I recently listened to a HR Break Room podcast where Barbara Corcoran was interviewed. She is the founder of The Corcoran Group and investor on ABC’s famous Shark Tank show. The podcast discusses about tips for leading effective organizational changes and the critical role of communication in transformation. It talks about how technology in workplace affects different demographics along with how HR can use technology for better opportunities and emerge as strategic leaders.
Interesting facts
Barbara Corcoran borrowed $1000 and quit job as a waitress to start a tiny real estate company in NYC.
Her company is the pioneer in selling real estate on internet and identified the use of internet technology in their business.
Few take away from the podcast are as follows:
Transformation and Communication
Transformation and communication should go hand in hand. Change or transformation is essential that if not implemented well, organizations disappear. She points out that the biggest challenge that any company face during transformation is lack of CLEAR communication. She mentions that clear, short communications throughout the process are key during these transformations.
She points out that change shouldn't be sudden but has to be a gradual process. She talks about how direct communications such as email or face to face Q&A sessions at meetings can be beneficial especially in a workplace with changing demographics. She says it is very important for leadership and also HR department in particular to think from their employee shoes and see what resonates with all demographic groups. If their concerns are heard and employees are kept happy, in long run, this will have effect on recruiting. This is an excellent point made by Corcoran. I agree that if there is an emphasis on the human aspect of work and if employees are well taken care of, the word of mouth spreads and best recruits follow automatically. It also increases employee citizenship/loyalty.
Technology
There are many communication tools such as “Paycom” that HR can use to communicate with employees instantly. These kind of tools in workplace show employees that company cares for them. It also tracks data exchange when employees don’t use technology and justifies costs on technologies used.
HR should embrace digital transformation. Competition is the main reason and I was surprised that people that move from one company to another state pay as one of the reason but, it seems there hasn’t been much difference in pay! Most of them leave because of lack of recognition, less efficient processes that get in the way of doing work right.
Finally, it is true that HR senses any changes first. They have the power to speak up and they should when they notice that things aren’t the way they should be. Corcoran says that HR should identify changes in hiring i.e number of people applying for jobs etc. and let management know if the business model doesn’t fit anymore. They should be the change initiators. They should communicate problems to management with the help of sufficient data and finding a service that can convert these unproductive wastes to productiveness. Probably, if this is measured in dollars and cents or a language that management understands, they can get buy-in easily!
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