Multifamily Collective
Why Organizational Culture Punks Business Strategy Every Time
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We often focus on developing the perfect strategy to achieve our goals in business. We invest time, energy, and resources into developing complex plans and procedures, hoping they will help us succeed. But as Edgar H. Schein, a prominent organizational psychologist and management theorist, once said: “Culture eats strategy for breakfast.” (Many attribute this quote to Peter Drucker)
What does this mean, exactly? Simply put, it means that an organization’s culture is often more powerful than any strategy that may be put in place. No matter how well-crafted a strategy may be, it is unlikely to be successful if it’s not aligned with the organization’s culture. In other words, if an organization’s culture doesn’t support the strategy, it’s unlikely to be implemented effectively.
Consider the example of a company that prioritizes innovation and creativity but has a hierarchical, rigid culture in which team members are discouraged from taking risks or trying new things. No matter how well-crafted the company’s strategy for innovation may be, it is unlikely to be successful in this environment. The company may have the best plans and procedures in place, but if the culture doesn’t support experimentation and risk-taking, the strategy is unlikely to be implemented effectively.
On the other hand, consider a company with a transparent, open communication and collaboration culture. Even if the company’s strategy is not innovative or groundbreaking, it is likely to succeed if it’s aligned with the organization’s culture. The culture will support the strategy, making it easier to implement and ensuring everyone works together toward a common goal.
So what does this mean for business leaders? Simply put, it means that they must pay attention to the culture of their organizations. They must strive to create a culture that supports their strategies rather than simply relying on the strategy to achieve success. This may mean changing the organization’s culture by encouraging open communication, fostering collaboration, or empowering employees to take risks and try new things.
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Multifamily: Free Agents
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In his book “The Free Agent Nation,” Dan Pink coined the term “Free Agent Nation” to describe a growing trend of workers who embrace self-employment and independence rather than traditional full-time employment. The concept of Free Agent Nation has gained significant attention in recent years, particularly with the rise of the gig economy and the increasing number of people who work for themselves.
According to Pink, Free Agent Nation is a cultural and economic shift from the traditional employer-employee relationship. It is a movement towards a more fluid, flexible, and entrepreneurial approach to work, where individuals take control of their careers, often by building their businesses or working as freelancers.
One of the key drivers of the Free Agent Nation phenomenon is the desire for greater autonomy and control over one’s work life. Many people today are disillusioned with the constraints of traditional employment, including rigid schedules, limited opportunities for advancement, and the feeling of being undervalued or unappreciated by their employers. COVID-19 accelerated the pace. By becoming free agents, they can set their schedules, pursue work that aligns with their passions and interests, and take ownership of their success.
Another factor contributing to the growth of Free Agent Nation is the rise of technology and digital platforms that make it easier than ever to work independently. Online marketplaces like Upwork, Fiverr, and Etsy have opened up new opportunities for freelancers and small business owners to connect with customers and clients worldwide. Social media and other digital marketing tools have also made it easier for individuals to build their brands and reach a wider audience.
Overall, Free Agent Nation represents a significant shift in how we think about work and careers. Whether it is a positive or negative trend depends on how it is managed and regulated in the years to come. But one thing is clear: the era of traditional employment is giving way to a new model of work that is more flexible, entrepreneurial, and driven by individual initiative.
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How Generative AI effectuates impacts in the domain of Management
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Multifamily organizations constantly seek ways to stay ahead of the competition and drive growth. I think Generative AI has the potential to revolutionize property management and bring significant benefits to organizations that embrace this technology.
Frederick Winslow Taylor, the father of scientific management, once said, “In the past, the man has been first; in the future, the system must be first.” I sense that we are on the precipice of this moment. The groundswell has been at play for years. The tsunami is reaching its crescendo, and the landfall moment is here.
Generative AI can automate repetitive tasks, provide insights and predictions based on data analysis, and enable more informed decision-making. While creativity and imagination can produce hundreds of thousands of ways to use GAI, some specific ways it will impact management include:
- Predictive analytics: Generative AI models can analyze large amounts of data to identify patterns and predict future outcomes with high probability, which can help managers make informed decisions.
- Process optimization: AI-powered automation can streamline and optimize business processes, freeing managers’ time for more strategic tasks.
- Personalized experiences: Generative AI models can generate custom content, such as customized marketing materials, or tailor the user experience to individual prospects and residents – think of AI leasing as the first draft.
Similarly, the management guru Peter Drucker once stated, “The best way to predict the future is to create it.” By harnessing the power of generative AI, managers can leverage data and automation to make informed predictions and shape the future of their organizations. I sense that GAI will ultimately upend the traditional hierarchy business model.
However, it is important to note that while AI has the potential to benefit management greatly, it is not a one-size-fits-all solution and must be used in conjunction with human judgment and expertise, at least in its current iteration. The successful implementation of generative AI in management will require combining technical skills, business acumen, and a willingness to embrace change.
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Multifamily Leadership: MBWA
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Management by wandering around (MBWA) is a leadership philosophy popularized by Hewlett Packard’s co-founder, Bill Hewlett. The basic idea behind MBWA is that managers should regularly leave their offices and actively engage with team members in their work environment. By doing so, managers can better understand the day-to-day operations of their organization, build stronger relationships, and identify opportunities for improvement.
One of the key benefits of MBWA is that it helps to break down communication barriers. Regional managers and VPs can get a first-hand view of work and team members’ challenges by spending time in shops, apartments, or the leasing office. This can lead to more meaningful conversations and problem-solving sessions, as managers are better equipped to ask informed questions and offer helpful suggestions.
In addition to fostering better communication, MBWA can increase engagement and morale. When team members see that their managers are invested in their work and willing to listen to their concerns, it can create a sense of empowerment and ownership. This, in turn, can lead to increased motivation and productivity.
Implementing MBWA doesn’t have to be complicated. Simply taking a walk around the property. During these walks, managers should make a point to talk and ask questions about their work. It’s important to listen actively and avoid interrupting or dismissing what people have to say.
Of course, MBWA is just one tool in a manager’s toolkit. It should be used with other leadership strategies to create a cohesive and effective management approach. But for managers looking to build stronger relationships and better understand their organization, MBWA is a powerful tool that shouldn’t be overlooked.
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Multifamily Human Resource: I Know
As a leader, it can be tempting to think that you know what your team members want. After all, you are the one in charge, and you may feel like you have a good grasp of what motivates and drives your employees. However, assuming that you know what your team members want can be a major mistake, and it can have significant downsides for both you and your team.
First and foremost, assuming that you know what your team members want can lead to a lack of communication and understanding. If you think you know what your employees want, you may not take the time to listen to their concerns and opinions, which can lead to misunderstandings and a breakdown in trust. Your team members may feel like you don’t value their input, and they may become disengaged and unproductive as a result.
Assuming that you know what your team members want can also lead to poor decision-making. If you make assumptions about what motivates your employees without taking the time to verify those assumptions, you may end up implementing policies and procedures that are not effective or that actually demotivate your team. For example, you may assume that your employees want more flexible work hours, when in fact they would prefer more structure and routine. If you implement a flexible work policy without first checking with your team members, you may end up creating more problems than you solve.
Another downside of assuming that you know what your team members want is that it can limit your own growth as a leader. If you are always assuming that you know what your employees want, you may not be open to new ideas or approaches that could improve your team’s performance. You may become complacent and stuck in your ways, which can be detrimental to your own career as well as your team’s success.
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