Blogs

Senior Leaders: Your New Manager Development Efforts are Failing Your Firm

By Tom Morrison posted 3 days ago
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New manager development is hard work. The benefits to organizations that get it right include strengthened performance, improved engagement and retention, meaningful collaboration, and increased innovation. Oh, and the strengthened leadership pipeline is alright, too. I checked, and new managers are a key part of the front end of your firm’s leadership pipeline. Unfortunately, many (read: most) organizations are mired in a broken model for new manager development, emphasizing one-and-done training and avoiding longer-range sustained development that blends coaching, mentoring, cohort collaboration, and even executive sponsorship. While a conscientious ...
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US Firms Slow Hiring With Manufacturers Cutting Jobs, ADP Says

By Tom Morrison posted 3 days ago
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US companies scaled back hiring in November, with manufacturers reducing headcount to the lowest level since early 2022, adding to evidence of a cooling labor market. Private payrolls increased 103,000 last month and October’s reading was revised lower, according to figures published by the ADP Research Institute in collaboration with Stanford Digital Economy Lab. The median estimate in a Bloomberg survey of economists called for a reading of 130,000. Service-providing sectors, including education and health services as well as trade and transportation, drove the advance. Leisure and hospitality, which has been a major driver of job creation during ...
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Generative AI Will Transform Virtual Meetings

By Tom Morrison posted 3 days ago
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Your company’s video conferencing system probably uses rudimentary AI to record meetings and create transcripts. But over the next few months, thanks to generative AI, your software will gain capabilities that will completely upend how online meetings are conducted. Some of the newest features already being tested include automatically generating meeting minutes, assigning action items , creating Q&A meeting summaries , and more. Before vendors make these solutions generally available to clients, it’s critical that companies understand the essential factors that contribute to effective meetings. This article is intended to help anyone who regularly ...
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US Economic Growth for Last Quarter is Revised Up to a 5.2% Annual Rate

By Tom Morrison posted 10 days ago
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Shrugging off higher interest rates, America’s consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the government reported Wednesday in an upgrade from its previous estimate. The government had previously estimated that the economy grew at a 4.9% annual rate last quarter. In the current fourth quarter, though, economists say growth is likely slowing sharply from the cumulative effects of higher borrowing rates on consumer and business spending. TD Economics, for example, expects growth in the October-December period to come in at a 1.8% annual rate. Wednesday’s second estimate of growth for ...
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AI Is Coming for All Our Jobs...Or Is It?

By Tom Morrison posted 10 days ago
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How leaders, employees and organizations can better prepare themselves for the impact of AI. Offices devoid of human workers. Streets occupied entirely by driverless vehicles. Factories and restaurants running on automation alone. While these may be extreme scenarios, artificial intelligence (AI) tools introduced in recent years are disrupting labor in nearly all industries. How is AI shaping the workforce, and what will be its effect on the human labor market? This topic took centre stage at a Tech Talk X webinar organized by digital@INSEAD . Moderator Vikas A. Aggarwal , Associate Professor of Entrepreneurship and Family Enterprise ...
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Better Continuous Improvement Through GAPS: Go See, Ask, Pause, Study

By Tom Morrison posted 10 days ago
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Four consistent habits that effective leaders practice to foster greater engagement and problem-solving. Leaders want their organizations to stay relevant, survive and thrive and solve important problems for their customers, the organization, and work processes. From large corporations such as Toyota and General Electric to small family-owned manufacturing companies, these leaders know that a problem-solving culture and a focus on people development is the way to achieve business results. But what does a culture of continuous improvement really look like—one where people are engaged in and capable of problem-solving at all levels, ...
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What Should I Be Observing When I Walk the Shop Floor?

By Tom Morrison posted 18 days ago
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Identifying opportunities in safety, sustaining 5s and quality should be part of leaders' daily routine. As a leader in the field of manufacturing, as soon as you step onto the shop floor you need to pay attention to your environment. This includes safety, 5s and quality with the process underway. Often leaders step out of the office and have an objective to track something down, speak to an operator or get to a meeting. Each time you leave your office, you have an opportunity to see what is happening on the floor, and through practice, this process can be perfected. (The “leaders” I’m referring to here are managers, supervisors and leads who are responsible ...
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LEI for the U.S. Declines Again in October

By Tom Morrison posted 18 days ago
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About the Leading Economic Index and the Coincident Economic Index: The Leading Economic Index provides an early indication of significant turning points in the business cycle and where the economy is heading in the near term. The Coincident Economic Index provides an indication of the current state of the economy. Additional details are below. The Conference Board Leading Economic Index® (LEI) for the U.S. fell by 0.8% in October 2023 to 103.9 (2016=100), following a decline of 0.7% in September. The LEI contracted by 3.3% over the six-month period between April and October 2023, a smaller decrease than its 4.5% contraction over the ...
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Global Manufacturing Economic Update

By Tom Morrison posted 18 days ago
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Weakness in China, Europe Continues to Challenge Global Manufacturers The J.P. Morgan Global Manufacturing PMI ™ edged down to 48.8 in October, with activity in the sector contracting for the 14th consecutive month. New orders decreased at a slightly slower rate, but output, exports and employment deteriorated further. Survey respondents remained positive in their outlook for future output, but that measure fell to an 11-month low. Just one of the top 10 markets for U.S.-manufactured goods experienced expanding growth in the sector in October. After contracting in September, Mexico rebounded in October, expanding for the eighth ...
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A Balancing Act: Using AI for Internal Workplace Communications

By Tom Morrison posted 24 days ago
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Human oversight is essential to get the benefit of AI in workplace communication, says Ciara Flaherty of Springboard Communications. Imagine the bustling offices of a multinational, where employees span continents and time zones. Now imagine a scenario where this organization is launching a critical new initiative designed to enhance employee wellbeing and productivity. The task at hand: ensuring that every member of this sprawling workforce not only receives but also comprehends the significance of this new program. In the days before the advent of artificial intelligence (AI), this task was herculean. The organization’s agency or internal communications ...
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Does Your Business Suffer from Toxic Customers or Clients?

By Tom Morrison posted 24 days ago
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If you’re in business, you’ve likely encountered toxic people like these: The Unreasonable Demander. A small boutique clothing store had a customer who would come in regularly, try on numerous outfits and then demand special discounts for each item. She would threaten to leave negative online reviews if her demands weren’t met, and her behavior created tension among the staff. Despite the store’s efforts to accommodate her, she continued her demanding behavior, impacting staff morale and overall customer experience. The Eternal Complainer. A freelance graphic designer took on a client for a logo design project. Despite presenting several high-quality ...
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US Producer Prices Slide 0.5% in October, Biggest Drop Since 2020

By Tom Morrison posted 24 days ago
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U.S. wholesale prices fell sharply last month as inflationary pressure continued to ease after a year and a half of higher interest rates. The Labor Department reported Wednesday that its producer price index — which measures inflation before it hits consumers — dropped 0.5% in October from September, the first decline since May and biggest since April 2020. On a year-over-year basis, producer prices rose 1.3% from October 2022, down from 2.2% in September and the smallest gain since July. Excluding volatile food and energy costs, so-called core consumer prices were unchanged from September to October and rose 2.4% from a year earlier. The year-over-year ...
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Cloud Concentration a Significant Emerging Risk

By Tom Morrison posted 11-09-2023
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Many organizations are now in a position where they would face severe disruption in the event of the failure of a single provider,” said Gartner report. The risk associated with dependence on a particular cloud provider for multiple business capabilities is in the top five emerging risks for organizations for the second consecutive quarter, according to a survey by Gartner, Inc. In September 2023, Gartner surveyed 294 risk executives about their views on emerging risk or over-the-horizon risks. The Gartner 3Q23 Emerging Risk Report contains detailed information on the possible impact, time frame, level of attention, perceived opportunities ...
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The Metal Treating Institute: Spearheading Solutions in Heat Treating

By Tom Morrison posted 11-09-2023
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Within the complex landscape of the heat treating industry, companies face a multitude of challenges. These range from navigating an uncertain economy and the competition for skilled workers to the transfer of invaluable expertise from seasoned employees to the rising generation. Additionally, securing cost-effective business insurance and keeping pace with the ever-evolving landscape of audit compliance and technical specifications add to the industry’s hurdles. Despite the breadth of these challenges, the Metal Treating Institute (MTI), as the preeminent network and trade association for heat treaters and suppliers, is not only confronting these issues ...
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Workers are Missing Cog in US Manufacturing Gears

By Tom Morrison posted 11-09-2023
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There’s a spanner in the freshly restarted U.S. manufacturing machine. A factory construction boom sparked by President Joe Biden’s industrial policies has led to unbridled optimism about the sector for the first time in decades. The hardest part of the process hangs in the balance, however: filling all the anticipated job openings. Biden has walked all his predecessor’s talk of a manufacturing revival. The Bipartisan Infrastructure Deal, the Inflation Reduction Act, with its tax credits for renewable energy projects, and the CHIPS and Science Act’s semiconductor subsidies have had the desired effect. Spending to build new plants surged to an annualized and ...
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Easy, Practical Manufacturing Uses for Generative AI

By Tom Morrison posted 11-02-2023
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In its simplest form, the technology can help solve problems and boost productivity. Is there a topic that’s being covered as widely (and, perhaps, as sensationally) right now as artificial intelligence (AI)? (Well, other than Taylor Swift?) It wouldn’t seem so. Amid all the hype (as well as doom and gloom ), it can be difficult for manufacturers to figure out just how AI can help them. Are there ways that managers can benefit from AI right now, or will large expenditures on new hardware, software and personnel with unique skills be required? There are lots of versions of what everyone is calling AI out there. The version that most of you ...
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Women in Manufacturing: Closing the Gap

By Tom Morrison posted 11-02-2023
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It’s no secret that women are underrepresented in manufacturing and technical fields. In many manufacturing-oriented companies, awareness of that gap has grown, leading to the creation of targeted programs that enable, support and promote women in their businesses. That awareness is critical and these targeted initiatives should be commended. But they are only the first step. What Has Changed, and What Hasn’t Though many companies have taken great strides in fostering women in engineering and leadership roles and reducing sexism in the workplace, it’s not always the traditional forms of discrimination people think of that have lasting impacts. ...
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How Leadership Development Can Reverse Turnover Quickly

By Tom Morrison posted 11-02-2023
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Gallup research indicates that 70% of engagement can be traced back to an employee’s relationship with their manager. This just goes to show that at the heart of any thriving culture is thriving leadership. Bristlecone is no exception. When the company attrition rate grew to 27% nearly two years ago, Chief People Officer (CPO) Lisa Lesko knew she needed to take action. After designing and delivering the “High Engage” Leadership Development Program, results began to stream in: · Attrition dropped 15%. · The employee net promoter score doubled. · Bristlecone’s Glassdoor rating increased from 3.7 to 4.1. Bristlecone ...
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US Manufacturing Output Rises Solidly in September

By Tom Morrison posted 10-26-2023
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Production at U.S. factories increased more than expected in September despite strikes in the automobile industry curbing motor vehicle output, further evidence that the economy exited the third quarter with momentum. Manufacturing output rose 0.4% last month, the Federal Reserve said on Tuesday. Data for August was revised lower to show production at factories dipping 0.1% instead of nudging up 0.1% as previously reported. Economists polled by Reuters had forecast factory output would tick up 0.1%. Production dropped 0.8% on a year-on-year basis in September. It was unchanged in the third quarter. Durable goods manufacturing output rose at a 2.3% annualized ...
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MTI Graduates 34 Executives in YES Management Training Program

By Tom Morrison posted 10-26-2023
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MTI is excited to announce it graduated another 34 executives from the 2023 YES Management Training Program at the Fall Meeting in Tucson, AZ. As each of the 34 executives’ names were read off to come to the podium to receive their graduation certificates on the final night, incredible phrases they had stated about the program rang out: - “This program changed my life.” - “This program made me a better leader of people.” - “My family said there was something different about me and it was good.” - “The YES program taught me how to empower my team .” The list goes on and on with life changing ...
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