The Truth About Reactive Management

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If you’re a business owner or manager of a team, you likely wear many different hats. Especially for small businesses, owners often find themselves going in different directions every day. If this sounds familiar, ask yourself when was the last time you were able to sit down and think ahead? What about actually plan ahead?

All too often, leaders get wrapped up in moment-to-moment tasks, allowing their time to get sucked down the drain of immediate crises. Working in a constantly reactive state can feel good, though. You may be thinking:

I’m a fast and efficient problem-solver!
I’m a doer. I get s**t done!
I don’t let problems bring me down—I face them head-on!

Yes. You probably are all those things. But when you spend 100% of your time being all those things, you miss out on time spent being a strategist, a planner, a thinker, and a visionary! How do you expect your business to grow if you can’t think farther ahead than the next problem brought to you?

Reacting to every little thing that comes across your path can make you feel like you’re getting a lot done. But while you’re focusing on what’s right in front of you, more significant problems will grow in the background, and you may not even notice them developing. And when they catch up to you, you won’t have the time or energy to manage them.

Rewiring your approach

Although reacting to urgent problems is part of every leader’s job, it’s critical they also make time to manage for the future, not just the current moment. Get a handle on your reactive managing style and start building a foundation for the future by:

1. Sharing responsibility

One of the major issues with reactionary managing is allowing unimportant but urgent tasks to eat up your time. Start practicing the art of delegation and hand off some of these tasks to your team. It can feel scary to delegate, but hopefully, you’ll soon find that your team is more than capable of answering phone calls and emails, calling that cranky client, or fixing a botched order. Save your time for issues that need your attention specifically—not just attention in general.

2. Re-imagining your schedule

If you’re wondering where you’re supposed to find the time to plan, look at your calendar and pinpoint areas that can be re-prioritized.

“But I don’t have the time!” isn’t an excuse.

Yes, you do have the time. You’ve just decided it’s better spent elsewhere. But is it? Really?

It’s a safe bet that you’ve got 30 minutes, or even an hour, every day you could re-allocate to a different activity. If you’re not sure where to start, try tracking your time throughout the week, detailing exactly how you spent each moment at work. Chances are, you’ll be unpleasantly surprised by how much time you ended up spending on unnecessary tasks that don’t require your energy.

Block out designated time on your calendar to spend looking at the big picture of your business. Allow yourself to identify those background problems that are much more easily dealt with before they grow, rather than after they’ve boiled over. Hold boundaries around this time. Tell your team you are unavailable during these blocked-out times and give them time to develop their independence with your newfound delegation.

Treat this time like it’s sacred—because it is! You need that time to make sure your company grows smoothly and efficiently.

3. Creating, refining, and implementing processes

A common issue among businesses that are run reactively is a lack of clear processes for employees to follow. If your management style is running around putting out fires, you probably haven’t had time to build an organized system for solving problems and dealing with spontaneous change.

Every leader, team, and organization will face roadblocks, speed bumps, and detours. But if you don’t have a map for your team to follow to their destination, the efficiency with which they’ll arrive at a solution will take a big hit.

It is time well spent to work out and document processes for your team to follow when issues arise. Proactively planning for potential challenges that your team may face will save you a lot of time and energy for when they do appear.

Be proactive

Being quick on your feet and always moving to the next shiny new challenge may be fun at times, but it’ll eventually burn you out and leave you with larger problems. If you want to grow your team or business in a sustainable direction, prioritize strategy and proactively plan for your future. It’s the only way to win.

 

Content provided by Q4iNetwork and partners

Photo by artursz

Three Financially Focused Benefits Your Employees Will Love

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In the last two years, employees across the country have had to adapt and adjust to a lot of challenges, many of which organizations had little to no control over. Employee burnout, stress, and wellbeing took major hits, putting more pressure on organizations to come up with solutions to help them face these challenges. According to the 2021 Employee Benefit Trends Study by Met Life, 86% of employees said finances are a top contributing factor to their stress now and into the future. While this may feel like an insurmountable problem for employers to take on, there are many solutions that can make a big impact for both the wellness of your employees and the health of your business.

1. Student Loan Repayment Programs

Today, 47 million Americans are carrying the burden of student loan debt. This year, student loan debt in America reached a staggering 1.7 trillion dollars. Despite the temporary loan forbearance the Biden Administration placed on federal student loan payments, student loan debt remains a top concern for many Americans in the workforce.

Employers looking for ways to help support employees who are paying off student loans should consider offering employee benefits aimed at just that—helping them pay off this debt. In December, Congress passed the Consolidated Appropriations Act of 2021, enabling employers to contribute up to $5,250 in student loan payments tax-free, making it easier than ever for organizations to help.

Supporting employees burdened with student loan debt can be a strong tool for attracting and retaining top talent.

2. Retirement Planning

A 2019 study by GOBankingRates found that 64% of respondents expected to retire with less than $10,000 in their retirement savings. Employers can help employees prepare for retirement and reduce stress by offering benefits designed to enable employees to begin saving for retirement. Some plan options that provide tax benefits to both employers and employees include:

  • Payroll Deductible IRA – For employers who don’t want to implement a retirement savings plan, this plan offers a way for eligible employees to contribute to an IRA through payroll deductions.
  • 401(k) Plan – This plan offers an opportunity to employees to save through salary deferrals with the option of employer contribution.
  • Money Purchase Plan – This plan allows employers to make contributions to employee savings based on their discretion. There is no fixed amount nor requirement to make a contribution by the employer.

There are many types of retirement plans available to organizations, so do your research and choose the one that fits the needs of your business.

3. Education and stewardship

Understanding the basics of investing, saving, and money management is a challenge for many Americans, leading them to avoid this type of planning altogether. If your organization can’t offer benefits to help them save, consider offering a program to empower them through education.

Platforms like Skillshare and financialgym offer online courses to help anyone learn the basics of investing, planning for retirement and savings, and managing money. Knowledge and understanding can make a more powerful impact, in many ways, than simply offering a plan that no one understands.

Their financial wellness is your reward

Helping employees plan for retirement and effectively manage their savings and debt is a sure-fire way to improve their overall wellbeing by reducing stress and creating stability within their lives and futures. You may see an increase in talent attraction, employee engagement, retention, and satisfaction by offering a hand and enabling employees to create financial stability within their lives. What’s good for them is good for business.

 

Content provided by Q4iNetwork and partners

Photo by fizkes

 

What You Need to Know About Group Life Insurance

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A study conducted by LIMRA and Life Happens found that 41 million Americans say they do not have life insurance coverage at all. When it comes to providing benefits for your employees, life insurance ensures they give their families much-needed financial security. All too often, however, life insurance is a misunderstood and confusing topic. We are here to help.

Here is what you need to know about group life insurance plans.

What is life insurance?

Life insurance is a contract between a person and an insurance company. A premium is paid, and after a person’s death, a lump sum, or death benefit, is paid to the beneficiaries the person designates. The beneficiaries can use the money for any purpose they like.

What is group life insurance?

Group life insurance is when an entire life insurance contract covers a whole group of people. The policy owner is the employer or organization, and the policy covers all the employees at the organization.

Are there different types of group life insurance?

Yes, there are two different types of group life insurance: employer-paid or voluntary. These are usually seen as term life insurance, which provides your employees coverage for the term of their employment.

Employer-paid life insurance

Employer-paid life insurance is when the policy is paid by the employer. This offers your employees a convenient way to receive life insurance coverage. This type of coverage, at times, offers them coverage portability or the ability for your employees to continue their life insurance policy when they no longer work for you.

Voluntary life insurance

Voluntary life insurance is an optional benefit offered to employees. This type of life insurance is paid for by the employee directly to the workplace’s insurance company via a monthly premium taken out of their paycheck. Like employer-paid life insurance, voluntary life insurance can also offer coverage portability.

Why is life insurance important?

As an employer, you may wonder why life insurance is important to provide to your employees, and there are several reasons:

  • It provides for lost income: Providing a group life insurance policy helps ensure that your employees’ loved ones will have some financial replacement for the lost paycheck in the case of their death. This allows the family time to get a footing in their new reality.
  • It reduces stress: Losing a loved one is already a difficult and emotional experience without the added financial burden of losing a partner or parent. Life insurance will help protect the family from the difficulty that awaits. For example, finding help for childcare after the loss of a parent is a huge stress for the surviving parent. Knowing they have financial support to afford it can ease the pressure.
  • It helps cover bills and debts: Life insurance will help cover bills or debts your employees leave behind, so they are not passed to your employees’ loved ones.

It doesn’t have to be confusing

Life insurance can be, admittedly, confusing. But it is a smart move for employers who want to add family-focused benefits into their employee benefits plan. Talk to a trusted advisor who will help you decide on the best group life insurance plan for your employees.

 

Content provided by Q4iNetwork and partners

Photo by thodonal

Facing Challenges as a High-Performance Team

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Imagine your team works on a project or goal, and they need to get from point A to point B. Do you believe the bridge between the two points provides the necessary support to carry your team over? What if an obstacle is thrown their way?

Perhaps an essential team member calls out sick, and the team depends on them to reach a deadline. This is when your team will show whether they are a high-performing team or merely highly productive.

You can have intelligent, capable, and productive individuals on your team, but if they cannot persevere through challenges, it is time to foster a high-performance team. This is possible by establishing the primary components of a high-performance team: a positive work environment, collaborative problem-solving, and leadership.

Positive work environment

The first component of a high-performance team is having a positive work environment. Start by creating ground rules to establish the values of the group. The ground rules communicate personal behavior expectations that reflect the team’s values.

And how your team handles emerging challenges depends on your team culture!

For example, if a team values learning and openness to new approaches, they would expect others to ask questions and offer guidance while promoting curiosity.

Foster a team identity built on a commitment to a shared goal or vision. Strong team identities are built on listening, trust, respect, and understanding strengths and diversity. These values are critical for working interdependently because they enable people to rely on one another.

Collaborative problem-solving

By fostering listening skills, trust, and team identity, a team can problem-solve collaboratively. Problem-solving demands an exchange of ideas, which is possible only if team members work hard to listen to perspectives that are different from their own. An excellent way to approach collaborative problem-solving is by using divergent and convergent thinking strategies.

Divergent thinking helps high-performing teams identify many solutions to
a potential problem. The spirit of the activity is to defer judgment and encourage contributions in a free-flowing and creative way. There are
many exercises you can use to promote divergent thinking:

  • Letting your team have time to think about the problem
  • Making lists of the potential solutions to the problem
  • Doing verbal brainstorming or mind-mapping

Once you have a solid set of potential solutions, the team moves into the convergent thinking stage, where they work together to:

  • Narrow down options
  • Decide on the best solution
  • Reach a consensus based on a benefit and risk analysis

When you have fostered a healthy team environment, the inevitable conflict will be manageable through your ground rules of mutual respect. Create a positive work environment with strong listening skills and team identity and you will see your teams making decisions and action plans to face challenges head-on in a collaborative way.

Leadership

Leadership helps provide the bridge’s strength and support to push a team to persevere when faced with a challenge. The leader creates a positive work environment and encourages collaborative problem-solving while nurturing their team’s capabilities. Remember that leaders are not always the boss; you can have a de-facto leader on your team too!

Leaders contribute to high-performance teams by attending to the team’s health, maintaining the strategic vision, supporting team members individually, demonstrating and encouraging accountability, and modeling the way through behavior and action.

Be the three-legged stool

Although the three primary components of a high-performance team are fostered separately, they all depend on each other like the three legs of a stool. If one leg is not stable, the others will not be either. Nurture all three components and embrace challenges head-on!

 

Content provided by Q4iNetwork and partners

Photo by stillfx