ReportWire

Tag: Biases

  • 6 Aspects Of A Balanced Person: A Complete Picture of Well-Being

    6 Aspects Of A Balanced Person: A Complete Picture of Well-Being

    [ad_1]


    What are the six aspects of a balanced person? Physical, mental, emotional, social, work/financial, and meaning/spiritual. Learn more about each one and how to improve it!


    In life, there isn’t one single area that we need to focus on that is going to magically fix all of our problems.

    Instead there are multiple dimensions behind every “good life.” Each dimension requires our attention and each contributes to our overall happiness and well-being.

    Here are six aspects of life that come together to create a “balanced person.” By being more aware of these different dimensions in life, we can determine which areas we need to focus on more and work to improve.

    The different aspects of a balanced person include: 1) Physical, 2) Mental, 3) Emotional, 4) Social, 5) Work/Financial and 6) Meaning/Spiritual.

    If we focus too much on any one area, then we risk neglecting another one. For example, if you become solely focused on just work and money, you may end up spending less time taking care of your physical and mental health, or less quality time with family and friends.

    This is a common trap people fall into. They focus all of their energy and effort into one area in life while completely ignoring another. Often they need to reconfigure their core values and priorities before making a meaningful change.

    This is why practicing balance in all things is so important.

    Each of these areas is one piece of a much larger puzzle, and only when you have all of these areas working together harmoniously can you finally build a complete life that serves all of your needs.

    Here’s a detailed breakdown of each aspect of a “balanced person,” along with tips, tools, and practical advice on how you can start improving each one.

    While reading ask yourself, “Which aspect do I need to focus on the most right now? What’s one small change I can make to improve that area?”

    Now let’s dive in…

    1. PHYSICAL WELL-BEING

    health

    The “physical” aspect of life is all about taking care of our health, especially exercise, diet, and sleep.

    This includes what types of foods and drinks we consume on a daily basis, how often we exercise and keep our bodies moving, personal hygiene and cleanliness, as well as minimizing alcohol, smoking, and other harmful habits to our physical health.

    Our body is one of the most precious gifts we have – and without it we can’t exist. If we don’t stay healthy, we often can’t fully enjoy all the other aspects of life such as family, work, traveling, or leisure.

    Our health can often have a spillover effect into all the other aspects of our lives – for that reason, taking care of our physical health is often an essential first step on any road to self-improvement.

    No matter what the current state of our health is, it’s never too late to start changing our habits, even if it’s something small like stretching in the morning, taking daily walks outside, or starting an active hobby like Yoga, marathon running, or playing sports.

    A healthy body is a healthy mind. When we take better care of our bodies, we also feel more confident, motivated, and energized overall. That’s the beginning of bringing out your best self.


    Things to do:

    • Identify small ways to be more physically active. Often our days are filled with opportunities to be more active, we just need to take advantage of them. Try to cultivate an “everything counts” mindset when it comes to exercise, even if it just means taking a walk around the block, or stretching in the morning, or doing push-ups before lunch. Any physical activity is better than none at all – so seek out small and convenient ways to keep your body moving throughout the day. If you find yourself sitting for long periods of time, get up and do chores, take a walk around the office, or make a phone call while standing up. A sedentary lifestyle is one of the biggest risk factors when it comes to poor health, so finding any reason to stand up more is better than sitting.
    • Find exercise that “clicks” with you and your personality. Different things work for different people. Some people need to commit themselves to a gym membership to get themselves off the couch, while others prefer to work out in the comfort of their own homes. Your personality shapes what exercise you like, so it’s important you find activities that resonate and “click” with you, rather than trying to force yourself to do something you really don’t enjoy. All you need is that one hobby to take your fitness to the next level, whether it be finding an enjoyable sport (like Tennis, or Baseball, or Basketball), or even exercising through video games (such as Wii Fit or Dance Dance Revolution). Try to think of physical activities you enjoyed as a kid, that can often be a good place to rekindle motivation.
    • Keep a healthy and consistent sleep schedule. Sleep is one of the most important habits when it comes to your overall physical and mental health. Research shows that those who don’t get sufficient sleep (between 6-10 hours every night) often suffer worse health outcomes like a weaker immune system, higher risk of obesity, lower energy and stamina, and more stress and anxiety. If your sleep habits aren’t healthy or consistent, it will likely have a negative “ripple effect” on almost every other aspect of your day. When you’re tired and fatigued, you’re more likely to make mistakes at work or argue with your spouse. It’s important not only to get between 6-10 hours of sleep each night, but also to maintain a consistent schedule. If you don’t sleep much on the weekends, it’s difficult to “catch up” on those lost hours throughout the week. Try to go to bed and wake up around the same time each day if possible. Here are more important lessons behind a good night’s sleep, including recognizing that some people are natural “early birds” or “night owls,” and that’s something you need to recognize and work with.
    • Pay attention to your food and diet. There are many different diets out there to choose from – and people can have long debates about which one is better – but the most important thing is to not eat too much, especially junk food, fast food, soda, sweets, and lots of processed food. Use your commonsense. Experiment with different diet changes and see what works best for you. Different diets work better for different people – so there’s no “one size fits all” solution to what exactly you should eat or not eat. One simple diet change is to substitute all your soda/juice/sugary drinks with water instead. Drinking plenty of water is never a bad place to start – most people don’t recognize how dehydrated they can be throughout the day and how it effects them. If you’re trying to lose weight, one popular option you can consider is intermittent fasting where you allow yourself to eat for an 8 hour window each day and fast for the remaining 16 hours. You can also try the “One Meal A Day” approach, where you restrict yourself to just one big meal (with minimal snacking). In general, pay attention to how your body responds to the things you eat: What foods leave you tired and feeling like crap? What foods make you energized and feeling good?
    • Take care of personal hygiene and cleanliness. Proper hygiene is another important aspect of physical health. While it can seem like commonsense, basic habits like taking a shower, brushing your teeth, getting a haircut, trimming your nails, and washing your face are are all important things not to neglect. Not only does cleanliness prevent you from catching germs and getting sick, you also feel better about yourself when you present yourself in the best way possible (and smell good). Often we are surprised by how much better we feel after a fresh new haircut, or clean new clothes, or new cologne/perfume. When mental health is low, we sometimes neglect these basic habits out of laziness or apathy, which is why they are a crucial first step in self-improvement if we aren’t paying enough attention to them.
    • Minimize your bad habits. No one is 100% perfect and we all have a couple bad habits, whether it be eating too many sweets, or drinking alcohol, or staying up late, or smoking cigarettes. In general, it’s important to quit (or minimize) our unhealthy habits as much as possible. “Choose your crutches wisely.” Keep in mind the long-term consequences of your habits – while it may not feel like they are hurting you right now, their effects can often catch up to you in the future. When trying to quit any bad habit, identify your triggers and work from there to change to change your patterns. Often by creating more boundaries between you and your bad habits, you can overcome your urge to do them (until it’s no longer an automatic habit anymore). If you find that you have a serious problem with addiction or drug abuse, consider professional help (such as a therapist, psychologist, or counselor) – there are often local resources available in your area if you do a quick search.

    Please don’t underestimate the importance of keeping your body in the best shape possible. As Socrates famously said, “No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.”

    Physical health is about much more than just looking and feeling good about yourself – it’s about living a life of vitality and longevity. You can have everything else in your life figured out, but if you don’t maintain your health you won’t be around very long to use or enjoy it.

    2. MENTAL WELL-BEING

    mental

    If you don’t take care of your body then it will slowly deteriorate – and the same is true for your mind.

    Just because you don’t have to go to school anymore doesn’t mean you can’t keep learning new things, keeping your brain sharp, and challenging your intellect.

    Reading books. Learning about new topics. Having deep conversations. Attending lectures and workshops. Following the news. These are all commonsense ways to keep our minds active and continue to update our knowledge and belief system as we move through life.

    Learning is a lifelong endeavor. Balanced people are always seeking new things to dig into and learn more about like a new hobby, new game, or new skill such as painting, chess, learning a new language, or playing a musical instrument.

    In addition, research shows that continuing to challenge our brain is an important way to prevent cognitive decline as we get older, including lower the risk of dementia and memory loss.


    Things to do:

    • Read more books. Reading is one of the best ways to keep your mind sharp and learn new things. Nonfiction books about science, history, philosophy, or self help can grow your knowledge and broaden your perspective on life; and reading fiction has been shown to have many cognitive benefits such as boosting empathy, creative thinking, and expanding your vocabulary. If you haven’t read a book in awhile, try to make it a goal to read at least one book this year. You can start with a book you already own but never got a chance to read, or ask a friend for a book recommendation, or get a card from your local library and explore countless books for free. Find a topic or subject that interests you and start there!
    • Learn a new skill. Learning multiple skills is a hallmark of being a balanced and well-rounded person. It’s never too late in life to dive into something completely new, such as playing a musical instrument, learning a new language, writing poetry, painting, or playing chess. A jack of all trades mindset can make you stand-out from others in unique ways. Many people have a talent or passion for at least one thing, but when you start combining talents and cultivating multiple interests it shows your range and flexibility as a person. Don’t limit yourself. There’s no pressure to become a “professional” or “expert” in everything you do, just stay on a learning path, have fun while doing it, and enjoy seeing the growth as you go.
    • Watch documentaries. Documentaries are a fun and easy way to explore new topics and learn about interesting things you otherwise wouldn’t experience. Depending on what you like, there are many different subjects to choose from: history, sports, biographies, science, inspirational stories, or nature documentaries (which have also been shown to boost positive emotions like joy, gratitude, and awe). I’ve made a lengthy list of recommended documentaries which I try to keep updated as I discover new ones. Check it out and choose one that catches your eye!
    • Monitor your information diet. Our current world is overloaded with information, including a lot that is wrong, misleading, or straight up lies and propaganda. Now more than ever we need to pay close attention to the information we consume on a daily basis. Try to find trustworthy news and educational sites where you can easily verify what they are saying from other sources. Beware of going down esoteric “rabbit holes” where people only confirm their own biases and beliefs. Actively seek out information from multiple sides so you’re at least aware of different perspectives and counter-arguments. The information pyramid is a great guide on how you should prioritize certain sources over others. In general, a peer-reviewed scientific study should be given more weight than some random influencer on social media. Keep in mind it’s also possible to consume too much and become an information junkie, where you’re addicted to learning new things, but you never act on it or put it into practice.
    • Spend time in active reflection. Give yourself time to think and digest, even if it’s just for 10 minutes while sitting with your first cup of coffee in the morning. You don’t always need to be filling your brain with facts to be a smarter person, you also need to know how to step back and contemplate what you know. Active and engaged minds are always taking advantage of opportunities for everyday reflection when sitting on the bus, taking a shower, or walking the dog. Often your best ideas and insights come in moments when you’re not trying to solve a problem directly but just mulling it over in your mind. Schedule time for solitude every now and then and don’t be afraid to sit alone with your thoughts.
    • Learn how your mind works. One essential component to being a more intelligent thinker is knowing how your mind works. We naturally believe we understand ourselves best, but psychology and neuroscience can sometimes reveal counter-intuitive facts and tendencies. To start, our minds are very susceptible to cognitive biases and logical fallacies that can muddy our thinking and understanding of reality. One of the most common errors is black and white thinking, where we believe a situation needs to be either “A” or “B,” but a third perspective, “C,” is the more accurate view. Our minds like to over-simplify things when reality can often be more nuanced and complex. Show intellectual humility. Be open to being wrong and be open to changing your mind in the face of new evidence and experience.

    Take your education seriously. Maintain a healthy and active brain. Even if you were never a good student in school, that doesn’t mean you can’t improve your knowledge and intelligence, especially once you find subjects you are deeply passionate about. Benjamin Franklin once said, “An investment in knowledge pays the best interest.”

    3. EMOTIONAL WELL-BEING

    emotional

    In the “Mental” section we covered how to keep our brains active and be more intelligent thinkers, but there’s also a whole other side of our psychology that we need to pay attention to as well: our “Emotional” side.

    Emotions can often seem like something that we have limited power over, but being a more emotionally intelligent person means becoming more self-aware and learning how to better respond to our emotions in the moment.

    We can’t ignore our emotions or push them aside forever, they are a necessary facet of life and we must learn to navigate our emotional world effectively if we want to live the best life possible.

    Remember that emotions are a resource, not a crutch. Every emotion serves a function or purpose, and if we channel our emotions in a constructive direction we can make great things happen.

    One important lesson is that even negative emotions like sadness, anger, guilt, or fear are helpful to a better life if we approach them from the right perspective.


    Things to do:

    • Learn the basics of emotional intelligence. There are 4 fundamental pillars of emotional intelligence that we need to cultivate: 1) Self-awareness (recognizing our emotions when they happen), 2) Self-regulation (knowing how to respond to our emotions and channel them in a positive direction, 3) Empathy (being aware of other people’s emotions and internal states), and 4) Social Skills (knowing how to respond to other people’s emotions in a healthy and constructive way). Certain people may be strong at some of these and not for others. For example, someone may be really empathetic and caring, but not know how to regulate their own mood and emotions, leading to burnout and emotional fatigue. An emotionally intelligent person must work on all four of these pillars.
    • Improve body awareness. All emotions have a physical component to them. When you learn how to identify the physical sensations behind each emotion, you’ll be much more attuned to your feelings in the moment as you’re experiencing them. This helps you to be more aware of your feelings before acting on them, and to recognize how emotions often want to push or pull you in a certain direction (“do this” vs. “don’t do that”). Every feeling serves a different function depending on its emotional valence (“positive” vs. “negative”) and arousal level (“high energy” vs. “low energy”). With practice, this improved body awareness can also boost your intuition, making you a better reader of your “gut feelings” and what they are telling you.
    • Learn to channel negative emotions. Negative emotions can serve a positive function if you know how to respond to them in a constructive way. If you struggle with any specific negative emotion (sadness, fear, guilt, or anger), then create a plan for how you will respond to it the next time it arises. For example, “If I’m angry, then I’ll go exercise,” or “If I’m sad, then I’ll write in my journal.” Emotions are energy that can be channeled in multiple directions. Write a list of the many ways you can respond to any negative emotion. Remind yourself you have a choice, and you don’t have to keep following the same pattern between negative emotion → negative behavior. One popular technique is opposite action, where you intentionally do the opposite of what a feeling is telling you to do (to reverse the cycle of negativity).
    • Practice meditation and daily mindfulness. Meditation is a great avenue for better understanding and regulating your emotions. It teaches you how to step back and just observe your thoughts and feelings without needing to immediately react to them. This space between “feelings” and “actions” is crucial for being a more emotionally intelligent person; it’s the main principle behind discipline, willpower, and self-control. Never forget that just because you feel a certain way doesn’t mean you need to act on it. If you’re completely new to meditation, start with the 100 breaths meditation – a simple exercise where you just focus on your breathing. It’s also helpful to learn grounding techniques for when you feel overwhelmed, such as mindful stretching or a 5 senses meditation.
    • Embrace creative expression. It’s difficult to describe many emotions with only words so it’s important to embrace other ways of expressing yourself, such as through music, photography, dance, painting, drawing, acting, or film. Often when I meet people who don’t feel fully connected to their emotional self, they usually lack ways of expressing themselves through art and creativity. A creative outlet is often a prerequisite to better understanding and navigating your emotional world, even if you don’t typically think of yourself as a “creative person.”
    • Savor all of your positive experiences. Life is filled with many joys and pleasures throughout the day and we should try to savor them as much as possible. We have many positive emotions to choose from – joy, gratitude, peace, awe, excitement, laughter, and wonder – and there are a variety of activities that can lead to more positive emodiversity in our lives. Don’t just chase after the same positive experiences over and over again, seek new experiences, new hobbies, and new ways of enjoying life. Learn how to savor happiness as much as possible by being more present in the moment, creating positive memories, and reminiscing on good times.
    • Relax and manage daily stress. Last but not least, it’s necessary we cover stress management as an essential component to mental health and emotional intelligence. Stress is a normal part of everyday life, but if you don’t know how to manage it in a healthy way it can often have a negative influence on your thoughts, feelings, and behaviors by making you more sensitive, irritable, angry, and bothered (even by little things that don’t really matter). Recognize when to push yourself vs. when to step back and recharge. In the complete guide on daily stress, you’ll find a great framework for reframing your “fight, flight, or freeze” response by viewing stress as a signal to pay attention to and guide you throughout the day. Don’t underestimate the importance of your comfort zone and use it as a place to recharge after a challenging or overwhelming day.

    Emotions can “make us” or “break us” depending on how emotionally intelligent we are. They are a fundamental part of life, but we often have more power over them than we realize. Learn how to channel your emotions in a healthy and constructive way – become a master of them, not a slave to them.

    4. SOCIAL WELL-BEING

    social

    Healthy and positive relationships are an essential ingredient to happiness and well-being.

    No matter who you are, you crave some type of social connection; even the most introverted person on the planet will have a tough time finding happiness all by themselves.

    There used to be a time when I believed “I don’t need people to be happy, all I need is myself.” But over the years I’ve learned more and more that having social support and a sense of belonging is a basic human need that can’t be avoided.

    How strong is your current social circle? Here’s advice to get you started.


    Things to do:

    • Stay connected with friends and family. You should try your best to stay in touch with people who you already have a strong relationship with, especially family and old friends. There’s a simple power in checking in on people and preserving social connections you’ve already established. It doesn’t take much time or effort to show you’re thinking about someone: a simple text, email, or phone call is all you need to let people know you still care and value your relationship with them. You’d be surprised by how much other people appreciate you reaching out to them, even if you haven’t spoken to them in a really long time.
    • Embrace small social interactions. Every time you leave your home, there is opportunity for social interaction. To build your social muscles, embrace the power of 10 second relationships, such as saying “Hi,” to a neighbor or coworker, small talk with a cashier or cab driver, or sparking up a quick conversation while waiting for the train or bus. Research shows even super tiny social interactions can boost positive emotions and feelings of social connectedness. This can also be a great exercise for people who are very introverted (or have a lot of social anxiety) and want to start being a more social person. Make a plan to have a pleasant interaction with at least one new person every day.
    • Learn how to have endless conversations. One big concern for people when it comes to meeting new people is, “What do I say? What if I run out of things to talk about?” One popular technique known as conversation threading provides an excellent framework so that you never run out of topics to talk about. The basic idea is that every sentence contains multiple “threads” we can go down, and often the art of good conversation is being able to 1) Listen to what people say, and 2) Choose a thread to talk more about. Rinse and repeat and a conversation can go on forever. Also consider improvisation exercises so that you can be a faster and more creative thinker in the moment.
    • Improve communication and conflict resolution. It’s a cliché, but communication is everything in relationships. If you don’t know how to express your thoughts and feelings in an honest and constructive way, you’ll have trouble building genuine and healthy connections with others at home, work, or wherever you need to cooperate and work together with people. In romantic relationships, it’s important to know how to communicate your feelings without manipulating or being dramatic. In family and work environments, it’s important to know how to defuse heated arguments before they spiral out of control. The truth is people can be difficult and you’re not going to like everyone’s company. That’s natural. Conflicts have the potential to arise in any social situation, because people have different beliefs, values, and personalities that may be incompatible with each other. What’s most important is to teach yourself the best methods for conflict resolution so you can better navigate the complexities of your social world.
    • Find opportunities to meet new people. Most people make friends through work or school. Once we get older, it can become more difficult to find new connections or become a part of new social circles. Recent research shows that most adults claim to have “less than 5 close friends.” If you’re looking to expand your circle, there are many opportunities available to you. Depending on your likes, hobbies, and interests, consider going out more to music shows, bars, coffee shops, workshops, church/religious services, bowling leagues, adult education classes, sports events, or book clubs. Seek out local groups in your area or volunteer somewhere. You can also take advantage of websites like Meet Up to connect with like-minded people who live close-by. All it takes is one new friend to introduce you to an entirely new social circle. Be patient and don’t worry if you don’t initially hit it off with the first couple people you meet. Finding the right relationships that fit into our lives can take time.
    • Use social media and the internet to connect. The internet can be a great place to connect with like-minded people who we’d never meet in the real world. Online communities on social media, message boards, or video games can often provide a valuable source of social interaction, especially for people who don’t have many “real life” friends. The internet can be particularly helpful for connecting with others who have rare or eccentric hobbies, such as fans of a specific author, athlete, music genre, or comic book franchise. Unfortunately, many online communities can also become negative, competitive, and toxic (see the online disinhibition effect), so it’s necessary you build a positive digital environment that works for you. That doesn’t mean hiding in your own “echo chamber,” but it does mean cultivating a feed and followers who ultimately add value to your life and don’t subtract it. First focus on topics you’re naturally interested in such as science, technology, sports, or movies. Try not to be a passive consumer of information, actively enter conversations by asking questions or sharing knowledge with others. Often times we can build meaningful connections with people online that are just as important as those we find in the real world. However, while online relationships can have many benefits, we shouldn’t see them as a substitute for real world “face to face” interactions.

    Always remember that quality of relationships > quantity of relationships.

    You don’t need to be super popular or the life of the party to have a healthy social life. All you need is a couple really close friends who support you, trust you, and enjoy your presence. That’s everything you need to be socially satisfied.

    Healthy relationships are a fundamental aspect of happiness and well-being for everyone. Our need to belong to a “tribe” or group is hardwired into our brain, biology, and evolution. Like every other aspect of a balanced person, it can’t be ignored.

    Are your daily social needs being fulfilled?

    5. WORK / FINANCIAL WELL-BEING

    work

    Another fundamental aspect of a balanced person is work, money, and material concerns.

    At the most basic level, we depend on food, clothing, shelter, healthcare, and other necessities so we can live a healthy and dignified life.

    People that struggle to make a living can often hurt in many other areas: physical health (can’t afford good foods, healthcare, or medicine), relationships (can’t support family, no money for dating), as well as our mental and emotional well-being (stress, anxiety, and low self-esteem).

    Unless you win the lottery or have someone else to provide for you, finding a steady job or career is often one of the most focused on areas in life. From childhood up until we finish high school or college, we are constantly asked, “What do you want to do for a living?”

    A few people find jobs they love, many find jobs they like, and most find jobs they can at least tolerate. Balancing psychological needs with financial needs can be a difficult task depending on your current situation.

    While we don’t always get a choice in what we do for a living, there are important ways to give ourselves more power over our work life and financial life. Here are important guidelines to keep in mind.


    Things to do:

    • Focus on your strengths. Everyone has a place in this world where they add value. Before you decide what type of work you’d like to do for a living, it’s important to know what your natural strengths, skills, and talents are. If you’re friendly and good with people, you may excel at managing, customer service, or human resources type jobs. If you’re more introverted and creative, you may want to focus on writing, graphic design, computer programming, or freelance work. What type of activities are you typically good at (or at least above average)? What were your best subjects in school? What do you enjoy doing and why? Complete the strengths worksheet to discover more about your natural skillset. Ultimately, knowing your strengths will influence what types of jobs or career choices will suit you best – including where you contribute the most value.
    • Value education and experience. No matter what your job is, there are always new ways to learn and improve. The best workers in life are those who are always growing and mastering their craft. College is still an important part of education, but what’s even more important is to stay self-motivated and continue learning after school. Many people I know have landed successful jobs that had virtually nothing to do with what they studied in college. In several cases, they were people who taught themselves coding/programming, built a portfolio to show their work to potential employers, and climbed their way up the company ladder from there. All self-taught. You can also consider going to trade schools, workshops, mentorships, internships, and other forms of gaining knowledge and experience that are outside of the traditional college model. Any work experience is better than none at all – you just need to start somewhere and begin building yourself up.
    • Make the most of your job. While it’s rare for any of us to get our “dream job,” we can always make the most of our work life by being a good employee and doing our best. Use nudges to keep yourself motivated and productive throughout the day, learn mental strategies for getting things done that you normally “don’t like” doing, and make friends at work with bosses, coworkers, clients, or customers, because those are the people you’re going to be spending a lot of time with and it’s crucial you have healthy and functioning relationships with them. No matter what your job is try to see the underlying purpose or meaning behind it. What value does it add to the world? Are you proud of the work you do?
    • Live within your means. Regardless of how much money you make, one of the most commonsense rules for financial well-being is living within your means. This includes keeping a budget that you can maintain (for food, rent/mortgage, bills, gas, clothes, and leisure expenses), and not buying too much stuff you can’t immediately afford. Debt can be common at some point in our lives (due to student loans, credit card debt, medical emergencies, etc.), but try to be mindful to not put yourself in a hole that you can’t climb out of. Avoid luxury expenses that put you at financial risk. We sometimes over-extend ourselves due to social comparison and a “keeping up with the Joneses” mentality. We think if our friend or neighbor gets a brand new car or goes on an expensive trip, then we need to “one-up” them with a similar purchase. Many times people fall into massive debt because they are trying to chase status, fame, luxury, or exorbitant pleasures. In general, keep track of all your monthly expenses and find ways to cut back on spending that isn’t necessary. Learn about spending biases that can lead to overconsumption (like the allure of “FREE!,” the “Relativity Trap,” and “One Click” purchases). Big corporations are masters of psychology and persuasion. If we aren’t vigilant about our spending habits (especially if you enjoy retail therapy), then we’ll often fall for tricks that cause us to spend more money than we should.
    • Create a healthy relationship with material things. This article is about being a balanced person. Work and money are very important aspects of life, but materialistic beliefs can also backfire to hurt us. No one lays down on their deathbed wishing they spent more time in the office. Work-a-holics can end up focusing so much on their career that they neglect giving enough attention to their family, health, and well-being. Never forget that there is a lot more to a good life than just money and material things, despite what you may see glamorized in movies, TV shows, or commercials. Psychology research shows that after a certain point, increased wealth and income has very little effect on our overall happiness and life satisfaction. Being rich sounds awesome, but it won’t necessarily make you any happier than if you earned less with a stable and secure life. Take the materialism quiz to see if you have a healthy relationship with money and stuff.

    Remember, money is important but it isn’t everything.

    Financial well-being will often look radically different depending on the person. Certain people may be content with modest and minimal living, while others crave more luxury, adventure, and pleasure. Whichever lifestyle you choose, it’s necessary that money finds the proper role in your life without being completely consumed by it.

    One succinct way to define true financial well-being is “not needing to think about money all the time.”

    6. MEANINGFUL / SPIRITUAL WELL-BEING

    spiritual

    The meaningful or spiritual aspects of life can often be overlooked.

    We may occasionally ask ourselves big questions like, “Who am I?” “Why am I here?” or “What’s my purpose?” but we rarely translate these questions into our daily lives through action.

    For many people, religion is their main source of spirituality and meaning. Attending church, being part of a local community, prayer, and volunteering or giving to charities are common ways people boost meaning in their daily lives. Religion has been shown to improve happiness and well-being by creating a strong sense of purpose and community.

    However, we don’t need religion to have a meaningful life. There are many other sources of meaning, including art, culture, philosophy, literature, music, relationships, activism, introspection, and creativity.

    Where do you get your meaning in life?


    Things to do:

    • Learn the pillars of a meaningful life. One excellent guide on how to live a meaningful life outlines five different pillars to focus on, including 1) A sense of belonging (having healthy relationships with those around you), 2) A sense of purpose (feeling that you contribute to a larger whole), 3) Storytelling (the life story we tell about ourselves, as well as stories and myths about the world we live in), 4) Transcendence (experiencing “awe” and “inspiration” in the presence of great things), 5) Growth (having a sense that you are evolving and moving forward as a person). All five pillars contribute to a rich and meaningful existence.
    • Spend more time in nature. Nature reminds us that we are part of something larger than ourselves, a whole process known as “life.” Nature is a fantastic source of meaning because it continuously inspires positive emotions like joy, amazement, gratitude, and awe. The best part is that nature is all around us – we don’t need to plan a weekend camping trip to experience it – instead just pay attention to everyday nature that is all around you: trees on the drive to work, birdwatching in your backyard, or spending time in your garden over the summer. Having pets to care for is another easy and wonderful source of nature and connection, even if it’s just a small fish tank to maintain. Nature also includes enjoying the beauty of a nice view such as sunrises, sunsets, mountaintops, storm watching, and star-gazing.
    • Take a complete picture perspective. Finding meaning requires being able to look at things from a big picture perspective. What influence do your actions have in the long-term? What type of impact will you leave on the world after you die? When you keep the complete picture in mind, you recognize that even super small actions can add up and have big results in the future. Your life doesn’t begin at birth nor end at death, you are part of an intergenerational chain of cause-and-effect that has stretched thousands of years. That’s a powerful thought if you can see the true significance behind it.
    • Embrace art, music, and culture. Artists are the creators of new meanings, especially famous painters, musicians, filmmakers, photographers, authors, playwrights, and dancers. Pursuing a creative hobby of your own is one fantastic way to infuse new meaning into your life. You can also embrace art and culture more by going to museums, art galleries, music concerts, and theaters. A lot of beautiful art is archived in online art and cultural exhibits, so you can discover a lot of new inspiration by just sitting in the comfort of your own home. Artists of all forms teach us how universal the human condition is. It’s a huge inspirational boost when you realize a book written over a hundred years ago resonates exactly with how you feel today. One of my strongest memories is attending a music concert of my favorite band with thousands of others listening and singing along. Creativity is one of humanity’s greatest gifts and there’s a lot of wisdom, beauty, and feelings of universal connection it can offer us.
    • Signs, symbols, and synchronicity. A meaningful life can be more about feeling inspiration and empowerment rather than thinking only logically and factually about the world. Embrace things you can’t always explain. If you feel like you’re getting a “sign” from the universe, accept it. Our minds often think unconsciously through the power of symbols, especially through reoccurring dreams or nightmares that may be trying to tell you something important. Meaning can be created anywhere if you have the right perspective. Many of my favorite moments in life are when I experience synchronicity, which is finding a connection between two things that seem completely unrelated at first. For example, if I start reading a book and then someone brings up the same book randomly the next day, I try to see that as a sign that I’m on the right path. It may or may not be true, but it is a simple and easy way to add more meaning to the little things in life.
    • Have faith that life is good. Faith may not have any role in science, but it does play an important role in good living. At the end of the day, one of the most important beliefs we can have is that “life is good” and things will generally work out in the end. One of my personal favorite quotes is, “Pray to God, but row to shore.” It shows us to have hope and faith in life, but still take action and try our best in the moment. Both faith and action are necessary ingredients to a happy and fulfilling life. A belief in God or a higher power can make this whole process easier. However, even if you can’t bring yourself to accept “metaphysical” or “supernatural” ideas, at least try to sense the oneness and interconnectedness of all things. These ideas are an endless source of power, strength, and resilience, even in the face of incredible hardships and tribulations.

    A “meaningful life” can be one of the most difficult areas of life to improve, especially while living in a world that is filled with nihilism, hedonism, and materialism.

    However, once you build a strong spiritual core you can withstand almost any difficulty or hardship. It can empower you to a whole new level that non-spiritual people don’t usually have access to.

    CONCLUSION

    To sum things up we must invest time and energy in all six of these aspects if we want to live a happy and balanced life.

    Once again, these six aspects of a balanced life include: 1) Physical, 2) Mental, 3) Emotional, 4) Social, 5) Work/Financial, and 6) Meaningful/Spiritual.

    Which area are you the strongest in? Which area are you the weakest in?

    Keep this framework in mind as you embark on a lifetime of self-improvement. Try the Daily Routine (PDF) exercise and use this resource as a guideline.


    Enter your email to stay updated on new articles in self improvement:

    [ad_2]

    Steven Handel

    Source link

  • Explain Yourself: The Healthy Challenge of Describing Your Beliefs

    Explain Yourself: The Healthy Challenge of Describing Your Beliefs

    [ad_1]


    How effectively can you explain yourself to others? Learn to embrace the healthy challenge of describing your beliefs to sharpen your thinking and worldview.


    This content is for Monthly, Yearly, and Lifetime members only.
    Join Here


    The post Explain Yourself: The Healthy Challenge of Describing Your Beliefs appeared first on The Emotion Machine.

    [ad_2]

    Steven Handel

    Source link

  • The Biggest Challenges Women Entrepreneurs Face | Entrepreneur

    The Biggest Challenges Women Entrepreneurs Face | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The challenges faced by women-owned businesses are myriad, well-known and documented. Things
    like access to capital, lack of resources and a lack of mentors — just to name a few. But what no one talks about is the resistance women-owned businesses face when we simply ask to get paid for our products and services.

    As a women-owned business, an ecommerce accelerator program and an online sales channel developed to support other women-owned businesses, the first question I am asked in 95% of conversations with potential investors, customers and partners is: “Are you a non-profit?”

    When I answer with a definitive “NO,” the responses are predictable: First, “That’s a shame because we are always looking for non-profit organizations that support women with investing, technical support, etc.” The second most common response is: “Great! But we don’t have any budget. We love your work and would like to support you in other ways.”

    The final type of response may be the worst of all. It goes something like this: “Wonderful! We are excited about your service or product and would love to use it. But we will need you to provide the first order at no cost.”

    Related: 4 Strategies to Empower Women in the Workplace

    It is a mystery to me that savvy businesspeople continue to believe, or assume, that women-owned businesses are either charities or that we don’t incur costs in developing or delivering our products or services.

    There are basic costs built into any business, but there seems to be a lack of recognition that, like any other business, women-owned businesses must charge for their services and products to cover their costs, grow their businesses and even (gasp) make a profit.

    I have been an entrepreneur for several years and have had the opportunity to work with both men-owned and women-owned businesses. In my experience, the conversations I just described are a rare
    occurrence for those businesses owned and run by men.

    Related: What Do We Tell Young Women Considering Entrepreneurship? Here are 6 Key Messages to Share

    They are virtually never asked if their businesses are not for profit; they are most often paid for trial programs or products, and there is little expectation that they would lose business if they don’t add on products or services for free. This is not a new issue, and I’m sure this is often self-inflicted by women business owners.

    When challenged on price, it is not uncommon for us to apologize or change the terms of the offer. We are often plagued with self-doubt and assume our products or services must not be worth it. I also want to recognize that women doing business with one another can be the largest source of this inequity.

    Many times, women don’t want to pay other women and devalue their businesses. I attribute this to the sense of scarcity that women in business have come to expect and the competitive environment that mindset fosters. When you are fighting over a tiny slice of the pie, it’s hard to value the feast.

    Women-owned businesses need to be paid equally for the products and services they provide. Economic development happens when businesses sell products, invest in buying additional materials, hire employees and spend in their communities. Not paying these businesses the full value of their products or services is just as impactful as a lack of access to capital.

    Related: 3 Ways Women Founders Can Leverage Their Value on Women’s Equality Day — and Beyond

    How much growth could we unleash in our economy if women-owned businesses, who, despite these headwinds, still manage to outperform most of the market, weren’t met with this price resistance? How many women-owned businesses have closed down in response to pressures to underprice and over-deliver? How many employees were not hired? How many new businesses were never able to get off the ground?

    The next time you are negotiating with a woman-owned business, please be aware of your own potential bias and assumptions. The data has shown for years that women-owned businesses positively impact the overall economy and often outperform the market. Women, like men, are in business for many reasons, but they won’t remain in business if their products or services are undervalued. Pay her for her products and services. You will be contributing to positive economic growth, gender equity, and simply playing fair.

    It’s vital to recognize and address the subtle biases and assumptions that perpetuate the challenges faced by women-owned businesses. The resistance to paying women-owned businesses fairly for their products and services is a significant hurdle contributing to economic disparities.

    By acknowledging the value women entrepreneurs bring to the market and compensating them appropriately, we can foster economic growth, empower women in business and work towards achieving a more equitable business landscape. It’s time to challenge the status quo, break free from ingrained biases and build a business environment where women-owned businesses can thrive without being undervalued or underestimated.

    [ad_2]

    Kate Isler

    Source link

  • 5 Cognitive Biases That Are Holding You Back | Entrepreneur

    5 Cognitive Biases That Are Holding You Back | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    I like to think of myself as a constant learner. I don’t believe you can make it very far as a leader without humility, and throughout my three-decade career, I have sought out information on how to improve my leadership skills through practically every medium. Books have obviously been a massive component of that, as well as seminars, and more recently, podcasts have become a valuable resource.

    These long-form types of content allow leaders to gain large amounts of knowledge. But I’ll admit that it can be difficult to take in all of the information and find the time to do so. We live in an increasingly fast-paced world, and often our efforts are so focused on being an entrepreneur running a company that we don’t feel we have the time to commit to external growth outside of it.

    This is a mistake. As leaders, we must constantly seek ways to improve our craft — after all, leadership is a skill that must be intentionally honed. Learning by doing is a valid way to become a good leader, but if you want to be truly great, you must take it upon yourself to consistently make conscious improvements.

    That being said, it is important to recognize that short-form articles – like the one I am writing right now – can be just as valuable. They present information in a concise and easily digestible way that can be further researched at a later date if interest is sparked. And with that, I introduce you to cognitive biases.

    Related: How Cognitive Biases Can Impact Your Trading and Investment Decisions

    What are cognitive biases?

    A concept first introduced by researchers in the 1970s, cognitive biases are defined as systematic errors in thinking that occur when people are processing and interpreting information in the world around them and ultimately affect their decisions and judgments. They are our brains’ attempts at simplifying information processing, creating rules that help us in making the thousands of decisions we do each day.

    However, although powerful, the human brain is not flawless. Our attention is limited, and our memories are imperfect, and because of this, subtle biases can creep in and influence the way we see and interact with the world around us.

    Great leaders are those that can consistently take in and evaluate all of the information available to them to make objective, logical decisions. Mistakes are inevitable, but pervasive ones are more often than not the result of biases throwing you off, leading to poor decisions and bad judgments.

    Below I have outlined five cognitive biases I believe most commonly prevent entrepreneurs and their organizations from reaching their full potential.

    Related: Cognitive Biases About Leadership and How to Survive Them

    1. Confirmation bias

    It comes with the territory of entrepreneurship that you will inevitably encounter naysayers who tell you your idea will never work. Whether it be friends, family, co-workers or even people you hoped to do business with, it is the hallmark of a successful entrepreneur to remain driven even when others cannot see your vision.

    However, this can also lead to one of the most common cognitive biases. Confirmation bias is the tendency to seek out and interpret information to confirm existing beliefs or assumptions and disregard contradictory evidence. This lack of objectivity can cause entrepreneurs to be plagued with problems, preventing them from considering alternative perspectives or adapting their strategies based on new information.

    2. Overconfidence bias

    Entrepreneurs who exhibit overconfidence bias tend to have an inflated sense of their own abilities, knowledge, and the likelihood of success. It is important to emphasize that overconfidence bias is not just something that happens to people with massive egos – everybody at one point or another has incorrectly assessed their competencies.

    For example, when asked to rank their driving skill, 93% of Americans said they were better than average. However, 90% of accidents are caused by human error. The perception does not hold up to the facts and statistics.

    When it comes to entrepreneurs, this bias can lead to excessive risk-taking, failure to assess market conditions adequately, and a tendency to overlook potential obstacles or challenges. In short, humility should aspire to more than hubris.

    Related: Are You Dangerously Overconfident?

    3. Anchoring bias

    As an entrepreneur, you may already be familiar with the concept of price anchoring. Price anchoring involves introducing a prospective customer to a higher price at the beginning of a potential sale, whether it’s an undiscounted price or a different product or service with a higher price tag.

    Those who use price anchoring are taking advantage of the anchoring bias. Our first exposure to information significantly influences us, causing us to incorrectly evaluate all subsequent information based on that initial knowledge, even if it doesn’t provide a complete picture.

    When entrepreneurs begin down a path based on limited initial research without considering other options, we can fall victim to anchoring bias. We may fixate on a specific reference point or starting value and fail to adjust our judgments or strategies based on additional information. This can limit creative problem-solving and hinder adaptive decision-making.

    4. Availability bias

    This bias refers to the tendency of entrepreneurs to rely heavily on readily available or memorable information when making judgments or decisions. A fascinating example of this lies in the fact that shark attacks save lives statistically. An analysis of deaths in the ocean near San Diego found that every time a shark attack killed a swimmer, the number of drownings would decrease for a few years. This is because reports of death by shark attack are remembered more vividly than reports of drownings.

    For entrepreneurs, availability bias can lead to an overemphasis on recent experiences or anecdotal evidence, potentially causing them to overlook valuable insights or neglect to comprehensively analyze the situation at hand. As leaders, we must work to dig deeper and not simply accept information because it is easily accessible.

    5. Sunk cost fallacy

    In 1996, two expeditions attempted to summit Mount Everest. Although conditions on the mountain continued to deteriorate, those climbing had spent years training and thousands of dollars in preparation for that day, so they decided to continue onwards and upwards. Both expeditions never made it to the top or off the mountain.

    On a much less dire level, we have all fallen into the sunk cost fallacy trap at some point, such as when we don’t like what we cooked for dinner but eat it anyway because we spent money on the ingredients and put the time into making it.

    Entrepreneurs affected by this bias have stakes somewhere between the two. We persist with a failing project because we have invested significant time, effort or resources into it, continuing to allocate resources even when evidence suggests it isn’t a viable or profitable endeavor.

    One of the hardest pills for any entrepreneur to swallow is realizing that we are getting in our way. Cognitive biases are tricky to overcome precisely because they are designed to put up our blinders and prevent us from seeing things objectively. The first step in doing so is to recognize the patterns they make in our lives simply. The next is to do something about it.

    [ad_2]

    Hanif Lalani

    Source link

  • AI Can Be Racist, Sexist and Creepy. Here Are 5 Ways You Can Counter This In Your Enterprise. | Entrepreneur

    AI Can Be Racist, Sexist and Creepy. Here Are 5 Ways You Can Counter This In Your Enterprise. | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    I started my career as a serial entrepreneur in disruptive technologies, raising tens of millions of dollars in venture capital, and navigating two successful exits. Later I became the chief technology architect for the nation’s capital, where it was my privilege to help local government agencies navigate transitioning to new disruptive technologies. Today I am the CEO of an antiracist boutique consulting firm where we help social equity enterprises liberate themselves from old, outdated, biased technologies and coach leaders on how to avoid reimplementing biased in their software, data and business processes.

    The biggest risk on the horizon for leaders today in regard to implementing biased, racist, sexist and heteronormative technology is artificial intelligence (AI).

    Today’s entrepreneurs and innovators are exploring ways to use to enhance efficiency, productivity and customer service, but is this technology truly an advancement or does it introduce new complications by amplifying existing cultural biases, like sexism and racism? 

    Soon, most — if not all — major enterprise platforms will come with built-in AI. Meanwhile, employees will be carrying around AI on their phones by the end of the year. AI is already affecting workplace operations, but marginalized groups, people of color, LGBTQIA+, neurodivergent folx, and disabled people have been ringing alarms about how AI amplifies biased content and spreads disinformation and distrust.

    To understand these impacts, we will review five ways AI can deepen racial bias and social inequalities in your enterprise. Without a comprehensive and socially informed approach to AI in your organization, this technology will feed institutional biases, exacerbate social inequalities, and do more harm to your company and clients. Therefore, we will explore practical solutions for addressing these issues, such as developing better AI training data, ensuring transparency of the model output and promoting ethical design. 

    Related: These Entrepreneurs Are Taking on Bias in Artificial Intelligence

    Risk #1: Racist and biased AI hiring software

    Enterprises rely on AI software to screen and hire candidates, but the software is inevitably as biased as the people in human resources (HR) whose data was used to train the algorithms. There are no standards or regulations for developing AI hiring algorithms. Software developers focus on creating AI that imitates people. As a result, AI faithfully learns all the biases of people used to train it across all data sets.

    Reasonable people would not hire an HR executive who (consciously or unconsciously) screens out people whose names sound diverse, right? Well, by relying on datasets that contain biased information, such as past hiring decisions and/or criminal records, AI inserts all these biases into the decision-making process. This bias is particularly damaging to marginalized populations, who are more likely to be passed over for employment opportunities due to markers of race, gender, sexual orientation, disability status, etc.

    How to address it:

    • Keep socially conscious human beings involved with the screening and selection process. Empower them to question, interrogate and challenge AI-based decisions.
    • Train your employees that AI is neither neutral nor intelligent. It is a tool — not a colleague.
    • Ask potential vendors whether their screening software has undergone AI equity auditing. Let your vendor partners know this important requirement will affect your buying decisions.
    • Load test resumes that are identical except for some key altered equity markers. Are identical resumes in Black zip codes rated lower than those in white majority zip codes? Report these biases as bugs and share your findings with the world via Twitter.
    • Insist that vendor partners demonstrate that the AI training data are representative of diverse populations and perspectives.
    • Use the AI itself to push back against the bias. Most solutions will soon have a chat interface. Ask the AI to identify qualified marginalized candidates (e.g., Black, female, and/or queer) and then add them to the interview list.

    Related: How Racism is Perpetuated within Social Media and Artificial Intelligence

    Risk #2: Developing racist, biased and harmful AI software

    ChatGPT 4 has made it ridiculously easy for information technology (IT) departments to incorporate AI into existing software. Imagine the lawsuit when your chatbot convinces your customers to harm themselves. (Yes, an AI chatbot has already caused at least one suicide.)

    How to address it:

    • Your chief information officer (CIO) and risk management team should develop some common-sense policies and procedures around when, where, how, and who decides what AI resources can be deployed now. Get ahead of this.
    • If developing your own AI-driven software, stay away from public internet-trained models. Large data models that incorporate everything published on the internet are riddled with bias and harmful learning.
    • Use AI technologies trained only on bounded, well-understood datasets.
    • Strive for algorithmic transparency. Invest in model documentation to understand the basis for AI-driven decisions.
    • Do not let your people automate or accelerate processes known to be biased against marginalized groups. For example, automated facial recognition technology is less accurate in identifying people of color than white counterparts.
    • Seek external review from Black and Brown experts on diversity and inclusion as part of the AI development process. Pay them well and listen to them.

    Risk #3: Biased AI abuses customers

    AI-powered systems can lead to unintended consequences that further marginalize vulnerable groups. For example, AI-driven chatbots providing customer service frequently harm marginalized people in how they respond to inquiries.  AI-powered systems also manipulate and exploit vulnerable populations, such as facial recognition technology targeting people of color with predatory advertising and pricing schemes.

    How to address it:

    • Do not deploy solutions that harm marginalized people. Stand up for what is right and educate yourself to avoid hurting people.
    • Build models responsive to all users. Use language appropriate for the context in which they are deployed.
    • Do not remove the human element from customer interactions. Humans trained in cultural sensitivity should oversee AI, not the other way around.
    • Hire Black or Brown diversity and technology consultants to help clarify how AI is treating your customers. Listen to them and pay them well.

    Risk #4: Perpetuating structural racism when AI makes financial decisions

    AI-powered banking and underwriting systems tend to replicate digital redlining. For example, automated loan underwriting algorithms are less likely to approve loans for applicants from marginalized backgrounds or Black or Brown neighborhoods, even when they earn the same salary as approved applicants.

    How to address it:

    • Remove bias-inducing demographic variables from decision-making processes and regularly evaluate algorithms for bias.
    • Seek external reviews from experts on diversity and inclusion that focus on identifying potential biases and developing strategies to mitigate them. 
    • Use mapping software to draw visualizations of AI recommendations and how they compare with marginalized peoples’ demographic data. Remain curious and vigilant about whether AI is replicating structural racism.
    • Use AI to push back by requesting that it find loan applications with lower scores due to bias. Make better loans to Black and Brown folks.

    Related: What Is AI, Anyway? Know Your Stuff With This Go-To Guide.

    Risk #5: Using health system AI on populations it is not trained for

    A pediatric health center serving poor disabled children in a major city was at risk of being displaced by a large national health system that convinced the regulator that its Big Data AI engine provided cheaper, better care than human care managers. However, the AI was trained on data from Medicare (mainly white, middle-class, rural and suburban, elderly adults). Making this AI — which is trained to advise on care for elderly people — responsible for medication recommendations for disabled children could have produced fatal outcomes.

    How to address it:

    • Always look at the data used to train AI. Is it appropriate for your population? If not, do not use the AI.

    Conclusion

    Many people in the AI industry are shouting that AI products will cause the end of the world. Scare-mongering leads to headlines, which lead to attention and, ultimately, wealth creation. It also distracts people from the harm AI is already causing to your marginalized customers and employees.

    Do not be fooled by the apocalyptic doomsayers. By taking reasonable, concrete steps, you can ensure that their AI-powered systems are not contributing to existing social inequalities or exploiting vulnerable populations. We must quickly master harm reduction for people already dealing with more than their fair share of oppression.

    [ad_2]

    Jamey Harvey

    Source link

  • This Dangerous Judgement Error Could Cost You Your Business

    This Dangerous Judgement Error Could Cost You Your Business

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Congress just cleared the Boeing 737 Max 10 jet for certification in the omnibus end-of-year spending bill without further safety enhancements. That’s despite significant opposition by those demanding a safety upgrade: from the union representing the 15,000 pilots at American Airlines, from the families of those killed in the two deadly crashes in 2019, and from Rep. Peter DeFazio, chair of the House Transportation Committee. Rep. DeFazio led the key congressional investigation into the Max crashes and said the language in the spending bill was included over his objection.

    This rushed clearance stemmed from the pressure of lobbying by Boeing and its allies. It suggests neither Boeing nor Congress learned the lesson of Boeing’s earlier 737 Max fiasco: when 346 people lost their lives; Boeing lost $5 billion in direct revenue and over $25 billion when counting damage to the brand and losing customers; and Boeing fired its CEO Dennis Muilenburg.

    What caused the disaster for Boeing? At a high level, it was the company’s desire to keep up with Airbus’s newer, more fuel-efficient aircraft, the Airbus 320. To do this, Boeing rushed the production of the 737 Max and provided misleading information to the Federal Aviation Administration (FAA) in order to receive fast approval for the plane. In the process, Boeing disregarded the safety systems that its own engineers had recommended and did not fix known software issues with the 737 Max, which ultimately led to the crashes.

    The new normal

    The root cause of the disaster at Boeing can be traced back to a cognitive error known as normalcy bias. This bias causes people to overestimate the likelihood that things will continue as they have been and underestimate the potential consequences of a disaster occurring.

    Ironically, the transformation of the airline industry in recent decades to make airplanes much safer and accidents incredibly rare is key to understanding Boeing’s disaster. The Boeing leadership was overconfident in the safety record of their airplanes and saw the FAA certification process as an obstacle to doing business rather than a necessary safety measure. This normalcy bias contributed to their decision to rush the production of the 737 Max and overlook known software issues.

    Boeing’s 737 Max disaster is a classic case of the normalcy bias. The Boeing leadership felt utter confidence in the safety record of the airplanes it produced in the last couple of decades, deservedly so, according to statistics on crashes. From their perspective, it would be impossible to imagine that the 737 Max would be less safe than these other recent-model airplanes. They saw the typical FAA certification process as simply another bureaucratic hassle that got in the way of doing business and competing with Airbus, as opposed to ensuring safety.

    Think it’s only big companies? Think again. The normalcy bias is a big reason for bubbles: in stocks, housing prices, loans and other areas. It’s as though we’re incapable of remembering the previous bubble, even if occurred only a few years ago.

    Similarly, the normalcy bias helps explain why leaders at companies of all sizes were so vastly underprepared for Covid-19 and its impact. While pandemics pose a major threat, it’s a low-likelihood, high-impact, slow-moving disaster. The normalcy bias keeps tripping us up on such disasters unless we take effective steps to deal with this problem.

    Related: How You Can Crush the Biggest Sales-Killing Mental Bias

    Normalcy bias in a tech start-up

    Of course, the normalcy bias hits mid-size and small companies hard as well.

    At one of my frequent trainings for small and mid-size company executives, Brodie, a tech entrepreneur shared the story of a startup he founded with a good friend. They complemented each other well: Brodie had strong technical skills, and his friend brought strong marketing and selling capacity.

    Things went great for the first two and a half years, with a growing client list — until his friend got into a bad motorcycle accident that left him unable to talk. Brodie had to deal not only with the emotional trauma but also with covering his co-founder’s work roles.

    Unfortunately, his co-founder failed to keep good notes. He also did not introduce Brodie to his contacts at the client companies. In turn, Brodie —a strong introvert — struggled with selling. Eventually, the startup burned through its cash and had to close its doors.

    The normalcy bias is one of many dangerous judgment errors, and mental blindspots resulting from how our brains are wired. Researchers in cognitive neuroscience and behavioral economics call them cognitive biases. Fortunately, recent research in these fields shows how you can use pragmatic strategies to address these dangerous judgment errors in your professional life.

    Preventing normalcy bias disasters

    It really helps to use the strategy of considering and addressing potential alternative futures that are much more negative than you intuitively feel are likely. That’s the strategy that Brodie and I explored in my coaching with him after the training session, as he felt ready to get back to the startup world.

    While Brodie definitely knew he wouldn’t be up to starting a new business himself, he also wanted to avoid the previous problems. So we discussed how he would from the start push for creating systems and processes that would enable each co-founder to back up the other in cases of emergencies. Moreover, the co-founders would commit to sharing important contacts from their side of the business with each other, so that relationships could be maintained if the other person was out of commission for a while.

    So what are the broader principles here?

    1. Be much more pessimistic about the possibility and impact of disasters than you intuitively feel or can easily imagine getting over the challenges caused by the normalcy bias.
    2. Use effective strategic planning techniques to scan for potential disasters and try to address them in advance, as Brodie did with his plans for the new business.
    3. Of course, you can’t predict everything, so retain some extra capacity in your system — of time, money, and other resources — that you can use to deal with unknown unknowns, also called black swans.
    4. Finally, if you see a hint of a disaster, react much more quickly than you intuitively feel you should to overcome the gut reaction’s dismissal of the likelihood and impact of disasters.

    Unfortunately, Boeing — and Congress — did not appear to learn this lesson in the rushed approval of the new 737 Max model. The fact that they failed to make the safety upgrade demanded by so many diverse external stakeholders signals that more deadly lessons may be in store for us in the future.

    [ad_2]

    Gleb Tsipursky

    Source link

  • 5 Keys to Being an Effective Hybrid Manager

    5 Keys to Being an Effective Hybrid Manager

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    82% of all survey respondents have higher job satisfaction if they can work from anywhere, according to a new survey by VMware of 5,300 HR, IT, and business decision-makers and employees. Of those participants who work in a hybrid or remote modality, 56% say their teams have increased creativity and 55% report increased collaboration since before the pandemic. No wonder that 74% of U.S. companies are adopting a permanent hybrid model, according to research by Zippia.

    Yet middle managers are feeling the strain. A Future Forum survey shows that 43% of middle managers report burnout, more than any other group of workers. The particularly large burden on middle managers stems, in large part, from the burden of implementing company policies on hybrid work and the return to office. What happens typically, from my experience of helping 21 companies transition to hybrid work, is that executives decide on policies and leave it up to middle managers to implement them.

    That approach works well with clear, straightforward policies that managers know how to implement well based on prior experience. But managers have no experience with making the transition to hybrid work and then managing hybrid teams. Naturally, they try to shoehorn what they know — office-centric management methodologies — into hybrid-centric work. Then, they feel burned out when the results don’t measure up to expectations.

    Related: How Middle Management Can Drive Your Business Into the Ground

    Instead, to excel in the hybrid work transition and hybrid team leadership, managers need to adopt the five keys to hybrid management success, which differ markedly from office-centric management. These keys are intentionality, not automaticity; trust, not paranoia; autonomy, not micromanagement; connection, not presence; finally, accountability, not facetime.

    1. Intentionality, not automaticity

    It’s easy for managers to go on autopilot and do what they always did in the past. After all, why change something if it worked in the past, right? This conservative strategy works well — most of the time. The problem comes from the times when the context changes, such as the transition to hybrid work.

    A context shift requires a transformation from automaticity to intentionality. Instead of doing the same thing as before on autopilot, managers have to recognize the need to intentionally change their management style to fit the new context.

    Unfortunately, our brain is poorly suited to making such intentional changes, due to cognitive biases, which are mental blindspots that lead to poor decision-making.

    One of the biggest problems for effective management in hybrid work is the status quo bias, a desire to maintain or get back to a situation our brains perceive as comfortable and appropriate. This bias helps explain why managers are trying to turn back the clock to January 2020, a time when they were comfortable and in control.

    A related cognitive bias that poses a challenge for hybrid work management is called functional fixedness. When we have a certain perception of how to function, we ignore other possible ways to function, even if the new ones would offer a better fit for a changed situation. That’s why so many managers try to shoehorn office-centric management methods into hybrid work, despite the obvious problems with doing so.

    Addressing this set of problems requires middle managers to recognize when the context shifts, and then shift from automaticity into intentionality. They need to figure out the best methods to manage in this new environment while accepting that they will be uncomfortable and not know all the answers in doing so. Having helped 21 organizations make the transition to hybrid work — ranging from mid-size nonprofits such as the University of Southern California’s Information Sciences Institute to Fortune 500 giants such as the high-tech manufacturer Applied Materials — I can attest that the discomfort that stems from the sense of losing control and confidence in their abilities poses the biggest obstacle for middle managers in effective hybrid management.

    2. Trust, not paranoia

    Microsoft released a new study, where it found that 85% of leaders say that the “shift to hybrid work has made it challenging to have confidence that employees are being productive.” This lack of trust in worker productivity has led to what Microsoft researchers termed productivity paranoia: “where leaders fear that lost productivity is due to employees not working, even though hours worked, the number of meetings and other activity metrics have increased.”

    This failure to trust their subordinates to be productive remotely goes squarely against the evidence. Extensive research — in the form of surveys, employee monitoring software and the gold standard of randomized control trials — conclusively demonstrates that employees are on average 5-10% more productive working remotely, especially on their individual tasks. And given we’re talking about hybrid work, employees can do their collaborative tasks in the office: that’s the best use for the office.

    However, middle managers have difficulty trusting that employees who they aren’t observing are being productive. Such a focus on having employees be visible in the office speaks to a highly traditionalist leadership mindset, underpinned by the illusion of control. This cognitive bias describes our mind’s tendency to overestimate the extent to which we control external events. The tendency is especially prevalent in executives who want to micromanage their employees. They believe that having employees present in the office guarantees productivity.

    In reality, research shows that in-office employees, even high-performing and productive ones, work much less than a full eight-hour day. They actually spend anywhere from 36% to 39% of their time working. The rest, according to these studies, is spent on other activities: checking social media, reading news websites, chit-chatting with colleagues about non-work topics, making non-work calls and even looking for other jobs.

    Middle managers need to learn to let go of their false beliefs that “when the cat’s away, the mice will play.” In fact, people will live up to your expectations: If you expect them to perform, and show you trust them, they will live up to your expectations, by and large. Moreover, the research clearly shows they will outperform when working from home on their individual tasks.

    Related: You Should Let Your Team Decide Their Approach to Hybrid Work. A Behavioral Economist Explains Why and How You Should Do It.

    3. Autonomy, not micromanagement

    The desire of many middle managers for control is not simply emphatically unrealistic. It also goes directly against a principle that we know is critical for productivity, engagement and innovation for office-based workers: the desire for autonomy.

    Studies show that we do our best work through intrinsic motivation, which involves autonomy and control over our work as a fundamental driver of effectiveness. Employees are most engaged, happy and productive when they have autonomy. A study of 307 companies finds that greater worker autonomy results in more innovation. And a recent survey by Metis indicated that 80% of respondents said they either prefer independence with moderate oversight (45%) or require a high level of independence at work (34.5%).

    For middle managers, a key component of autonomy in the post-pandemic environment involves giving workers flexibility and self-control of where and when they work, rather than trying to shoehorn them into the pre-pandemic “normal.” The best approach involves giving such flexibility to a whole team and having them determine their own approach to flexibility. When it comes to hybrid work, 46% of employees reported being engaged when their team determines their own policy of when to come into the office, according to a recent Gallup survey. By contrast, 41% of respondents are content to make the decision individually, and just 35% reported being engaged if leadership determines the top-down policy for everyone.

    Connection, not presence

    One of the biggest challenges for remote work involves addressing weakening connections among staff members. But only specific types of connections grew weaker. In fact, according to a recent survey by Covve, 67% report their overall relationships with colleagues grew stronger.

    Diving deeper, it’s the connections between team members that grow stronger when teams work part or full-time remotely, as research by Microsoft found. The problem comes from the decrease in cross-functional connections between teams, which weakens with remote work. Such “weak ties” are valuable for the kind of cross-disciplinary innovation that can drive growth, which might be hampered by remote work, according to an MIT study.

    In office-centric roles, weak ties form naturally from people on different teams being present in the same office. Yet in hybrid contexts, effective middle managers need to cultivate such weak ties intentionally.

    One way that managers can facilitate weak bonds involves in-person events that bring members of different teams. Middle managers can organize social events, such as happy hours, escape room trust-building events or group volunteer activities. Or they can offer in-person training that deliberately involves members of different teams interacting together. They can also consider remote social activities that help build weak ties, such as video game sessions or virtual escape rooms.

    Another tool of doing so: Scholars discovered that connecting junior staff with different senior staff as mentors offered a very effective way to extend the network and build the weak ties of junior staff. An added benefit: such pairings help junior staff gain on-the-job training and become integrated into the organization.

    Accountability, not facetime

    The traditional means of managers evaluating staff and holding them accountable relies on facetime: Seeing and talking to their subordinates throughout the year and giving them an annual review. In the hybrid work environment, this facetime approach is vulnerable to proximity bias, in other words, managers will value more highly those subordinates that they see more often.

    Indeed, a Society for Human Resource Management (SHRM) survey of more than 800 supervisors found that 42% admitted they sometimes forget about remote workers when assigning tasks. This may explain why remote workers get promoted less often than their peers, despite being 15% more productive on average.

    Yet equating facetime to accountability is not only unsuitable for hybrid work; it also didn’t work well in the in-person environment, given that office-centric employees only spent 36% to 39% of their time working. Effective hybrid managers focus on meaningful goals and outcomes that advance their team’s business objectives, rather than the amount of time someone spent working.

    Doing so can be as easy as integrating a performance evaluation element into the weekly one-on-ones that many middle managers already schedule with their supervisees. At each weekly meeting, the manager and supervisee would agree on three to five key goals for the employee to achieve. Then, at the next meeting, the supervisee would report to the manager on how they did on the goals. The manager can coach the supervisee on solving any problems encountered, and provide a weekly performance evaluation. That way, all team members would know where they stand and any areas they need to work on to improve their performance. The meeting would end with the manager and supervisee agreeing on the three to five goals for the next week.

    Related: You Can’t Return to The Office Without Defeating These Four Major Battles

    Conclusion

    Intentionality, trust, autonomy, connection and accountability represent the five keys to turning a traditional office-centric manager into an effective hybrid manager. Abandoning office-centric methods requires acknowledging that we’ll never return to the past; the pandemic accelerated the existing trends toward hybrid work, and with ever-improving technology, the future will involve more time working remotely, not less. Still, the office represents a valuable place to gather, collaborate and socialize, and hybrid managers need to learn how to manage their teams effectively both in the work office and the home office. By understanding what kind of activities are best done where, and adopting managerial methods well-suited to hybrid work, modern managers will help their teams thrive in the increasingly-disrupted future of work.

    [ad_2]

    Gleb Tsipursky

    Source link