Truthfulness over time opens and repairs communication lines.

Ethics prize the principle of truthfulness. Though it seems straightforward, it often takes courage to truly be truthful with team members and peers. Leaders that practice truthfulness with team members build genuine trust over time. Leaders that practice truthful, transparent communication build a team culture of interpersonal respect and alignment.

A practice for cultivating trust is to have regular one-on-one meetings with team members. In your one-on-one meetings, leave technology and distractions behind. Give your team members dedicated focus, ask if they have questions, and give them positive and constructive feedback. Leaders develop trust through transparent and genuine communication. Teams united in honesty and truthful communications move forward as a cohesive unit. 

Opportunities for individual development fuel collective progress.

Leaders that understand and practice ethics at work are also better at motivating and empowering individuals in order to fuel collective progress. Another foundational ethical principle is the concept of non-stealing. In workplaces, non-stealing goes far beyond just stealing of physical possessions. Non-stealing in leadership involves not stealing (but instead giving) opportunities, knowledge, and acknowledgment to team members.

Leaders can practice the ethical practice of non-stealing by giving knowledge, skills, and opportunities to team members enable progress. In one-on-one meetings, share your skills and knowledge with team members. Mentor them as they work through a special project or assignment on their own. When individuals are given opportunities to grow individually, they are more dedicated and skilled contributors. Leaders that practice non-stealing understand that individual peace and progress must happen for each team member in order for the whole to move forward.

Non-attachment enables creative problem solving and the generation of new ideas.

Leaders often find themselves stuck, leading a stagnant team because they are attached to their ways or outdated beliefs. Beliefs about what is right or beliefs about people’s limitations often hold back the team from progressing. Leaders who are not open to new ideas and feedback compromise the collective progress of the team.

Non-attachment is practiced by letting go of your outdated beliefs about people, ways, results, or status. New ideas and suggestions that team members bring to the table are often the answers to proactively solving or avoiding problems. Don’t hold firm beliefs about the way things should be, how far someone should progress, or the exact way results should turn out. Allow space for limitless possibility and evolution to happen. Invite and evaluate new ideas and suggestions with an open mind. This practice enables collective progress. 

Positive communication and mindfulness foster focus and protect valuable energy.

Finally, ethical leaders are masters of cultivating the conditions for collaboration. In dynamic, fast-paced business environments, leaders and teams often find themselves rushing and producing work full of errors. People burn out quickly after long days of exhausting meetings. Small disagreements or misalignments turn into political issues. Arguments deter focus and negatively impact productivity and engagement. Ethical leaders know how to practice control of energy in order to cultivate focus and ease for their team. 

Control of energy involves communicating with a positive tone. Even when giving constructive feedback, ethical leaders start with a positive affirmation and use a tone of equanimity throughout the conversation. This is a sustainable rather than a short-sighted approach. This control of energy helps to cultivate calm and protect the energy of the team and themselves. Control of energy also involves taking constructive rest breaks often to restore and rejuvenate. A walk outside, away from the screen and often chaotic work environment can do wonders to reset your mind and body. Lead by example and encourage your team members to do the same. 

Ethics are the foundation for strong leadership and collaboration.

When understood and put into practice at work, ethics have the potential to fuel productivity and motivation. Ethical leaders cultivate focus, trust, and connection, which are key ingredients for successful leadership. Leaders that practice ethics in action find that the principles reach far beyond company walls and add value to their lives outside of work as well. Ethics are universal and add value to our work and life.

How can you put ethics into practice to strengthen your leadership? Many leaders don’t realize that diverse teams often have very different individual perceptions of what ethics look like in practice. Teams need to learn a collective language for ethics in order for ethics to be accessible instead of vague. Leaders can lead by example by putting ethics into.

 

 

 

 

THE SINGLE BIGGEST FACTOR IN LONG-TERM ORGANIZATIONAL SUCCESS

The Single Biggest Factor in Long-Term Organizational Success

“What ultimately constrains the performance of your organization is not its business model, nor its operating model, but its management model.” (The Future of Management, Gary Hamel)

Factors of organizational success:

Jim Collins says the key factors for success include:

  1. Getting the right people on the bus
  2. Getting the right people in the right seats.
  3. Getting the wrong people off the bus.
  4. Level 5 leadership – Humble leaders with indomitable will. (Good to Great)

Managers:

“Gallup finds that the quality of managers and team leaders is the single biggest factor in your organization’s long-term success.” (It’s the Manager)

Organizations ask, “How do managers get more out of people?”

“Ironically, the management model encapsulated in this question virtually guarantees that a company will never get the best out of its people. Vassals and conscripts may work hard, but they don’t work willingly.” Gary Hamel

Boss to coach:

The BEST managers are coaches, not bosses. Jim Clifton and Jim Harter say there are three requirements of coaching.

  1. Establish expectations.
  2. Continually coach.
  3. Create accountability.

3 tips for shifting from boss to coach:

#1. Understand the dance between freedom and intervention.

Give high performers freedom. Intervene when performance lags.

Intervention isn’t oppression or punishment. It might mean weekly one-on-ones, instead of monthly.

#2. Overcome the most difficult shift.

Solving problems for talented people devalues their talent. Over-helpfulness sucks the life out of talented people. Stop giving quick answers.

Coaches help people find their own answers. The old style of management, when people were tools, is to give them answers and expect conformity.

#3. Practice accountability that energizes people.

Accountability that energizes is self-imposed. We need to rise above the false notion that we can force people into high performance.

Noticing is healthy accountability. Walk around noticing performance as it relates to expectation.

Work that isn’t noticed goes down in value.

What factors enhance long-term organizational success?

How might managers bring out the best in people?

 

 

Montefiore Health System CFO Colleen Blye on her daily mantra and facing today’s healthcare challenges

https://www.beckershospitalreview.com/finance/montefiore-health-system-cfo-colleen-blye-on-her-daily-mantra-and-facing-today-s-healthcare-challenges.html?origin=cfoe&utm_source=cfoe

Colleen Blye serves as executive vice president and CFO of New York City-based Montefiore Health System.

Before joining the system in January 2016, she was executive vice president and CFO of Catholic Health Services of Long Island, an integrated healthcare delivery system based in Rockville Centre, N.Y.

She was also executive vice president for finance and integrated services at Englewood, Colo.-based Catholic Health Initiatives.

Here, Ms. Blye shares her proudest moment as Montefiore’s CFO, discusses her daily mantra and reveals the revenue cycle tools she’s most excited about.

Question: Since joining Montefiore, what has been one of your proudest moments as CFO?

Colleen Blye: When we restructured the balance sheet last year and [pursued] public financing. This was the first time in Montefiore’s history that we went for a public rating. As a result, this refinancing provided much needed liquidity for our system, and it allowed us to level debt service. We now have a solid baseline going forward which offers us access to additional financing, as needed. That was a big deal and positions our organization with a debt structure appropriate for a system of our size and scale.

Q: What is the greatest challenge you faced as CFO in 2018? Do you expect this to be your biggest challenge in 2019 as well?

CB: One [challenge] is shifting the finance culture overall from one of financial reporting to one of analytics, and being a business partner. In today’s healthcare world, I think this is imperative, and Montefiore has embraced this culture. I think businesses separate from the healthcare environment operate this way, and we need to be responding and shifting so that finance is a true business partner throughout the organization.

The other aspect that I think is increasingly challenging for all of us in financial healthcare is trying to understand how to diversify our shrinking revenue base. There’s been a lot of revenue compression by governmental payers and the market in general. Therefore, it is imperative that we continually think about how we’re going to diversify that revenue base and bring in new revenue streams to facilitate growth.

Q: What is a daily mantra that informs your leadership decisions?

CB: I always use the concept, “Leave an organization better than you received it.” That doesn’t always mean having absolute analytics or support. Seasoned CFOs understand [that] you must use your experience and other intellect, in addition to data and supporting analysis, to determine whether the risk of any given business decision is worthwhile going forward.

Q: Montefiore Health System has 11 hospitals and serves 3 million people in communities across the Bronx, Westchester and the Hudson Valley. How does the system’s financial strategy differ by location?  

CB: At the highest level, we are one system. However, every market has different opportunities, and it’s imperative that we find those opportunities and capitalize on them to benefit the patients, providers, communities, and therefore, the system overall.

Q: The system is bringing specialty care expertise in areas including cancer, advanced imaging, neuroscience, transplantation, musculoskeletal and heart and vascular care to new markets in its service region of four counties. How does this play a role in the system’s financial improvement plans?

CB: It’s certainly a big part. This goes back to diversifying the revenue stream and understanding where those opportunities are. Specialty care is a critical element of the future of healthcare. We’ve seen a significant shift from inpatient to outpatient care for the less complex services. But,it’s equally important to understand the more complex care as well, capturing that environment so we can take care of the whole person. From an economic point of view, it typically is that more complex care that produces some of the greater margins for our organization.

Q: What are your top cost containment strategies?

CB: We’re focused on all opportunities. One challenge many organizations have is to maintain a cost-focused culture while you’re trying to support growth to sustain the business. But we look at all aspects — how do we maintain our quality care yet utilize our size and scale to get efficiency? We’re constantly looking at that as it relates to our procurement strategy. We’re constantly looking at our employee and benefit cost structure. We [must] continually look at that resource consumption and make sure we’re spending wisely. As a system, our goal is to make sure that quality care is at the center of what we’re focused on but that we utilize who we are — scale and size — to maximize opportunities.

It’s [also] not just the cost side of the equation that we look at. To grow and sustain, we also have to grow our business. We have to be equally focused on where those growth opportunities lie for us as an organization, maintaining equal focused on our revenue efficiency to make certain we’re collecting every dollar we’re entitled to for the services we deliver.

Q: What new revenue cycle tool are you most excited about? 

CB: The tools we’re most excited about are those that are patient-focused. Consumers, particularly millennials, expect and look for that convenience. We are working with vendors that transition a complex billing and information cycle.  This enables us to communicate with our patients in a far more user-friendly way, We’re excited about these opportunities which are focused on patient-centered communications, allowing us to connect directly with patients, informing them at the earliest point about what their financial responsibilities are, how to interpret that information, and how to make payments on those responsibilities.

Q: If you could pass along one nugget of advice to another hospital CFO, what would it be?

CB: Always keep your eyes and ears open for opportunities and always think about how you can grow and expand your thinking and the perspective you bring to the work that you do.

I would also encourage thinking about how to become partners in the healthcare business. I think we have a calling now as CFOs to be far more involved in operations, rather than just financial reporting, providing data, trends and insight to our internal colleagues. I would really suggest moving from the traditional finance acumen to use those skills and techniques to be a strategic-thinking and better business partner.

 

The Benefits of a High Trust Environment

The Benefits of a High Trust Environment

Image result for high trust environment

The advantages of working in a high trust environment are evident to everyone from the CEO to the shop floor, from suppliers to customers, and even the competition. Building and maintaining trust within any organization pays off with many benefits.

Here are 12 benefits of working in a high trust culture:

1. Problems are easier to solve – because the energy is on the real problem, and people are not afraid to suggest creative solutions.
2. Focus is on the mission – rather than interpersonal protection.
3. Efficient Communication – less need to “spin” information.
4. Less unrest – little need for damage control.
5. Passion for the work – that is obvious to customers.
6. A real environment – no need to play head games.
7. People respect each other – less bickering and wasting time.
8. Fewer distractions – things get done right the first time.
9. Leaders allowed to be human – can make a mistake and not get derailed.
10. Developing people – emphasis on being the best possible.
11. Reinforcement works better – because it is not perceived as manipulative.
12. People enjoy work – the atmosphere is light and sometimes even fun.

With advantages like these, it is not hard to figure out why high trust groups out perform low trust organizations dramatically. There have been many studies that indicate the leverage you get with a high trust group over a low trust one is at least three times. That is why it is common for groups to more than double productivity in less that a year if the leaders know how to build trust.

There are dozens of leadership behaviors that will develop higher trust. An example would be to do what you say (“walk your talk”). I believe the most powerful leadership behavior that will develop higher trust is to create a safe environment. My quote for this phenomenon is “The absence of fear is the incubator of trust.”

Creating a culture of low fear is not rocket science at all. Leaders simply need to make people understand that they will not be put down for sharing their opinions as long as it is done in an appropriate way and time. I call this action “reinforcing candor,” because the person needs to feel welcome to share a contrary view without fear. Leaders who can accomplish this kind of culture will have the advantages listed above.
Work to consistently build, maintain, and repair trust in your organization. I believe the leverage in doing so is the most significant path to greatness in any organization.