Managing EDOs 2018
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IEDC Basic Economic Development Course SBDC USF Tampa November 2018
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Managing EDOs 2018
- 2. Managing EDOs Presented To: IEDC Basic Economic Development Tampa, November 2018
- 3. Ruth A Buchanan, MBA, CEcD
- 6. Class Objectives 1. Understand and develop your own management philosophy and style 2. Learn current best practices 3. Learn about (economic development) management best practices
- 7. Class Objectives 1. Management philosophies 2. Management styles 3. Management best practices A. Elements we manage B. Elements we mitigate C. Tools D. Additional considerations 4. Discussion
- 8. Management Philosophy That set of rational principles which form the basis for guiding or controlling the operation or performance of a business activity - Harsh Jain, Khama Jain
- 9. Management Philosophy That set of rational principles which form the basis for guiding or controlling the operation or performance of a business or public sector activity - Harsh Jain, Khama Jain (modified)
- 10. Management Philosophy Comes from my values, things I learned in classes, my experiences from work, and most importantly my experience with people. - Ellery Young
- 13. Management Philosophy “From the moment he started the company with my mother in 1927 until he died in 1985, my dad lived the values we associate with our corporate culture and management style today - concern for all employees, hands-on management, and an unrelenting commitment to meeting customer needs through excellence in quality, service and hospitality. - J Willard Marriot, Jr.
- 14. Management Philosophy “Everything he did was based on his uncompromising beliefs in treating people fairly, working hard, paying close attention to details, and listening to arid giving customers what they wanted. Collectively, these values and beliefs form Marriott's management philosophy - the foundation on which the company was built and the superstructure on which our future growth depends.” - J Willard Marriot, Jr.
- 15. Management Philosophy “And there can’t be politics. I despise politics. There is no room for it in a company. My life is going to be way too short to deal with that. No bureaucracy. We want this fast- moving, agile company where there are no politics, no agendas. When you do that, things become pretty simple. You don’t have all of these distractions. You don’t have all of these things that companies generally worry about. You don’t have silos built up where everybody is trying to optimize their silo and figuring out how to grab turf and all of these things.” - Tim Cook, Apple
- 16. Management Philosophy “We are both proponents of a decentralized management philosophy: of hiring key people carefully; of pushing decisions down the organization; and of setting overall principles and resisting temptation to be involved with details. In other words, don’t hire a dog and try to do the barking.” - Tom Murphy (Mentor to Warren Buffet)
- 17. Management Philosophy “Early on I realized that I had to hire people smarter and more qualified than I was in a number of different fields, and I had to let go of a lot of decision-making. I can't tell you how hard that is. But if you've imprinted your values on the people around you, you can dare to trust them to make the right moves.” - Howard Schultz
- 18. Management Philosophy Jeff Bezos …insists that managers monitor and adopt important external trends. “These big trends are not that hard to spot (they get talked and written about a lot), but they can be strangely hard for large organizations to embrace,” he writes. “We’re in the middle of an obvious one right now: machine learning and artificial intelligence.” - Adam Lashinsky (Fortune)
- 19. Management Philosophy He goes on to discuss the visible and less obvious ways Amazon is utilizing machine learning and AI. But his notion that the important trends aren’t hard to spot is non-trivial. Too many organizations spend too much debating if something is going to be big. If you’ve spent that much time debating it, it’s probably too late. - Adam Lashinsky (Fortune)
- 20. Management Philosophy Bezos also shared his thinking on how high-performance teams should work together—including with their bosses and also when they disagree with each other. “Recognize true misalignment issues early and escalate them immediately,” he writes. “Sometimes teams have different objectives and fundamentally different views. They are not aligned. No amount of discussion, no number of meetings will resolve that deep misalignment. Without escalation, the default dispute resolution mechanism for this scenario is exhaustion. Whoever has more stamina carries the decision.” - Adam Lashinsky (Fortune)
- 21. Management Philosophy The point is that he demands fast action and quick resolution when people disagree. Exhaustion with disagreement is something anyone who works in a large organization can understand all too well. - Adam Lashinsky (Fortune)
- 27. Management Philosophy Theories and models are great guidelines but sometimes situations arise that don’t quite fit into models and theories. - Ellery Young
- 28. Management Philosophy That’s why it is important to look at each situation with a fresh perspective and handle accordingly. - Ellery Young
- 30. Class Outline 1. Management philosophies 2. Management styles 3. Management best practices A. Elements we manage B. Elements we mitigate C. Tools D. Additional considerations 4. Discussion
- 31. Management Style
- 32. Management Style MANAGEMENT STYLES: 1. Autocratic 2. Paternalistic 3. Democratic 4. Laissez-faire
- 37. Management Style Successful (Famous) Extroverts • Steve Jobs • Muhammad Ali • Winston Churchill • Bill Clinton • Margaret Thatcher • Marie Antoinette • George W Bush
- 38. Management Style Successful (Famous) Introverts • J.K. Rowling • Abraham Lincoln • Bill Gates • Albert Einstein • Mahatma Gandhi • Rosa Parks • Warren Buffet • Laura Bush
- 41. Management Style
- 43. Management Style
- 45. Management Style Mei mei Barcoma
- 46. Management Style Mei mei Barcoma CONTROL Laizzes-faire Democratic Teamwork Participatory Directing Paternalistic Authoritarian Chaotic
- 47. Management Style Analyst Catalyst Visionary Gap Filler Advocate Educator Ethics Champion Huffingtonpost.com
- 48. Management Style
- 50. Management Style The main difference between leaders and managers is that leaders have people follow them while managers have people who work for them. A successful business owner needs to be both a strong leader and manager to get their team on board to follow them towards their vision of success. Leadership is about getting people to understand and believe in your vision and to work with you to achieve your goals while managing is more about administering and making sure the day-to-day things are happening as they should. - "Copyright © 2017 go2 Tourism HR Society. All Rights Reserved. Republished under license."
- 51. Management Style
- 52. Management Style Skill Path Blog
- 53. Management Style
- 54. Class Outline I. Management philosophies II. Management styles III. Management best practices A. Elements we manage B. Elements we mitigate C. Tools D. Additional considerations IV. Q&A Management Best Practices
- 55. • Elements we manage a. People b. Projects c. Assets d. Dollars e. Expectations f. Information g. Standards h. Time Management Best Practices
- 56. Human skills are some of the most important skills you can have as a manager. - Ellery Young Managing People
- 58. • Every employee has a unique personality • Which means they are motivated by different things - Eric Tachibana Managing People
- 59. • Some are introverts • Others are extroverts - Eric Tachibana Managing People • Some are born to think through problems • Others use their feelings
- 60. Managing People • Whatever the case, as a manager, you cannot change who your employees are in their core - Eric Tachibana
- 61. • Every employee has a unique personality • Which means they are motivated by different things - Eric Tachibana
- 63. • But those same people are also going through their own lifecycles • What motivates them now may be different from what motivated them last year - Eric Tachibana
- 64. Managing PeopleTraditional Boomers Xers Millennials Goals Build Legacy Build Stellar Career Build Portable Career Build Parallel Career Rewards Job Well Done Money, Title, Office Freedom to Do Work with Meaning Training Learn Hard Way Train ‘em & they leave Training an incentive to stay Continuous Learning Feedback No News Good News Annual Review and data Will ask when wanted Instant Feedback Changing Jobs Change a stigma Change puts you behind Change necessary Change a daily routine Life Balance Support in shifting and balancing Help me find meaning Give me balance now Not at 65 Flexibility to balance all activities Retirement Reward Retool Renew Recycle Source:WEDA
- 65. • Whether the person is an introvert or an extrovert, they need different things in life at ages 1, 6, 18, 24, 35, or 50 - Eric Tachibana
- 66. Managing People • Sometimes the strategy is to support the status quo • Other times it is all about urgent and major change - Eric Tachibana
- 67. • If you are a manager • Your job is to motivate - Eric Tachibana
- 68. • So if everyone is different • And everyone is changing over time • And the nature of work is changing too … - Eric Tachibana
- 69. Managing People You cannot manage with one single style - Eric Tachibana dailyvedas.com
- 70. • Hay / Ber propose that you should have at least 6 Management Styles in your toolkit. - Eric Tachibana
- 71. - Eric Tachibana 1. Directive 2. Authoritative 3. Affiliative 4. Participative 5. Pace-Setting 6. Coaching
- 72. - Eric Tachibana 1.DIRECTIVE GOAL OF MANAGER Compliance • The “do it the way I tell you” manager • Closely controls employees • Motivates by threats and discipline USE IT • When there is a crisis • When deviations are risky AVOID IT • Employees are underdeveloped – little learning happens with this style • Employees are highly skilled – they become frustrated and resentful at the micromanaging.
- 73. - Eric Tachibana 2.AUTHORITATIVE GOAL OF MANAGER Give long-term direction & vision • “Firm but fair” manager • Gives clear direction • Motivates by persuasion & feedback on task performance USE IT • Clear directions and standards needed • The leader is credible AVOID IT • Employees are underdeveloped – they need guidance on what to do • The leader is not credible – people won’t follow your vision if they don’t believe in it
- 74. Managing People -EricTachibana 3.AFFILIATIVE GOAL OF MANAGER Create harmony among employees and between manager and employees: • The “people first, task second” manager • Avoid conflict & emphasizes good relationships • Motivates by keeping people happy USE IT • Used with other styles • Tasks routine, performance adequate • Counseling, helping • Managing conflict AVOID IT • Performance is inadequate – affiliation does not emphasize performance • There are crisis situations needing direction
- 75. - Eric Tachibana 4.PARTICIPATIVE GOAL OF MANAGER Build commitment & consensus • The “everyone has input” manager • Encourages employee input in decisions • Motivates by rewarding team effort USE IT • Employees working together • Staff have experience and credibility • Steady working environment AVOID IT • Employees must be coordinated • There is a crisis – no time for meetings • There is a lack of competency - close supervision required
- 76. -EricTachibana 5.PACE-SETTING GOAL OF MANAGER Accomplish tasks to a high standard • The “do it myself” manager • Performs many tasks personally and expects employees to follow his/her example • Motivates by setting high standards and expects self- direction from employees USE IT • People are highly motivated, competent • Little direction/coordination required • When managing experts AVOID IT • When workload requires assistance from others • When development, coaching & coordination required
- 77. -EricTachibana 6.COACHING GOAL OF MANAGER Long-term professional development of employees: • The “developmental” manager • Helps and encourages employees to develop their strengths and improve their performance • Motivates by providing opportunities for professional development USE IT • Skill needs to be developed • Employees are motivated and wanting development AVOID IT • The leader lacks expertise • When performance discrepancy is too great – coaching managers may persist rather than exit a poor performer • In a crisis
- 78. - Eric Tachibana 7.‘WELCHING’ • Sometimes an employee simply needs to be managed out • Because, for whatever reason, they’re just not having fun and no amount of Jedi management is going to change that
- 79. • Elements we manage a. People b. Projects c. Assets d. Budget e. Expectations f. Information g. Standards h. Time Best Practices
- 81. Anne Mercer Blog Managing Projects
- 84. • Elements we manage a. People b. Projects c. Assets d. Budget e. Expectations f. Information g. Standards h. Time Class Outline
- 85. • Elements we manage a. People b. Projects c. Assets d. Budget e. Expectations f. Information g. Standards h. Time Class Outline
- 86. • Elements we manage a. People b. Projects c. Assets d. Budget e. Expectations f. Information g. Standards h. Time Class Outline
- 87. Managing Expectations • Staff • Boss • Elected Officials • Partners • Community • Self Source: telegraph.co.uk
- 88. Benchmarking • EDOs need to develop their own unique metrics of benchmarks for measuring outcomes and objectives, and thus reporting the economic value created in all aspects of the local economy due to their efforts • Defending your mission with the “But For” test if not but for our activity this would not have occurred • Need to develop more sophisticated metrics than just the number of jobs and property tax base values Best Practices
- 89. Best Practices Core Metrics • Number of Businesses Expanded • Number of Businesses Retained • Number of Jobs Retained • Number of Businesses Assisted • Ratings of the Business Climate in the Community • Amount of Financing Provided ($) Source: IEDC Report “Making It Count: Metrics for High Performing EDOs” (2014) Best Practices
- 90. Important Metrics • Businesses remaining and growing in the region following a risk of departure of closure • Percent of “jobs at risk” retained • Past utilization and satisfaction with local business assistance and programs • Relocation of supplier or customers Best Practices
- 91. Best Practices Bonus Metrics • Percent of revenue growth for businesses receiving EDO assistance • Number of residents/businesses assisted in economically distressed and under-served communities • Local business-to-business investment levels Best Practices
- 92. Fringe Metrics • Internal Measures • Level of EDO employee satisfaction • Diversification of funding sources (ratio of investors to total funds) • EDO Program Measures • Impact on employment by industry/sector due to EDO efforts • Cost-benefit analysis of proposed projects • Internal rate of return for projects • Relationship Management Measures • Effectiveness of EDO board to remove barriers to economic development progress • Depth of involvement with each partner Best Practices
- 93. Fringe Metrics • Job openings per sector • Talent movement • Educational opportunities for entrepreneurs • Labor force productivity • Ratio of housing prices to income • Access to broadband internet • Percent of locally owned businesses • Exports and trade activity • Improvement in region’s “competitive position” in the global economy • Branding the region to generate more business development opportunities • Percent of globally connected entrepreneurs in the community Best Practices
- 94. • Elements we manage a. People b. Projects c. Assets d. Budget e. Expectations f. Information g. Standards h. Time Best Practices
- 95. • Top to bottom • Lateral • Bottom up • Radial • Ad hoc • Wide open Managing Information
- 97. Managing Information Source: Timesofmalta.com Managing Information
- 98. • Elements we manage a. People b. Projects c. Assets d. Budget e. Expectations f. Information g. Standards h. Time Class Outline
- 99. Managing Standards • Staff performance • Ethics • Customer Service • Extra Mile • Outreach
- 100. • Elements we manage a. People b. Projects c. Assets d. Budget e. Expectations f. Information g. Standards h. Time
- 102. Communication
- 103. • Strategic Plan • Annual Work Plan • Goals and objectives • Weekly Plan/Sketch • Prioritize • Best value for your time • Touch once, if possible • Answer emails quickly • Decide quickly • Sometimes make tough choices • Say NO Managing Time
- 104. • Elements we mitigate a. Macroeconomics, cycles b. Political reality c. Competing interests d. Competition e. Business Climate f. Change Best Practices
- 105. Best Practices • Macroeconomics and Trends a. Globalization b. Low interest rates yet tight credit markets c. Millennials going elsewhere d. Minimum wage Best Practices
- 106. • Elements we mitigate a. Macroeconomics, cycles b. Political reality c. Competing interests d. Competition e. Business Climate f. Change Best Practices
- 107. Best Practices Public • State/local governments • Port authorities • Development authorities • State enterprise zones • Universities • Community Colleges • Regional/metro planning /marketing organizations • State/local economic development organizations Private • Not for profit corporations • Chambers of commerce • Business improvement districts • Technology transfer organizations • Utility companies • Incubators, accelerators, and research parks Public-Private • Empowerment zones and enterprise communities • Community development banks • Certified development corporations • Community development corporations • Local redevelopment corporations • Industrial development corporations • State and local economic development organizations • Regional/metro marketing organizations EDOs Types and Examples
- 108. Class Outline • Elements we mitigate a. Macroeconomics, cycles b. Political reality c. Competing interests d. Competition e. Business Climate f. Change
- 109. Class Outline • Elements we mitigate a. Macroeconomics, cycles b. Political reality c. Competing interests d. Competition e. Business Climate f. Change
- 110. Class Outline • Elements we mitigate a. Macroeconomics, cycles b. Political reality c. Competing interests d. Competition e. Business Climate f. Change
- 111. Class Outline • Elements we mitigate a. Macroeconomics, cycles b. Political reality c. Competing interests d. Competition e. Business Climate f. Change
- 112. Best Practices Source:WEDA 1970 - 2000 Ensure strong transportation and utility infrastructure Offer low cost labor Assemble constituent groups to finance industrial parks Attract large businesses with large manufacturing facilities Now: Ensure strong technology infrastructure: telecomm, incubators, networks, etc… Offer highly skilled workforce Build collaborations to leverage human capital and innovation centers Encourage entrepreneurship and small start-ups Always Be Learning…Bank on Change The industrial recruitment paradigm is dead!
- 113. Best Practices Source:WEDA Utilities Port Districts Revolving and Micro-Loan Funds Government (Federal, State, Cities and Tribal) Economic Development Districts Community Action Programs Visitors & Convention Bureau Property Development Recruiting Access to Capital Technical Assistance Business Development Coalition Building Funding Business Climate Community Development Tourism Workforce Development Business Climate Quality of Life Business Development Coalition Building Infrastructure Support Development No one has a franchise on economic development!!
- 115. Class Outline C. Tools a. Econ Dev Strategic Plan b. Other plan/ whitepaper c. Comp Plan d. Annual work plan e. Metrics f. Professional associations
- 116. Class Outline D. Additional considerations a. Serving the customers b. Defining organizational identity c. Mentorship d. Adding value e. Social responsibility f. Environmental stewardship
- 120. Management Philosophy What you LOVE What you can be PAID FOR What the World NEEDS What you’re GOOD AT Ikigai 生きがい
- 121. 1. Frame your management philosophy 2. Understand your management style 3. Learn about (economic development) management best practices Class Objectives
- 122. IEDC Basic Economic Development Managing EDOs Tampa, November 2018 THANK YOU