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  • Football Business Archives » Infinite Ideas | Infinite Ideas
    expenses add up football starts to look like that cute puppy you adopted but who turned out to be a Great Dane eating you out of house and home Economist Tsjalle van der Burg points out that even if fans decide to stay at home and avoid the ridiculous cost of a season ticket they still have to pay high prices to watch the matches on TV So where does all this money go In Van der Burg s book Football business how markets are breaking the beautiful game he highlights the effect that money has had on the sport What would have happened if Manchester United the English champions of 2013 had played Burnley the champions of 1960 The answer is clear the Mancunians would have beaten the Clarets 158 1 That is if the score had been expressed in terms of money The Clarets made 136 000 in 1960 or to be precise in the season ending that year In that year 1 bought you seventeen times as much as it would in 2013 So 136 000 in 1960 was worth as much as 2 3 million in 2013 However Manchester United earned 363 million that year in other words 158 times as much The other English clubs were earning less than United in 2013 However the average Premier League club received after correcting for inflation about fifty three times as much as the average club in the English top division of 1960 Not a bad score Elsewhere in Europe professional football has also seen remarkable growth It all seems to be a great success But is it The revenues of car manufacturers have also exploded since 1960 Consumers spend much more on cars than they used to and they get a lot in return a wide choice of cars is produced and the cars are of superior quality One could assume that the same thing is going on in football when in fact the quality of the basic product football matches have not improved over the years There is more and more money in football and this has changed the character of the game Everything has become more business oriented Supporters have to pay more to watch matches The distance between clubs and their supporters has grown Some clubs are owned by entrepreneurs in search of profits And these trends seem set to continue into the future Some see the money in the game today as a curse They yearn for the past when everything was better Is football too expensive for the fans 1 October 2014 by Rebecca Clare in Business and finance Football Business We read with interest yesterday a story that Virgin Media has asked Ofcom to investigate the way premier league rights are sold According to Virgin the auction process is driving up prices and causing significant consumer harm In his book Football Business economist Tsjalle van der Burg probes this question and comes up with the radical solution that all football on TV should be free What would happen if the EU introduced a ban on pay TV for all live matches and highlights shown in EU countries so that they became free again A ban would naturally mean that broadcasters would make less money Therefore they would pay the clubs less for their broadcasting rights So the clubs would earn less and would have to moderate their expenditure They could easily do this by paying the players less so that on balance clubs would not be disadvantaged In the days before pay TV clubs basically broke even with lower income and lower expenditure and George Best producing beautiful play So a pay TV ban is perfectly possible Indeed because there is surplus money in the sector more money than is needed for it to function as it should a pay TV ban will not harm the game But how would TV stations finance the broadcasts That s simple they would use the revenue from commercials In the Netherlands where many football matches are still available free of charge the highlights of matches in the second professional league have been broadcast free to air for many years by a private company The league is not extremely popular with an average match attendance of about 4 000 This means that advertising can generate sufficient revenue for broadcasting all football matches which are at least as important as those of the second Dutch level So we would be able to have a pay TV ban for all these broadcasts while being sure they will remain on the air Additionally this also means there is no need for broadcasters to use taxpayers money to show football matches So it is possible to have a pay TV ban for all important football matches Indeed there is only one drawback players and coaches would earn less The benefits of a pay TV ban would be considerable The first advantage concerns the football fans who would watch the broadcasts anyway they would get them for free Their savings would be more or less equal to what the players and coaches would lose through reduced salaries If the savings for those fans were the only advantage of the ban the question of whether we should have a ban would be a question of fairness only But the ban also has another advantage This concerns football fans who do not watch certain football matches on pay TV because the subscription fee is simply too high for them These fans will watch the broadcasts if they are free because football gives them pleasure For these people a pay TV ban would mean more pleasure At the same time the broadcasters costs would not rise when more people turned on their television sets to watch football So with a pay TV ban we get more pleasure without any extra costs This means that on balance the net effect is that the football community would be better off Football business transfer deadline day

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  • Game of Thrones on Business Archives » Infinite Ideas | Infinite Ideas
    being at the top of the food chain and has been pulling the strings of her puppet kings for a long time now Next season will prove very interesting for Cersei with Myrcella now dead her power is slipping Let s be honest the finale was never going to end well for Stannis When you put your trust in a red witch who tells you that burning your daughter at the stake is a good idea things are rarely going to come up roses Arguably Stannis had little option but to charge on Winterfell but his poor battle strategy and depleted army meant that there was little other option for him but to fail Yes we would have loved to see Ramsay impaled on a very long lance but it wasn t to be However I think that after episode nine I preferred Ramsay anyway never thought I would say that Nevertheless not all of the finale was filled with grief and sorrow Our first winner is Samwell What a lad Sam has been very lucky this season and indeed in the whole show having killed a White Walker Sam was almost killed by his Night s Watch colleagues but survived thanks to Gilly s intuition So now he s managed to negotiate a nice little homestead for his girlfriend and baby and escaped Castle Black before all hell broke loose I would love to think that if Sam was there Jon would have survived but most likely Sam would have been killed too We re thrilled to say that Jorah was definitely a winner this series though shockingly I would have rather seen him die a noble death last night than lovely Jon Jorah ended season 4 on a bit of a low point having been exiled from Meereen and all hope for a happy future seemed lost Now I m not saying that season 5 has been an easy ride for him we still need to know how he is going to fare having been touched by the stone men but he is now back in favour with Daenerys and in the small council with Daario and Tyrion Yes perhaps he should have been less clingy but without his intuition Daenerys might not have made it to the finale There are some lingering questions like where is Gendry Is he still floating in the sea Did he drown or did he wash up on an island somewhere and is now enjoying a carefree life away from House rivalries Where is Bran Yes his storyline is incredibly dull but I miss Hodor and also isn t Bran supposed to play a big part in the battle to come Is Jaqen H ghar good or bad Poor Arya really had a tough time of it but I m sure she s strong enough to overcome her blindness Did Sansa survive I m sure she did but I cannot forgive Reek Theon it s a case of too little too late If you can t wait until season 6 airs perhaps you should take some career tips from the Seven Kingdoms and try and progress up that corporate ladder Daenerys takes flight season 5 episode 9 9 June 2015 by Catherine Holdsworth in Business and finance Entertainment Game of Thrones on Business WARNING SPOILERS Usually with episode nine Game of Thrones likes to throw us a curve ball think Red Wedding or Ned s death However given the mastery of last week s episode the writers were hard pressed to come up with something as shocking and exciting as the final twenty minutes north of the wall I would say that the first half of last night s episode was just terrible Not in a badly made kind of way but in a what the hell are you doing Stannis kind of way Can someone please tell me why his daughter had to burn to death The Red Witch certainly has a lot to answer for and she proved last night that she is more influential and dangerous than Stannis hopes to be I would say that after last night s performance we learnt that Stannis is now the least attractive man in the show and that Sansa should look on the bright side I doubt that Ramsay has plans to burn her at the stake any time soon Stannis actions aside from being wholly abhorrent and disgusting show him to be a leader that is easily influenced by his subordinates who cannot think tactically or effectively and does not take advice easily Melisandre is too powerful she is the real driving force behind Stannis army and the North is in danger of being ruled by her a woman with no legitimate claim to the Iron Throne and poor Shireen will have died for Melisandre s sport We also learnt last night that it is now snowing a lot in the North either that or Jon needs a good wash with some Head and Shoulders Though Jon and the Wildlings managed to make it to Castle Black not even Sam s optimism was enough to make Jon crack a smile or forget that the worst is still to come We may not have seen any White Walkers last night but their presence was not forgotten Jon needs help and quickly They are coming So where will the help come from you ask After the highly upsetting first half of the episode the second half was much more enjoyable I m sure that Arya will get some use out of Needle before the series is ended after heading to Braavos she seems to have had very little to do in the way of blood lust and she hasn t been able to cross any more names off her list However it wasn t Arya s oysters that got us all excited Over in Meereen it wasn t just wonderful Jorah who proved himself worthy in the fighting pit After almost five series

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  • Implementing ISO 9001:2015 Archives » Infinite Ideas | Infinite Ideas
    grew and more people had similar jobs to perform I soon realised that without process mistakes were made which resulted in unhappy customers and employees spending time on fixing the mistakes as opposed to delivering what the customer wanted So we started to change that and worked on creating robust processes for the work that was being done and as a result found ourselves able to go to customers and make suggestions show them how we could do things better faster and right first time and not only did that make the customer happy it meant they gave us more work That appealed to me naturally and it also appealed to the people working with me because they could think about the art of the possible and not be limited by the amount of fire fighting and problem solving they had to do Have you ever come across people who weren t willing to be directed by a woman To be honest no I haven t That s not to say I haven t dealt with some difficult people but inevitably there is more to the problem I ve always worked hard to sit down with people customers and staff to find out what s going on what bothers them and what I can do to help the situation At PMI Process Management International we call it Giving people a good listening to My experience has been that when people really believe you care when you re not just paying lip service to their complaint then they start to work with you and become a returning client After that it doesn t matter whether you are a man or woman they are happy to work with you because they trust you There are many women working as business consultants What made you switch from large companies like NatWest and GSK to the world of engineering and process management When I left NatWest I became self employed and started my own business as a trainer I ll be honest at that time I was very against working for a large company having gone through Black Monday in the City and seen the departure of many members of staff So I was very happy to be working as my own boss My opportunities grew and I had to start sub contracting work to other trainers in order to service all the customers and then eventually I merged my business with another very similar size business that was also run by a female owner founder and created a new consultancy Prelude The aim wasn t to avoid large companies it was to have the freedom to shape our own company and community to work with a group of like minded people who wanted to do the best job for a customer We could be nimble and adapt to our environment to offer new services It was during this time that process management became important to us in order to service new and existing customers and continue to grow We were also flexible in our hiring policy and had several women who were employed part time doing fantastic jobs helping them through their maternity leave and return to work as it suited them As a consequence these employees were incredibly loyal to us Around 2004 2005 one of my clients asked us to take on managing a service for training administration for a large process improvement lean six sigma programme they were rolling out with a company called PMI Process Management International That was the first time I had worked with the company and I was impressed by how they were organised and the processes they had in place to manage the training We continued to work together and develop the opportunities beyond that original client In 2007 I had sold the business and completed my earn out and PMI offered me some consultancy work with them They also offered me the chance to go on a Lean Six Sigma Green Belt course which almost blew my mind I learnt so much in such a short space of time and had so many ah ha moments After that there was no going back I m not saying I don t get carried away and sometimes forget those principles but I m lucky enough now to work with some brilliant consultants who have many years of experience in this field and they are masters at catching me before I shoot off in the wrong direction I still think of myself as someone who works with large companies I just don t work for them How have things changed in the past 30 years for women operating in the manufacturing industries And what advice would you give to young women entering the world of engineering and process management Or business in general We still have a dearth of women in manufacturing and engineering Read any of the studies on these sectors and they indicate that around one third of the manufacturing workforce and only around 15 to 20 of the engineering workforce is female Research attributes this to gender pay inequity work life balance insufficient women at the senior executive level and so on but realistically women only become really aware of these challenges once we have entered industry don t we So isn t the question more about how do we make a career in these sectors more attractive to women Fundamentally I believe we need to start early with the right education in schools and the elimination of stereotypes When I was 16 I went to a boys grammar school There were only eight girls in my year so the school didn t cater for girl subjects I studied woodwork graphics and metalwork along with the boys all the girls did and I rowed in a coxed four because there weren t enough of us to make a girl s team for netball or hockey I think this helped to break down traditional stereotypes for me The other thing I found was that from age 11 onwards the boys had specific lesson time allocated to debate current affairs They had been taught and encouraged to create cohesive constructive arguments as part of their education They were preparing the boys from an early age to have a view be able to express it and learn how to prepare for such discussions I know we do more of that in our schools today certainly my daughters are proficient at creating a strong argument But I still put my head in my hands when I look at the Design Technology options available to them and their female bias What advice would I give them There are no limits except those you impose upon yourself That s the best advice I could give a woman Understand Systems Thinking regardless of which sector you work in whether it is service or manufacturing Get to know W Edwards Deming s System of Profound Knowledge Systems Thinking Theory of Knowledge Variation and Psychology The four elements are essential to your own and your organisation s success Once you understand these and have a decent personal kit bag of tools and methods you can call upon in the different situations or challenges you find yourself you will be amazed at how good you feel about what you are doing and what you can achieve Be naturally curious rather than jumping to solutions The more you can ask about what s going on using great open questions which avoid making others feel defensive the more people will open up to you and involve you so that you can learn about the current situation and contribute towards what improvements may be possible in the future What have you found the most challenging aspects of working in this field There s so much to learn But that s good because I really enjoy learning However it s important to remember when to ask for help from others with more knowledge and experience Influencing others to trust the methods comes a close second People get into their own habits They have always done things their way or the way they were told so persuading them to suspend judgement try new approaches change their thinking is naturally sometimes hard work What is the most rewarding part of your job There is nothing quite like working with either an individual or team who are struggling and gradually seeing their lights come on as they start to realise what options are open to them that there are some theories they can have a go at There is also something about people realising that they don t always have to be right first time I m not suggesting that people should go off and make huge changes without considering the consequences of course But helping people realise that they can consciously try small changes test out a theory or two see what results they get learn from the results and then adopt do it adapt change it or abandon discard it completely is very liberating for them People can get obsessed with things being either right or wrong I don t think that s helpful I think that prevents people trying new ideas so giving them an environment a method which enables them to make mistakes in a controlled way is amazingly rewarding because they become so enthusiastic about what s possible by working that way Is there anything you think you would have done differently knowing what you know now It is absolutely true that If I knew then what I know now I would have done things differently deliberately rather than based so much on gut feel I started my first business when I was about 22 and I knew how to work hard and was happy to work hard but I didn t know anything about systems thinking or process management so I would have made different decisions with data In 2007 I studied Executive Coaching and Performance Coaching and that has really had a huge impact on my ability to listen ask questions and coach others and whilst I wasn t bad at that before I could have been so much better if I had really developed those skills earlier in my career Risk and opportunity go hand in hand when updating to the new ISO standard 4 December 2015 by Catherine Holdsworth in Business and finance Implementing ISO 9001 2015 Paul Simpson co author of Implementing ISO 9001 2015 looks into how taking risks and opportunities is key when building a business but can the updated ISO standards help to deliver that elusive pot of gold One of the big new ideas in the 2015 edition of ISO 9001 is Risk Based Thinking and if you are to believe the Twitterati the concept is akin to the subject of Edvard Munch s painting The Scream as the quality management landscape turns vibrant orange behind them But before the hysteria needle hits 11 let s think back to the real world outside the quality manual All people running organisations look at risk and opportunity they are two sides of the same coin when an entrepreneur starts their business risk and opportunity are always front and centre in their mind Wherever they have come from they have identified an opening to start a business make a living and grow it to the point where it gives them an income with the opportunity of a pot of gold for their retirement This future is however not certain there will be difficulties along the way and these risks left unmanaged could lead to a loss of income and ultimately to their business failing The entrepreneur recognises these risks come in many forms and many are related to quality do I have the right products and services for my target customers Can I control production and service delivery to consistently meet those customer needs Can my suppliers keep up with my demands and maintain quality levels I need If I can manage those risks at that level then the business will succeed and I can grasp all the opportunities including that elusive pot of gold Moving forward in time as the business continues to thrive and has grown our entrepreneur has moved upstairs to the board room as CEO and has managers and teams dealing with day to day business while she buys in high priced consultants to lead some blue skies strategy sessions Strategic risks haven t really changed an incorrect strategy still has the capability to bring down our grown up start up Tactically the business can cope more easily with risk as it has multiple customers buying a range of products On the down side tactical errors can lead to an erosion of hard earned brand reputation as all our customers inhabit the same system and talk to one another see the earlier blog on organisational context hyperlink for examples Moving out of the board room along to the shop floor and offices where business as usual happens risk looks a little different but it is just as important it is recognised and managed With every order comes a risk the organisation will misunderstand their customer s needs so at this process level there have to be checks and balances Individuals working with their CEO s delegated authority accept orders and enter into contracts including the inherent risks a legal contract carries At the same time on the shop floor all employees are involved in managing risk Some develop specifications and standards perhaps in a separate design office some manufacture products or deliver services that they believe meet those standards Throughout the process managing risks leads to delivered products and services meeting specification satisfying customer needs and customers paying their bills thereby allowing the organisation to realize the sales opportunity and contributing to our entrepreneur s vision of a pot of gold If the above risks and opportunities are present in daily organisational life why do we have concerns for the quality professional s ability to inhabit this space and over what our certification body auditors are going to do to us The revised clauses of ISO 9001 create an opportunity for us to revisit and realign our processes to ensure our systems deliver what our customers and stakeholders want There are of course risks with changes to the standard but perhaps we can focus on the opportunities presented and maximize them instead Context is king when implementing the new ISO 9001 standard 26 November 2015 by Catherine Holdsworth in Business and finance Implementing ISO 9001 2015 Paul Simpson co author of Implementing ISO 9001 2015 argues that while all organisations understand the markets they operate in it s through using the example of a corner shop that we can gain insights into how to apply this knowledge to satisfy the ISO 9001 2015 requirements The 5th edition of ISO 9001 contains significant requirements for organisations to assess and take actions on information in their working environment In a small number of words the standard creates huge responsibilities for the organisation s leaders and the only effective way to demonstrate those requirements are met is to look at the organisation as a system and understand the processes that interact with others in the operating environment So what does that mean in practice Thinking of my local corner shop to test out a concept I live in a village where my local shop owner has a very good idea about who her customers are and their buying patterns She knows her regulars and those who pop in once a month for a pint of milk late on Sunday Each time a customer purchases something it is scanned and goes through the till and she gets sales reports as often as she wants Her staff make a note when someone asks for something not in stock and periodically she sits down and decides whether the current stock holding needs to change She has supplier reps and multiple mail shots from suppliers to give options and alternative products to stock Her stock deliveries take place twice a week and an emergency delivery can be called up if needed She knows her regular sales team their strengths and weaknesses and sickness patterns and meets each of them daily and talks about what is happening currently and what she plans to do In the village the Parish Council is fairly active and occasionally she meets one of the councillors and they talk about village traffic problems with parking and litter All in all the relationship is amicable In surrounding villages there are similar shops and recently one of the majors opened an express outlet In all of the above there are risks and opportunities that can affect the sustainability of her business so she has a plan that attempts to deal with the risks and maximise the opportunities The plan is in her head and is occasionally discussed with her husband and some ideas are tested with selected customers The plan adapts in the light of changes to the operating environment of the store In the spirit of ISO 9001 2015 So in my example we have a system corner shop operating in a range of wider systems village local area grocery supply network The shop is part of a range of processes that take food from farm to fork and news from event to the reader Each process is operating in real time and competes for time from members of staff and space in the owner s head in terms of developing plans and strategies I ll put my neck on the line here and state that not only is my local shop owner doing a good job of running her business but her practices are in line with The Deming cycle and meet the spirit and letter of the requirements in ISO 9001 2015 For larger organisations context assessment is

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  • Lifestyle Archives » Infinite Ideas | Infinite Ideas
    2015 by Catherine Holdsworth in Current events Lifestyle As if Monday isn t bad enough today is Blue Monday supposedly the worst day of the year Christmas seems like forever ago you ve already broken your resolution not to drink and temperatures in the UK have dipped below zero What could be worse Well actually there are lots of things that are worse like losing your luggage at the airport bad luck to anyone who experiences this today or stepping in something wet when you ve just put on a clean pair of socks Infinite Ideas are no strangers to helping people out of a bad spot with our books Defeat depression and Beating the blues We have come up with several strategies in the office to give you some helpful tips to make this feel like any other Monday except better because most people do not like Mondays Perhaps the obvious solution to beating Blue Monday is to paint the town red Don t do what the media is telling you to and go crazy after work Infinite Ideas will not take any responsibility for the hangovers or bad decisions that may ensue Our advice should be taken at your own risk Play your favourite song We ve all got a song that makes us get up and dance throw our arms in the air like we just don t care Blast it out in the office and start a happiness rave Go swimming Immerse yourself in a pool of relaxation and pretend you are in the Mediterranean Sea Take a long lunch OK so you may have to make up for this later today but give yourself a break today Take some time for yourself and chill out before returning to the office Think about this evening What will you do with your free time Perhaps you could go home and curl up with that book you swore you d read this year Or cook for your friends housemates significant other there s nothing better than coming in from the cold to a hearty meal on the table Think about summer Just like Olaf in Frozen think about what you ll do in the summer It might feel like forever away but the daffodils are beginning to bud Before you know it you ll be dusting off your summer wardrobe Do something spontaneous This could be simply buying a chocolate bar or it could be booking that trip to Morocco that you ve always wanted to take Regardless it ll put a spring in your step Call someone that means lots to you For many of this it s our mum but it could be a friend or extended relative You can bet that they re not expecting it and it will give them as well as you a lift Print off a picture of happiness Of course happiness is subjective so find something that makes you smile This may be a picture of a tropical destination or it could be Ryan Gosling See we ve done the hard work for you Look at the picture of a really happy baby elephant This is bound to improve your day If it doesn t then we cannot help you Dry January 13 January 2015 by Catherine Holdsworth in Lifestyle Spirits distilled Wine and spirits Many people this time of the year are choosing to observe dry January in a bid to detox their bodies from all the Christmas overindulgence We re almost half way through the month now and many of you may be rethinking a whole 31 days without alcohol Rather than going cold turkey and risk crying in the wine aisle at the supermarket why not adjust your goal to something more reasonable such as only drinking at weekends We re also approaching that dreaded of all days blue Monday where the entire human race seems to question its own existence and wonders whether it isn t better to just admit defeat and look for the answer at the bottom of a large bottle of Jack Daniels and the wrappers of the now not so amazing Cadbury s creme eggs Perhaps rather than drowning your sorrows in whisky you could take this month of reflection to learn more about the spirits that you regularly consume during happy hour Mark Ridgwell s Spirits distilled is an excellent book filled with everything you need to know about spirits Each chapter begins with a brief history of the drink and provides ample opportunity for you to bone up on your knowledge and impress your colleagues at after work drinks Perhaps this is the month to drink the bar dry or to enjoy a dry gin and tonic Be creative and impress your friends by coming across as a cognac connoisseur a whisky wizard or a gin genius Ridgwell s book is interspersed with quizzes so that you can test your knowledge on what you ve read and prove that you really do know your stuff All the best for the upcoming Monday we really do hope that you make it to work on Tuesday Our sound advice would be to get back off the wagon slowly tonight treat yourself to a scotch or American on the rocks then perhaps that bottle of JD will go down smoother than expected The rise in the sherry trend 25 November 2014 by Catherine Holdsworth in Lifestyle Sherry Wine and spirits We re all very excited to tell you that Sherry sixth edition by Julian Jeffs is now available and you can buy it for yourself to learn more about the fantastic drink or you can buy it for that special someone who likes nothing better than having a tipple or two before bedtime More often than not sherry is synonymous with your grandmother s slippers Christmas trifle and Countdown in the afternoon But there has been a turn in the tide and what used to be a very old fashioned drink is now

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  • Nine visions of capitalism Archives » Infinite Ideas | Infinite Ideas
    found that most of these acquired companies were well managed It was precisely this which made them vulnerable They were spending on the future and not today What seems to happen to companies who grow by acquisition is that they try to buy the growth of others but do not grow organically themselves and the companies they acquire tend to stop growing and become ways of moving money to shareholders No wonder that Virgin bought back its shares from the public that Sainsbury s fought off acquisition that Hewlett Packard slashed its R D spending much to the disgust of the founding family and that Chanel has refused all overtures No wonder that Lidl and Asda are gaining at the expense of Tesco whose shareholders expect a larger slice of the supermarket pie Privately held companies usually want to use money to create industry and make an industrious future for their families Publicly held companies want to use industry to make money for their owners and see them enriched even at a cost of employees and customers Paying for higher performance The Great Delusion 10 September 2015 by Catherine Holdsworth in Business and finance Nine visions of capitalism By Charles Hampden Turner co author of Nine visions of capitalism It sometimes seems that we have so fallen in love with a supreme fallacy that we cannot bear to look at the evidence against it Our culture has convinced itself of a delusion and is unable to let go Too many people have a stake in the fallacy We are firm believers in pay for performance This we believe is how markets operate and they are both wise in the allocation of resources and embodiments of freedom The dream is that everyone gets what they deserve and prices reach their right level There are some obvious difficulties Why for example is China growing three times faster than Britain or America when they have a fraction of our incentives Why is not the USA leaving all nations in the dust behind it spurred by its massive pay offs for performance Why did the best paid sectors of our economy the banks let us down so comprehensively both practically and ethically Why are we growing more slowly than in past decades when rewards were less Something is obviously wrong Pay for performance has some obvious attractions as a belief system It justifies the gains of the already rich They are assumed to be economic wizards and exponents of private enterprise and removing any of their gains through taxation is seen as near blasphemous They will stop working Economists love the idea because money is the independent variable of their discipline which they wish to explain everything They dread having to defer to psychology or other rival disciplines Since money can buy all things those who have it want it to buy all people in addition It is a heady prospect Those trying to maintain authority see payments as a tool to punish those who defy them and reward those who behave themselves P for p is essential to maintaining social order So what is wrong We all need money to live so that surely we will meet the conditions under which we are paid What complicates the issue is that some motives are extrinsic our need for money praise encouragement the trappings of power and some are intrinsic our need to create and innovate our pride in a job well done our sense of professionalism our need to be appreciated even loved These two sources of motivation may impede each other as we shall see The research on this topic is extremely one sided and unambiguous There are by now scores of experiments and follow up tests but the results point only one way Teams or individuals offered money incentives do worse than teams offered no money at all There is only one exception to this rule In tasks requiring no judgement skill or problem solving ability where the work is routine and mechanical incentivized teams do better In all tasks requiring even as modicum of skill and ingenuity they do worse In a world getting more and more complex by the day this finding has devastating significance for any advanced economy Is there an alternative If pay makes no difference why do more competent receive higher pay The answer is that we have got the sequence wrong It is less that extra payment gains higher performance but that higher performance however motivated gains better pay We excel for the sake of excelling and for the delight of expressing ourselves and thereby earn additional reward What pleases us about our performance pleases others The classic case is the Candle Experiment more than eighty years old Teams are asked to light a candle attach it to the wall and make sure the melting wax does not fall on the floor They are provided with a candle matches and cardboard box of thumb tacks What makes this task not simply mechanical is realizing that the box is more than a container for the tacks but a crucial element in any solution You tack the box to the wall and the floor of the box to the candle and then light it All teams solve the problem in less than three or four minutes but those offered money take substantially longer More recently the money offered poor Indian villagers was two to three months wages and these eager members took even longer than the unpaid This experiment has been modified and repeated with more elaborate tests of creativity substituted for the candle but the findings hold Offering money is counter productive Why would this be the case Daniel Pink has suggested that money rewards narrow perception Money distracts the team members from a careful and thorough examination of the problem at hand Any problem or complexity needs to be pondered and we often need to bring to the solution something regarded as peripheral like the box in which the thumb tacks came Any team in a hurry to get the money on offer is likely to try short cuts and the most direct route to tackling the problem It is likely to fall back on routine coping skills Apart from these experiments there are a large number of unintended consequences which follow upon pay for performance which render it ineffective and in some cases disastrous Given the vast amount of bonus payments lavished on bankers and other executives this may give us a clue as to why in so many cases their performance has been sub standard and why fines for major banks in the latest scandal have topped 5 billion pounds Here there is room for just a dozen of these unintended consequences set out in detail by Alfie Kohn Performance is being defined by those in authority This means it is not being defined by the employee her himself or by the customer for that service but by what top managers demands If authorities demand that customers buy swaps as a condition for taking out loans or insure themselves against a loss for which the bank not they are liable then this gets done whether customers want or need it or whether it is ethically acceptable The employee s judgment and conscience are overridden It assumes that senior managers know precisely what needs to be done how hard this and what premium it deserves In fact senior managers are a further from the coal face than anyone else and seldom know such details with any accuracy A task that was once difficult may become easy with enough practice Employees have varied skills and what burdens one may be easy for another The environment and customer demands out there keep changing and with this what needs to be done and the relative importance of each job It tends to harm creativity innovation and problem solving This is because finding a problem and solving it has no rewards attached to it Top management does not know that the problem exists As for a creative or innovative solution this has no known payment because senior managers had no idea that it was possible or that someone might do it But all customary and routine tasks are rewarded so that p for p high lights the conforming and punishes the original If you do something new however effective it is you risk that your paymasters do not understand it appreciate it and will refuse to pay for it It distracts employees from giving customers what they want and what they are asking for You pressure customers into accepting what has been incentivized and not what they really need What is most profitable for the company and gets rewarded is not what the customer really wanted can afford or is in his own best interests The seller cannot put the customer first and foremost since the incentive skews his judgement and gets in the way Employees respond to p for p by gaming the game Pay for performance is a game and so employees feel justified in distorting it for their own purposes Some tasks will be over rewarded and some under rewarded Employees work this out and concentrate their energies on getting the most money for the least work and easiest tasks Tasks that have not been adequately paid do not get done however serious the consequences for customers or the organization Instead of doing what needs to be done employees do what is best rewarded Employees may stop helping each other In such a system rewards go to the person who receives help not the person who gives help Why help anyone else when only that person gains from it exclusively The other will complete the task and get the reward for your assistance It essentially punishes helping behaviour by the giving the money to the person helped It is possible to give a bonus to the whole team and this is to be recommended but then that team is unlikely to get assistance from another team Incentives tend to rob activities of their meaning Children given 50 cents each time they fastened their seat belts in an automobile stopped fastening them when the payments stopped They had missed the whole point that they should protect themselves if not for their own sakes then for their parents who had raised them How much should be pay a nurse who has extracted glass fragments from the face of a crash victim and has had to tell her parents she will be scarred Would 50 dollars cover it or a t shirt with a heart on it The very question insults her She did not choose her vocation to make money but to heal others Teachers find intrinsic pleasure in teaching but markets make them pay for this by awarding them commensurately less Bonuses render effective supervision of a subordinate very hard What every supervisor has to do is the support the performer while critiquing the performance You need to encourage the performer and make sure s he keeps trying On the other hand you need the actual performance to improve Criticize too much and you will discourage Praise too much and the supervisee may relax efforts The message has to be mixed and the communication subtle I think so highly of you that I think you can do even better Either giving a large bonus or withholding it will entirely wreck this communication It is altogether too crude If you cost your subordinate her planned vacation no way is she going to trust you again If you give her the money she will forget the rest Employees are disempowered in contrast to those in authority The problem with pay for performance is that it gets subtracted from straight salary No one is going to pay you more than they have contracted to do This means that a proportion of your salary can be clawed back if the boss is not pleased with what you have done If you receive a salary the boss has to trust you to give value If you receive p for p you have to trust the boss to pay up and not withhold what you believe you have earned It gives power to employers and takes power from the employed No wonder it is popular with employers and some politicians Employees retaliate against p for p by deliberately restricting output Employees have a strong dislike of rate busters This is someone who works so hard and quickly that management will base a new incentive structure on his level of output By working too effectively the amount of work required for a given incentive is raised and everyone must work harder for the same amount of money To stop rate busters from working too hard an entire group of workers may agree to restrict their output and sanction anyone who threatens this norm The output is fixed at a level they will not show anyone up or expose them to penalties Better tools and improved ways of working may actually be hidden from management scrutiny lest these lead standards to be revised upwards Instead they will be deployed in secret to resist pressure and buy leisure time This leads us to the eleventh problem The negative effect on social and technological change in the workplace Once the status quo is tied to how much money people get for various jobs the employees are likely to resist change Those who have found a relatively easy job that pays well will be especially resistant New technologies may mean that what each task deserves will need to be re assessed and several good little earners will be vanish The new technology may be implemented grudgingly at a fraction of its real potential in the hope that management will revert Finally pay for performance tends to lower the esteem in which people hold themselves and each other If only your performance is worth anything to the corporation then by implication you as a person are worth almost nothing and are readily substitutable by a more energetic person You have been hired for what you can do Many of the early banking scandals originated from those who were on commission only If management cares not a jot for you but only for what you produce then this same attitude tends to be visited by you on the customer You do not care what she he wants or if she can afford it the sale is worth so much and you are determined to get it for yourself The person dissolves into the task and is nothing but that task If the person cannot perform then get lost It is not the bum territory but the bum in the territory The company holds the individual responsible for inferior results not itself However poor the leadership inadequate the supervision the training given the instructions or the tools provided it is always the performers fault The person alone is responsible which lets their managers and supervisors off the hook P for P pretends that the individual is un related and where this is not insisted upon s he will blame others It is at least probable that money is a hygiene factor the word coined by Frederick Hertzberg and denotes factors which hurt by their absence but do not motivate by their presence For the absence of hygiene can kill people but fails to motivate them positively Cleaner bathrooms do not mobilize energy but stop it from dwindling Similarly money is of near obsessive concern where people feel they lack it Tens of thousands may strike Whole industries can buckle Militant organizations may be unleashed even a communist party But where people are paid fairly and reliably the concern with money gives way to intrinsic motivations and joy of being productive and innovative This is the desirable end Nine visions of capitalism by Charles Hampden Turner and Fons Trompenaars 7 September 2015 by Catherine Holdsworth in Book publishing Business and finance Nine visions of capitalism Capitalism in crisis top culture management gurus map the route to a fairer global economy Capitalism has been in a state of crisis for nearly a hundred years The effects of the stock market crash of 1929 were felt well into the 1950s The turbulence in international currency markets in the late 1960s which sparked worldwide street protests in 1968 was unresolved until the mid 1980s And the avalanche of financial crises that followed the failure of Lehman Brothers in September 2008 is still falling on businesses consumers and communities around the world In the face of such evidence it would be easy to think that capitalism is a doomed system However in Nine visions of capitalism unlocking the meanings of wealth creation authors Charles Hampden Turner and Fons Trompenaars suggest otherwise Capitalism does have a future they say but only if the standard Anglo American model of capitalism is radically transformed As the authors point out creating wealth is much more than simply making money They say A community is only better off when it creates wealth through the transformation of money into products and services and the transformation of these back into money via revenue received The current model of capitalism has led to a situation where the net worth of the world s top 10 billionaires stands at over 500 billion enough to end world poverty instantly twice over But the global economy is not richer for the presence of billionaires if the money in their pockets has simply been transferred from those of other people So how can this failing model be fixed Hampden Turner and Trompenaars argue that accommodating diversity is a pre requisite for the reinvention of wealth creation China s spectacular growth the dynamism and flexibility of the Mittelstand of German speaking economies Singapore s hybridization of East and West the world s vibrant immigrant communities and the drive for

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  • Sherry Archives » Infinite Ideas | Infinite Ideas
    any way in which technology has operated to the detriment of the wines save perhaps for the fact that it enables the shippers to pander to the taste for light coloured and limpid wines with too much taken out of them leading to a diminution of flavour and character But that seems to be the public taste Sherry is often regarded as an old fashioned tipple how would you convince today s drinkers that it s worth trying By giving them a glass or two to drink and telling them what to look for I have given tutored tastings for sixth formers at schools and undergraduates at university who have been amazed and delighted when shown what good sherry really tastes like The lesson that it tastes good with food is also being learned and shown by the success of tapas bars The intelligent young can enjoy classical wines just as they can classical music Sherry tasting is quite a specialised skill How did you get into it were you a natural or did you have to learn Some people have more sensitive palates and noses and better memories for flavours than others Those who are favoured in this way make the best tasters and there are a very few who do not seem to have these gifts at all so almost anyone can enjoy the subtleties and beauties of wine It does not come naturally though and has to be taught by suggesting to a young taster the things he or she should look for and to identify the differences between the various wines I was fortunate in having a father who was a knowledgeable wine lover and who gave me my first lessons Like most teenagers I was something of a rebel and saw there were two alternatives I could reject wine but that did not happen because I soon liked it enormously or I had to learn more about it than my father I chose the latter course to his amusement and gratification Can you tell us about the worst sherry drink you have ever tasted In 1956 I was crossing the Channel in a French ferry Before lunch I went to the bar and optimistically asked for a glass of sherry The barman told me he only had French sherry so I ordered a glass I have no idea what it was but it was memorably horrible About twenty years later I was on holiday in Italy and saw a bottle of an excellent fino behind the bar The colour looked wrong but I ordered a glass out of curiosity I gathered it had been there open for two or three years and it had become brown My curiosity was satisfied but again it was horrible Who is the greatest character you have met during your long career as a sherry expert Can you tell us about him her The Sherry country has always been full of characters and happily they still abound I have met enough to fill a small book But if I have to select just one it would be Manuel María González Gordon Marqués de Bonanza He should be the subject of a biography not just a paragraph I got to know him soon after I arrived in Jerez the first time in 1956 when he was head of González Byass He was tall slightly stooping as tall men often are good looking extremely short sighted and never put on show any sign of his aristocratic birth wealth or position He drove about in an old Austin Seven He was a scholar and a gentleman friendly to all young or old saint or sinner Drinking sherry with him was an education To everyone he was Uncle Manolo As a scholar he knew more about sherry than anyone and wrote the classic book about it In his old age he laid the foundations for the scientific investigation of sherry that have given rise to its modern enology Once when I was there the city pulled down its old gaol which was a pity as it was in a rather beautiful old convent and built a grand new one I remarked on this to a friend who said Yes and there are only two people inside it a gipsy who stole a hen and Uncle Manolo trying to help him A great friend of the United Kingdom he was appointed hon K B E He was born a sickly baby and the doctors despaired of his life but his mother gave him sherry and he survived to die in 1980 aged 93 Other than sherry what is your favourite drink not necessarily alcoholic and why I enjoy drinking all sorts of things ranging alcoholically from water to old brandy and taking in tea and coffee I would miss them all particularly coffee for breakfast I enjoy drinking all the classic wines and several obscure ones but apart from sherry perhaps the one I would miss most though by a very small margin over several others would be claret A brief history of Andalusia and the wine that is made there 10 November 2014 by Catherine Holdsworth in Sherry Wine and spirits Most of you will know that sherry is made in the famous sherry triangle in Spain in the region of Andalusia However you may not know about the history of the region and the events which led to the production of sherry in such a concentrated area Of course the reason sherry is produced there and nowhere else is due to the climate the soil and the type of grape that produces the popular wine Yet sherry is intrinsically Spanish and the perfect accompaniment to tapas But what has happened in this region that gives sherry its character Firstly Andalusia has been colonized by many different cultures for over 6000 years including the Greeks Phoenicians Romans Jews and Muslims bringing not only cultural but culinary diversity to this region Its close proximity to

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  • Spirits distilled Archives » Infinite Ideas | Infinite Ideas
    trained a large bear to serve pepper vodka to his guests If any guest refused their drink the bear removed their clothes During the 30 years war of the 17th century the British witnessed Dutch soldiers knocking back shots of genever gin s predecessor before going into battle eventually describing the habit as taking Dutch courage Upon Nelson s death at the battle of Trafalgar his body was placed in a barrel of rum During the voyage home the sailors drilled holes through the wood and drank the rum giving rise to the British naval term for rum Nelson s blood Although Prohibition was repealed in 1933 two thirds of Kentucky remains dry as does the town of Lynchburg in Tennessee home of Jack Daniel s In 1387 it is told that Charles the Bad King of Navarre a region on the Atlantic coast that straddled the Pyrenees died in agony when his sheets soaked with the local eaux de vie caught fire During the first half of the twentieth century tequila was thought of as a drink for nonconforming adventurers but in the 1950s a cocktail named the Margarita became popular in the Los Angeles area and demand for the drink increased The best way to learn more about the exciting world of spirits is to read Spirits distilled by Mark Ridgwell Spirits distilled by Mark Ridgwell is a comprehensive guide to all of the major spirit categories designed to educate and inform those whose vocation or hobby is spirits After taking the reader through the principles of distillation to a discussion on how to taste spirits Ridgwell reveals the history and legends behind vodka gin tequila rum brandies liqueurs eaux de vie flavoured white spirits and the entire range of whisk e ys The quizzes at the end of each chapter are a fun and useful way of understanding better the spirits they enjoy An essential book that belongs on the reference shelf of everyone who works with or enjoys spirits Spirits distilled is a classic in the making About the author Mark Ridgwell has worked with many of the world s leading spirit companies including Smirnoff Hennessy J B Rare Ballantines Beefeater Courvoisier Canadian Club Bols and Hiram Walker Liqueurs The pinnacle of his corporate career saw him taking Maker s Mark out of America and introducing it to the rest of the world In 1999 Mark left the corporate world and set up Taste and Flavour a network of renowned speakers who are passionate about spirits and keen to share their knowledge with enthusiasts and professionals alike Mark worked with the Wine and Spirit Education Trust to create the Level 2 Certificate in Spirits now called the Level 1 Award in Spirits the only globally recognized vocational qualification relating to spirits and liqueurs Contact details An uncorrected PDF proof is available for review Mark Ridgwell is willing to give interviews For more information please contact Catherine Holdsworth catherine infideas com 01865 514888 Quiz how well do

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  • The corporate wellness bible Archives » Infinite Ideas | Infinite Ideas
    water to be recycled by the body and without an efficient digestive system the result will be like a washing machine where the wastepipe feeds straight back into the drum Which brings us to my favourite topic stools An important measure of bowel performance is transit time how long it takes from the time you eat a food until it comes out the other end The most effective way to measure this is to eat three or four whole beetroots This is because beetroot can turn the stool bright red and so if you take note of when you eat the beets you can calculate how long your own personal transit time is Twelve to 24 hours is the optimal transit time Sweetcorn works well too you should spot recognisable corn emerging out the other end If it s less than 12 hours it s possible that you re not absorbing all the nutrients you should be from your food More than 24 hours indicates that the wastes are sitting inside your bowel for too long and this can greatly increase the risk of colon disease If you ve done this experiment and found that your transit time is slow you ll be relieved to hear that all isn t lost One of the major elements in your diet to increase is fibre and generally you can do this pretty easily by upping the amount of fruit vegetables and pulses e g lentils you re eating Whole grains are also full of fibre so adding these to your diet will help too By whole grains I mean unprocessed grains because processing removes all of the husk and the fibre which is why brown rice is so much better for you than white A word of warning though because of the healthy associations attached to brown bread some processed loaves are coloured to give them a healthy colour Look for the key phrase wholemeal to avoid this particular trick Bread should be heavy and more brick like light and fluffy says a lot of air and not much substance Increasing your water intake is vital Water shortages do for your digestion pretty much what they do for any other living thing Foods that react negatively in the gut include sugar alcohol high fat foods and junk foods like chips and pastries to name but a few of the major culprits Foods made up of flour are particularly able to slow everything down in there Remember making glue from flour and water when you were at school The same principle applies here We re not sure what the unfortunate person put into their body before take off but we re guessing that it wasn t pulses Infinite Ideas would like to clarify that BA is not in fact launching a witch hunt this was purely used as a marketing tool Search Recent posts Alice in strategy land by Kate M Santon can help improve your business Career lessons from The Walking Dead

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