Tuesday, April 30, 2013
Economist Vilfredo Pareto of Italian descent that propounded what is called “Pareto Principle” in 1895 noticed that people in his society seemed to divide naturally into what he called “Vital View.” The English dictionary defines the word vital as a living organism performing an essential function in the living body while view on the other hand means the act of looking, seeing, observing or outward appearance. When fused together “Vital View” means an essential function in the living body seeing or observing-outward appearance. Vilfredo later discovered that virtually all-economic activity was subject to this principle as well. The principle says that 20percent of your activities will account for 80percent of your results, 20% of your activities will account for 80% of your sales or successes; which would also mean 20% of your tasks will account for 80% of the value of what you do, and so on. This automatically means if you have a list of ten items to do, two of those items will turn out to be worth five or ten times or more than the other eight items put together. Richard Koch researched further which is called a “power law” today and also corresponds to the pattern that 80% of wealth and income went to 20% of the income earners, that 50% belong to 5% of earners, and so on. One tilt that he added to it during “The Progress Conference in South Africa” and that a small proportion of our time accounted for most of our valuable output, and even our happiness. That suggested…time management was beside the point, and that people needed a time revolution-we all needed to change our lives to focus on the best moments and times and make those the core of our lives. Richard asserted further, that people should think about small chunks of time-this week, this year, the years during their whole lives-that have given them more happiness than most of the rest of their time. These he calls “happiness islands” The 80/20 principle says that it is always possible to do something much better with existing resources, or with fewer resources. Progress always comes from a small number of people and teams who demonstrate that the ceiling of previous performance can become the floor for everyone.
Monday, April 15, 2013
Rewards-plural of reward defined as a thing given in recognition of service, effort, or achievement. Recognition on the other hand is defined as the action or process-identification of a thing or person from previous encounters or knowledge. While Celebration is defined as action of marking one’s pleasure at an important event or occasion by engaging in enjoyable, typically social activity. An Australian, Adam Smith made history at the 77th Masters golf tournament at the Augusta National Golf Club which earned him “The Green Jacket” considered to be the greatest individual award, and the most coveted prize in the world of golf. Green is the color of self-respect and well-being or balance. It could also represent learning, growth and harmony. Young 32year old Adam Scott won 2013 edition of the Masters Golf Tournament that earned him The Green Jacket… Is perhaps the greatest external motivator for driving superior performance, most pursued piece of clothing for any professional golfer. The green Jacket-means that you are part of an ultra-exclusive community for life. It can only be earned by overcoming world-class competition. Guarantees you a very special place in the history books and is a symbol of excellence, victory and immortality. In the words of Gary Ryan Blair: “A reward is an extrinsic symbol for the enforcement and celebration of intrinsic values.” He further asserts Goals are natural value generators, often because of what you learn and become en route to their achievement. But having a reward that honors and symbolizes that achievement is a powerful motivator for continued progress and performance excellence. If you want to improve your performance results, increase innovation to gain and sustain competitive advantages, create an environment that fosters excellence and ethical behavior then you must make rewards and recognition standard protocol. Whether it’s a war hero receiving a Medal of Honor, an Olympic athlete winning a Gold Medal, an author being granted a Pulitzer Prize, a martial artist earning a Black-Belt, or a young child winning a trophy for a local spelling bee-rewards and recognition promote and define excellence. Every year as someone receives some reward, or recognition I look forward to celebrating a new year 16th April, as life is a gift and worth celebrating. Go on and celebrate yourself if no one celebrates, recognizes or rewards you.