In the latest HCI Webinar, Dr. Jonathan H. Westover talks with Manny Skevofilax about leveraging empathy to help businesses thrive. Below is a summary of the main points from their conversation! Check out the full episode and let us know what you think!
Watch the episode here:
Quick Recap
Manny and Jonathan discussed the importance of transitioning from an autocratic to an empathetic management style, the challenges of rapid growth in companies, and the need for investing in employees to retain good talent. They also emphasized the importance of setting reasonable goals for business growth, focusing on sustainability and the potential negative consequences of unchecked growth. Lastly, they discussed the challenges and opportunities businesses may face in the near future, including rising costs, liquidity issues, and a shortage of qualified employees.
Manny's Journey to Empathetic Management
Jonathan and Manny discussed Manny's background and his transition from an autocratic management style to an empathetic one. Manny shared his experience growing up in a strict environment and his observations of different businesses and their employee satisfaction levels. He noted that employees who were happiest worked under empathetic leaders who cared about their well-being and growth. Manny also mentioned his journey of self-education and his realization of the importance of empathetic management. The conversation ended with Manny expressing his difficulty in transitioning from an autocratic to an empathetic management style.
Challenges of Rapid Company Growth
Manny and Jonathan discussed the challenges of rapid growth in companies, particularly in the tech industry. They highlighted the issue of employees leaving after investing time and effort into their development. Jonathan emphasized the importance of investing in employees to prevent them from leaving and to attract good talent. He also noted that in the tech industry, it's common for employees to move around every couple of years, and not doing so might be seen as a problem. They concluded that investing in employees is crucial for a company's growth and success.
Investing in Employees and Retention
Jonathan and Manny discussed the importance of investing in employees and retaining good talent. Jonathan emphasized that while it's inevitable to lose some good employees, investing in them can help retain others and pay dividends for the company. Manny shared his experience of asking business owners about their treatment of employees, highlighting the importance of clear communication and setting expectations. They also discussed the need for business owners to focus on their financial results and conduct regular financial reviews, despite the many other responsibilities they have.
Balancing Growth for Sustainable Outcomes
Manny and Jonathan discussed the importance of setting reasonable goals for business growth, emphasizing the need for sustainability and the potential negative consequences of unchecked growth. Jonathan introduced the concept of "Donut Economics," which challenges the notion of constant growth for its own sake, suggesting that growth should be pursued in a thoughtful and sustainable manner. Manny agreed, noting that excessive stress on the organization and employees can result from unsustainable growth, and that the focus should be on creating a beneficial outcome for all stakeholders.
Addressing Economic Challenges and Skills Gap
Jonathan and Manny discussed the challenges and opportunities businesses may face in the near future. Manny predicted a continuation of rising costs due to the economic environment, necessitating growth on the top line. He also mentioned potential difficulties in liquidity in the banking environment and a shortage of qualified employees. Jonathan agreed, adding that the skills gap in the labor force, particularly in STEM fields and healthcare, would persist. He suggested that organizations must continue to upskill and reskill their workforce to address this issue. Manny encouraged the audience to visit his website, Portal CFO, for more information and to check out his book, Ultimate Profit Management.
Listen to the webinar here:
