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    Wednesday
    Aug152018

    ANNOUNCEMENT: Voting for the Next Great HR Technology Company is Open #HRTechConf

    The competition for the Final Four places in the 2018 Discovering the Next Great HR Technology Company Competition at the HR Technology Conference is on!

    Head over to the HR Tech Insiders site to read profiles, view screenshots, and check out videos for all seven semi-finalist companies vying for a place in the Final Four at the Next Great HR Technology Company session at the Conference in September.

    From there, you can register your selections for your favorites in our online voting and on August 27 learn which four companies have advanced to the finals.

    Good luck to all the companies in the Semi-Finals.

    Voting will close at Midnight EDT Friday, August 24, so don’t hesitate – vote today!

     

    Tuesday
    Aug142018

    CHART OF THE DAY: ETFs, Active Managers, and Human Specialization

    Today's Chart of the Day comes to us from the world of Finance and our pals at Bloomberg and shows just how once type of job, the "active", (and human) mutual fund manager is being disrupted by another kind of manager - a 'passive' one, modeled against the market more broadly, and dominated by algorithms and sophisticated computers.

    Long story short - investors have been migrating their money away from the active, people-driven funds and strategies and towards the passive, ETF-type funds. Here's the chart from Bloomberg, then some comments below from your favorite active blog manager (me).

    Some really interesting things to note from this chart. And recall, just like when we blog about basketball here, this blog about finance and investing isn't really just about finance and investing.

    1. Highlighted on the chart is the worst of the financial crisis, September 2008. This appears to be the inflection point where investors bailed on active investment management in favor of passive investing. In other words, when times were tough, investors didn't seek 'expert' human management for their diminishing funds. In fact, they sought out the opposite.

    2. As the chart above demonstrates, the current active management model for investments simply can't compete any longer with the cheaper passive/ETF model in either total asset gathering (trying to simply grow the way to prosperity), or in terms of returns. Whatever the current strategy is for the active managers, it is definitely not working and has not been for a decade.

    3. So what can these highly-paid, expensive, and under threat active fund managers do to at least try and maintain some relevance and hold on to their country club memberships and beach houses? Bloomberg suggests one approach - hyper specialization.

    From the piece:

    What does the future of active management look like? We believe it should only seek a portion of an investor's assets. To do this, they will have to create highly idiosyncratic and concentrated portfolios. They will have to find the one thing they do well and do it in a concentrated, risk-seeking way, whether it be health-care, emerging markets, macro themes, algorithms, technology or trading. The manager will need to be known as the "go to" person in that space to emerge as the next star, allocating capital as efficiently as possible.

    Again, the specific example/industry/job role doesn't matter here. What matters is the method and approach for people to remain valuable and competitive in a situation where machines and algorithms have plenty of advantages. The advice is not to try and out-compete the robots where you simply can't defeat them, but rather to seek out those areas, pockets, and opportunities where you can leverage uniquely human skills and experience to stay one step ahead of the machines.

    Super interesing article and one that I think no matter what industry or job you are in, has something we can learn from as well.

    Have a great day!

    Monday
    Aug132018

    PODCAST: #HRHappyHour 333 - How AI in HR Will Enhance the Employee Experience

    HR Happy Hour 333 - How AI in HR Will Enhance the Employee Experience

    Sponsored by Virgin Pulse - www.virginpulse.com

    Hosts: Steve BoeseTrish McFarlane

    Guest: Jeanne Meister, Future Workplace

    Listen HERE

    This week on the HR Happy Hour Show, hosts Steve Boese and Trish McFarlane are joined by Jeanne Meister for a conversation on Artificial Intelligence in HR and how it will enhance the employee experience. Jeanne shared her insights on how AI will impact HR, how the skills and roles of HR will adapt and change over time and supported by AI technology, the connection between customer experience and employee experience, and gave HR leaders some advice about how to begin to introduce AI into their HR practices and programs.

    We also got an update on the Logic concert, Steve's acute 'uncoolness', a James Taylor update, and previewed some of the AI related content that will be showcased at the upcoming HR Technology Conference.

    You can listen to the show on the show page HERE, on your favorite podcast app, or by using the widget player below:

    This was a fun show, thanks Jeanne for joining us!

    Subscribe the HR Happy Hour Show on Apple Podcasts, Stitcher Radio, Google Podcasts or wherever you get your podcasts - just search for 'HR Happy Hour'.

    Friday
    Aug102018

    n = 1

    1. Beloved footwear brand Crocs is in a bit of trouble. Might want to stock up on some just in case. I did the same move when I learned that Twinkies were being discontinued a few years back.

    2. There was some really interesting coverage on what auto manufacturer GM is doing to try and better control employee healthcare costs and improve outcomes. It is clear that all of the traditional strategies they have been trying up until now have not moved the needle.

    3. One of the biggest stories in college sports was recently broke by a reporter that ESPN laid off earlier in the year. Tough to get 'scooped' by someone you decided was not essential to your business.

    4. From Academia - 'Compensation and Incentives in the Workplace' by Edward P. Lazear. "A sample of some of the most applicable papers are discussed with the goal of demonstrating that compensation, incentives, and productivity are inseparably linked."

    5. Still more from the market for truck drivers from Fortune. Between automation influences, labor force demographic changes, and increasing regulatory pressures, hiring truck drivers has never been harder.

    6. Infographic (are they still a thing?) 'Debunking 8 Myths about AI in the Workplace'

    7. The English Premier League season kicks off this weekend. If you need a team to support, I recommend Liverpool. This is our year for sure.

    8. Trish McFarlane and I did a great HR Happy Hour Show earlier this week with guest Erica Volini from Deloitte on the 2018 Deloitte Human Capital Trends Report. You can listen to the replay HERE or on your favorite podcast app.

    9. Speaking of the HR Happy Hour Show, our new version of the show for the Amazon Alexa platform just crossed the 50 episode mark. To listen to the show just add the HR Happy Hour Skill to your Echo device's Daily Flash Briefing.

    10. It's one month until the HR Technology Conference in Las Vegas. Check out the agenda and register here. Use my code STEVE300 for $300 off your HR Tech Conference pass.

    Have a great weekend!

    Wednesday
    Aug082018

    Culture, Experience, Dedication (and a little summer basketball)

    Warning - This post seems to be about basketball. It is not entirely about basketball. Maybe 87%.

    Basketball is largely a year-round sport these days, but during the period from the end of the NBA's official Summer League in Las Vegas, (absolutely the most fun trip I make every year), and the beginning of training camp for the new season, usually there is not much happening in the sport. For hoops junkies like me, the eight or ten weeks or so with no real basketball to watch can be a little bit of a bummer.

    But four years or so some enterprising entrepreneurs decided to try to fill that hole in the basketball calendar with a new concept - a $1M dollar, (since increased to $2M) winner-take-all single elimination tournament called, simply, The Basketball Tournament (TBT)  The teams that comprise the field in TBT are made up of some combination of former college players not good enough for the NBA, professionals playing in one of the numerous pro leagues in Europe, Asia, the the Middle East, and a smattering of retired players looking for one more run with some good competition, (and a chance to grab a share of $2M).

    TBT has kind of caught on among hard-core basketball fans, and for a couple of weeks in July, (supported by coverage on the ESPN networks), TBT becomes almost the most interesting story in the basketball world. Assuming, of course, we are not waiting for LeBron to pick a new team.

    But the real story of the four years of TBT has been the story of the team named Overseas Elite, the still undefeated and now four-time winner of TBT, and winners (remember this is a winner-take-all event), of $7M over their run, a prize shared by players and coaches. Overseas Elite, a team made up of players who have almost no NBA experience at all, most of whom were not even decent NBA prospects, and who now play professionally in places like Dubai and Morocco, has delivered a stunning 25-game win streak, (again, this is a single elimination competition), across four tournaments, while defeating many teams that on paper, had much more talent than they possess.

    Here's the part of the post where we shift from a sports story to an HR/Talent story.

    So to what can we attribute Overseas Elite's string of remarkable success?

    Three things that have resonated with Overseas Elite and can be applied to building teams in just about any endeavor?

    Culture- When Overseas Elite, then the 3-time TBT champion, had to fill two open roster slots for the 2018 tournament, they didn't just seek out the best of most talented players they could find. “We don’t pick just any guys,” team leader DJ Kennedy said. “We pick guys who fit our team as far as high character and not being selfish and guys who can really mesh together.” 

    Experience - With most of the roster consisting of relatively older players with years of experience at the pro level from playing around the world, Overseas Elite always played with poise, didn't panic when things were going against them in a game, and over four years and 25 wins under pressure, have found ways to win every time. Knowing what to do in almost any situation only comes from hard-earned experience, and often this experience can make the difference against a more talented team. Our lesson? Don't underestimate or undervalue experience on your own teams in your organizations. Having been there before is a kind of skill you just can't teach.

    Dedication- Amazingly, in the world of TBT and professional basketball, six of Overseas Elite's 10-man roster have been with the team for all four tournaments and have won four championships. Sure, these six guys have stuck with the team because of all the success, (and prize money), but have the success and prize money been a by product of the core of the team remaining intact over the four year run? Probably some of both I guess. While it is hard to know for sure what the real value of this kind of 'core team' consistency is, it has to have at least some value. If you trust the process on the recruiting and hiring side, and you have a decent strategic plan, then letting the team stay together to figure things out can lead to more sustained success over time.

    Ok, so this post was mostly about basketball. Apologies. But I love the story. I hope that Overseas Elite can keep it going next summer. I for sure will be watching.

    Have a great day!