Copyright TIGERS Success Series

By Dianne Crampton

How many times during your work week do you hear someone say, “Just as soon as I find another job, I’m Outta Here!” Well, these employees are no longer waiting for the ideal job to “open up” in this oh-so tepid economy. They are sticking it to their employers and leaving their positions to find jobs where they can spread their wings, earn respect from team leaders, and leave the workplace chaos behind!

These individuals are leaving organizations in droves after working in repressive environments of employers who have lived by the motto: “If you don’t like it, there’s the door” for way too long.

According to a government Job Openings and Labor Turnover Survey (JOLT), 51% of all recent job separations were due to workers voluntarily leaving their jobs…in other words, quitting. This is the first time since September 2008 that employees leaving their jobs were in the majority over those individuals who were involuntarily laid off over the past tumultuous 3 ½ years. There still remain barriers to strong job creation such as a weak housing market (where home owning employees aren’t as upward and mobile as they would like to be) and employers not able or willing to hire new staff ….just drive the employees they do have into the ground. However, indications are looking up for individuals ready to take that leap of faith that the job market is indeed improving after a long hiatus.

Why the rise in employees quitting their jobs?

Understand that employees don’t walk out on companies; they walk out on poor management and work environments lacking respect. Lack of communication, excessive micro managing, office politics and dog-eat-dog work environments are just a few of the reasons employees leave an organization — especially top performing employees who no longer feel challenged or valued as a team member. Highly productive people may actually run through the door at the chance to take a new position filled with growth opportunities– even if the starting pay isn’t as high as their current position.

Here are other reasons employees are leaving their jobs for more fulfilling careers and a cooperative team environment:

• Nag, nag, nag, and nag some more…. Employees are tired of being brow beaten. When the only focus of the organization is to achieve goals no matter the cost, employee satisfaction and work ethics hit the skids. Positive attributes like risk taking, innovation, and collaboration will come to a screeching halt because no one enjoys being crucified in the workplace limelight.  Sure…employees will make mistakes from time to time, but when management only focuses on weak points instead of accomplishments…employees walk.
•  Managers think a paycheck is good enough We all have bills to pay, but the almighty dollar can only remain a motivating factor for so long. If individuals don’t feel they are contributing to the success of the organization or receive any job satisfaction from their duties, they soon become bored, unchallenged, and ultimately disengaged in their job duties. Many organizations have actually announced to employees, “at least you still have a job” after slashing their salaries and throwing raises out the window.
• Managers won’t get down and dirty – When deadlines are looming and your team is already putting in 10 -12 hour days, pitch in! Get out of your executive high-back chair, roll up your sleeves, and work right alongside these dedicated employees. It will do wonders for morale and employees will bend over backwards for managers who show their team respect and empathy.

As the economy warms up, organizations are starting to see employees hand them their own version of a pink slip.  Organizational leaders and HR heads need to take a step back to realign their employee retention methods and policies to keep hard working employees. Recent statistics clearly show that employees are willing to quit their current jobs to find a new position even within a tight job market. The “I’m Outta Here” movement will continue to gain momentum if organizations fail to recognize the inevitable exodus of miserable employees.

If your organization is committed to retaining valuable employees, ask about TIGERS web-based training  session on May 23 for HR personnel, project managers, and internal trainers. Squash the “I’m Outta Here!” movement within your organization and learn how to become a preferred employer.

TIGERS® Success Series, Inc. is a team development consultancy that has served leaders and their teams since 1989. TIGERS® helps leaders build teams of employees that are committed and engaged in the success of the organization and who love working together.

TIGERS Success Series

By Dianne Crampton

Although risk managers are taking on more strategic roles in their organizations, a disconnect still exists in many organizations between how risk managers and senior leaders view the role of risk management, according to a new survey published by Marsh and RIMS. 

An overwhelming majority of risk managers and C-suite executives responding to the ninth annual Excellence in Risk Management study agreed that expectations of the risk management function have increased in recent years. Yet the two groups differed in their views on whether the role should be primarily defensive or anticipatory.

C-suite respondents increasingly expect risk managers to be more involved in their organization’s overall business strategic planning efforts and to lead enterprise risk management activities. However, when asked about the C-suite’s increased expectations, most risk managers believed their priorities to be integrating more deeply with operations, providing better quantification and analysis on risk management, and executing daily activities more efficiently.

“The C-suite clearly is telling the risk manager to grab hold of strategic risk management,” said Brian Elowe, a managing director in Marsh’s Global Risk Management Division. “Risk managers who are not seizing this opportunity should assess the resources they need to help meet management expectations.”

The report also found that C-suite respondents and risk managers had differing views on the strategic value of total cost of risk (TCOR) measurements. Sixty-eight percent of risk managers said that they use TCOR measurements, but many C-suite respondents did not seem to be aware of this: 51 percent said that their companies do not measure TCOR.

Even in firms where C-suite respondents understand that TCOR is being measured, they show little awareness of what goes into the calculation, an indication of the relatively low value they place on it.

”Measurements such as total cost of risk can bring certain value to risk management budgeting and benchmarking, but they do not necessarily give senior leaders the strategic view of risk they are seeking,” said Nowell Seaman, Manager of Risk Management and Insurance at the University of Saskatchewan and a member of the RIMS Board of Directors. “Organizations are better served when risk managers engage in strategy planning and strategy execution efforts by developing a formal strategic risk management framework, and consolidating the disparate emerging risk communication channels that already exist in organizations.”

Other significant findings from the survey include:

• More than one-third of respondents said that the economic downturn led to an increase in the use of analytics in risk management. An almost equal number said the downturn increased their companies’ focus on risk volatility, an important measure of how divergent actual losses may be from expected losses.
• The presence of broad-based risk committees at companies held steady at just over 60 percent in 2012, after showing a steep rise between 2010 and 2011. About 40 percent of respondents at companies without a cross-functional risk committee say their organizations should create such committees.
• Among respondents whose organizations were affected by a natural catastrophe in 2011, 75 percent said their company will re-examine its approach to a number of risk management areas. More than two-thirds of those respondents say that they have already done so. The survey was compiled from online responses received during the first quarter of 2012 from 1,322 risk managers, C-suite executives, and others involved in risk-related functions.

Although primarily from North America, respondents represented companies with headquarters in nearly 50 countries.

TIGERS Success Series

By Dianne Crampton,

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Good leadership makes or breaks a company. Stellar leadership, on the other hand, filters down through all levels of operation and sparks innovation. These were some of the findings from the recent study conducted by the Hay Group.

A global management consulting firm, the Hay Group released its seventh annual Best Companies for Leadership Study and Top 20 list. The study ranks the best companies for leadership around the globe and examines how those companies nurture talent and foster innovation in their ranks. This year, General Electric topped the list, followed by Procter & Gamble,IBM, Microsoft and Coca-Cola.

According to Hay Group’s study, the Best Companies for Leadership create workplace environments and processes that enable innovation to thrive. In fact, all of the Top 20 companies reported that their leaders regularly celebrate innovation, compared to just 49 percent of other companies. In addition, 90 percent of the Top 20 companies reported that if individuals have an excellent idea, they can bypass the chain of command without the threat of negative consequences, compared to only 63 percent of other companies.

“The Best Companies for Leadership recognize innovation is key to their future growth and ability to survive in a fiercely competitive global market,” said Rick Lash, director in Hay Group’s Leadership and Talent practice and co-leader of the Best Companies for Leadership Study. “Many companies prize innovation, but the Best Companies for Leadership approach it in a disciplined way by building agile organizations, promoting collaboration, celebrating successes, learning from setbacks and fostering a culture that encourages a passion for innovation throughout the organization.”

Hay Group’s study also found that the Best Companies for Leadership cast a wide net for ideas and develop their people to think more broadly. All of the Top 20 companies said they provide structured opportunities for younger employees to promote innovative ideas, compared to 68 percent of other companies. Similarly, 95 percent of the Top 20 companies reported that senior leaders personally spend time actively developing others, and 90 percent said their leaders effectively help frontline employees understand their company’s long-term strategy. That is compared to only 48 percent and 53 percent, respectively, of all other companies who reported the same.

“The Best Companies for Leadership distinguish themselves by their ability to develop well-rounded, multifaceted talent within their organizations,” said Susan Snyder, senior principal in Hay Group’s Leadership and Talent practice and co-leader of the Best Companies for Leadership Study. “As innovation increasingly becomes a key differentiator for companies worldwide, best-in-class organizations are doing more to train and develop their people, celebrate diversity, reward collaboration and establish an environment that fosters innovation, creating a competitive advantage in the marketplace.”

In fact, the Best Companies for Leadership consistently out perform their peers. Over a 10 year period, the Top 20 companies produced a 5.39 percent shareholder return, compared to a 2.92 percent shareholder return generated by the S&P 500.

Other major findings from Hay Group’s Best Companies for Leadership Study include:

Copyright TIGERS Success Series

By Dianne Crampton

He’s suave, debonair, smartly dressed, and says all the right things you want to hear. Sound like the ideal date? Hardly… he is sitting right across from you at the interview table and could be your future employee from hell.

In a recent post, I reported that as the economy starts to heat up, employers could stand to lose as much as 79% of their workforce. And employers that didn’t watch their Ps & Qs during the Great Recession may find themselves among the organizations seeking new hires as their existing teams wave goodbye leaving for greener pastures. If his happens to you, how do you ensure you won’t replace one disengaged employee for a nightmare employee who looks good on paper and can charm a snake?

According to a study published in the Journal of Applied Social Psychology, when it comes to interviews, narcissists do it better because they’re not at all shy about self-promoting.  No surprise there, but how do these employees fare working side by side with the rest of the organization’s team? While narcissists are good at landing the job, they ultimately tend to bring a toxic component into the office environment.

Peter Harms, the study’s lead author and assistant professor of management at the University of Nebraska states, “Under high pressure narcissists increase their self- promotion. They talk a lot and they talk fast. And people tend to mistake that fast talking as a sign of competence and intelligence. They think that fast talkers have a lot to say and know the material so well that they don’t need to pause and think about it.”

A narcissistic employee tossed into the ranks of a well-oiled team will never gain your team’s respect. What they will bring is chaos, discontent, and eventually a higher turnover rate among valuable employees who no longer want to deal with the “I can do it better than anyone else” attitude.

While it is still true that individual innovation and strategic thinking are highly valued, there are ingredients missing from the narcissist’s personal arsenal such– interpersonal skills, empathy, and the ability to work collaboratively. Without the ability to communicate, listen, and build relationships with peers, these individual so-called “star performers” can leave a toxic trail behind them wherever they go.

So how do you spot the narcissist when interviewing? Other successful organizations have utilized the TIGERS Team Wheel game to apply fundamental principles and insights to their interviewing process.  This has saved employers from major headaches and financial loss due to the hiring of a narcissistic employee.

Here are four questions employers need to seek answers to when interviewing a new hire:

• How do they resolve conflict? Narcissists will seek political advantage by sabotaging other employees.
• Where does accountability lie? Narcissists will always point the finger. (Remember…they can do things better than anyone else)
• How do they work within a team environment?  Narcissists will insist they ARE the team.
• Where does their commitment and loyalties lie? Hand the narcissist a mirror for this one.

Many organizations are realizing what “elite” preferred employers have known for quite some time. They are realizing they must make their hiring selections based on character, communication, and willingness to work in a collaborative team environment for the success of the organization as a whole. On the flip side, the narcissist will swoop in to sweep an organization off its feet while kicking the idea of “team” to the curb along with productivity and profits.

Join us in a complimentary 45 minute webinar and online discussion on how to buid a workforce environment where trust and cooperation thrive here.

Copyright TIGERS Success Series

By Dianne Crampton

Do you have those days where you can’t wait to jump out of bed and get to work to put in a full productive day? You say those days are few and far between, maybe even non-existent? Not surprising when a recent Gallup poll showed that less than 30% of the workforce actually enjoy their jobs and care enough to make valuable contributions to the organization. 

Well, some forward thinking organizations have come up with some traditional and some innovative “outside the box” ways to ensure employees show up to work bright-eyed and bushy tailed ready to give 110%.  In other words, these employers have figured out how to position themselves as the elite “preferred employers”  that will ultimately attract the best of the best in talented staff and management personnel.  These employers know that engaged employees reduce an organization’s turnover rate which leads to a reduction in the high cost of hiring and training new team members. Engaged employees are almost 3 times as productive as a disengaged employee. Now add that to an organization’s bottom line!

So what do these organizations do to keep their employees happy and successfully motivated? These employers have upped the ante beyond the “Employee of the Month” parking space. Simply stated…that have added perks to their company benefit programs. The best part is, you don’t have to be a major corporation to initiate employee perks. Many of these perks work quite nicely for smaller businesses that don’t have large purse strings. 

Here is a list of perks other organizations have successfully integrated into their employee benefit programs to motivate and create “happy” employees. 

• Co-worker recognition – These are not recognitions awarded by management, but by an employee’s own team members. These employees have gone out of their way to help other employees, make significant contributions to major projects, improve team cohesion, or find a solution to a cumbersome internal process. The recognition could be in the form of a quarterly bonus, extra stock options, movie tickets, a recognition award, or even a day off with pay.
• Offer flexible advancement –Not everyone is cut out for…or even wants… to move up the corporate ladder. According to a Time article, The Future of Work, more and more companies are searching for creative ways to save and add flexibility— by experimenting with reduced hours, unpaid furloughs, or letting employees move laterally. The up-or-out model, in which employees have to keep getting promoted quickly or get lost, may be growing outmoded.
• Work from home days – for those that have the discipline to buckle down and knock out a day’s work, this is a fantastic perk. Often with no long commutes into the office and no distractions from co-workers or ringing phones, you can accomplish in 4 or 5 hours what takes 8 hours at the office. And the rest of the day is yours!
• Ping pong anyone? Many companies have brought in ping pong or foosball tables to the break and lunch rooms to add some fun and distraction over lunch hours.  Other companies have installed a simple basketball hoop outdoors to give employees the chance to exercise, blow off a little steam, and clear their minds during breaks.
• Monday morning breakfast or Pizza Friday – Rally the troops by providing a continental breakfast one morning a week or throwing a pizza party during the lunch hour on Friday. The cost is minimal compared to the rewards this act of organizational “good will” reaps.
• Family Days– This perk isn’t enjoyed only by employees with kids, but employees with spouses. If Junior has a tee-ball game, many organizations will give employees the time off without docking their vacation or sick time. For those single employees that want the same perk as employees with families, how about offering them a few Community Service Days during the year. This allows employees time to take part in community or charitable activities that they’re passionate about but otherwise don’t have time for.
• Flexible hours and days. Shake it up a little for employees by providing options from the usual 8:00 – 5:00 routine with flex schedules or four 10’s to  give employees a day off during the week to run errands and save the weekends for fun!

 Offering perks such as flexible work options and recognition for employee contributions, creates a collaborative champion team with long-term, sustained success. These engaged employees are deeply committed to their employers, leading to key improvements in business outcomes, reductions in absenteeism, turnover, safety incidents and product defects. So roll out the perks!

Copyright TIGERS Success Series

By Dianne Crampton

As the saying goes, “The only thing you can count on is change,” and in this economy and chaotic business climate nothing could be farther from the truth.

In the last few years, we have seen the greatest recession since the Great Depression, a housing bubble burst overnight, financial markets tumble, unsuccessful bailouts, and traditional jobs disappear into thin air. So why do corporations, small business owners, and organizations have the mindset to bury their head in the sand and continue “business as usual?” Today’s business culture is in transition and if you continue forward with the status quo, you could be out of business sooner than you think.

Good Old Days at the “C” Suite

In the not so long ago, good old days (pre 2007) business growth meant massive hiring, money thrown at capital expenditures, and a rigid chain of command to inaccessible management. And… forget about employees voices being heard or acknowledged at the “C” suite level! In today’s abruptly changing business culture, leaders can’t afford to be demanding, self-serving, and at the helm of an organization that is slow to respond to a changing global marketplace. 

So how do 21^st century organizations remain competitive when the rules of the game have changed? According to authors of the Elastic Enterprise, Haydn Shaughnessy and Nicholas Vitalari, it means successful organizations will master the ability to move into new geographical markets or new product areas that aren’t part of the firm’s core competencies.  It means stepping outside the core of the business and operating in new markets with assurance and ease.

Your Business Plan Shelf Life has Expired

These companies go beyond traditional business strategies of updating the annual business plan and then putting it back on the shelf until the following year. These companies are “elastic” and utilize an active, action planning approach in business that enables them to act upon new opportunities in “real time.”

They are infinitely more agile and can grow without massive increases in overhead and management. IBM has celebrated its 100^th birthday because it constantly redefines itself, going from hardware manufacturer to service provider. Google has made strides in dominating the marketplace in leaps and bounds. From humble beginnings as a search engine provider, they stepped outside their core business into the mobile arena, applications, and conducting business in the cloud.

Does Innovation Create Jobs?

According to GE’s recently released Global Innovation Barometer, nearly 3,000 senior executives in 22 nations around the world were surveyed. Ninety-two percent of respondents said innovation is “the main ingredient for a more competitive national economy” and 86 percent said that “innovation is the best way to create jobs” in their countries. But just how do you define “innovation?”  Do companies in the 21^st century have to keep inventing the next “i-pod” phenomenon to remain competitive in the market? The answer is a simple …no.

Innovation in this day and age means that companies have to learn “to think differently” than in the past. Leaders need to ask themselves some hard, fundamental questions such as: 

• Are your company’s new products really the result of unique work? Or are you just putting pretty packaging over the same widget?
• Are your human resource policies streamlined to retain top performers and to recruit team members that reflect your core values? Is there training and e-learning in place to give team members the chance to grow with the company?
• Do your own management styles encourage team collaboration and loyalty? Engaged organizations have 3.9 times the earnings-per-share growth rate compared with that of organizations with lower engagement in their same industry.
• Have you tapped into the hidden skill sets within your own workforce? Star performers can be found at all levels within an organization. Talented employees will soon become disengaged and seek employment elsewhere if they are unchallenged or feel they are not making a significant contribution. Gallup calculated the number of extremely miserable employees — right at 20 million nationwide. Be assured they will be jumping ship when the economy brightens!
• Are your departmental teams nimble enough to respond to quickly changing market demands or are they bogged down from poor communication and internal politics. If so, project deadlines are being missed and your organization’s reputation is on the line.
• Do you know what many Fortune 500 companies know when it comes to hiring new team members? Along with MBAs and engineers, they have hired humanities majors, art majors, and designers to bring a variety of fresh perspectives and ways of thinking to the table.

Don’t become a lumbering dinosaur in 2012 with outdated human relation policies and management practices. “Innovate” a new model of wealth creation, team member retention, and allocation of resources. “Business as usual” in this new economy is the fastest way to become extinct and replaced by an agile competitor.

By TIGERS Success Series

Latest U.S. News & World Report Ranks the University of St. Thomas Opus College of Business to Top 25 List Of Best Business Schools with good scores in leadership team development.

The Opus College of Business at the University of St. Thomas found itself among the top 25 percent of the nation’s accredited business schools in rankings published this week by U.S. News & World Report.

Why is this important to team development and team culture awareness?

Every year business schools launch MBA’s into the workforce with some level of skill and understanding when it comes to personal ethics and tested leadership experience. Often good at pushing a pencil, many graduates come to the workforce unprepared to be leaders and to work in team culture operations.

It appears St. Thomas Opus College of Business offers something different.

This was the first opportunity for the Opus College of Business to be ranked by U.S. News because the news outlet only considers schools that hold accreditation from the Association to Advance Collegiate Schools of Business (AACSB) International. Following a five-year process, the Opus College of Business became the first private college or university in Minnesota to receive AACSB accreditation in December 2010.

In its first year of eligibility, the Opus College of Business’ full-time MBA program was ranked 104th among the 441 U.S.-based, AACSB accredited programs able to take part in the survey. U.S. News only published its top 102 ranked programs, but listed St. Thomas as having a “rank not published” in its report and corresponded directly with the school about its rank. MBA programs belonging to Stanford and Harvard tied for first in the country and the University of Pennsylvania’s Wharton School of Business notched third place.

In a separate ranking of 326 accredited part-time graduate business programs, U.S. News and World Report listed St. Thomas at No. 200.

“We always believed we had an outstanding business school but there wasn’t a good way to demonstrate that,” commented Dr. Christopher Puto, dean and holder of the Opus Distinguished Chair in Marketing. “To move from being unranked to the top 25 percent is a wonderful affirmation. This initial ranking recognizes the efforts of our faculty, staff, students and benefactors. I could not be more grateful or proud of what they have accomplished.”

There are six AACSB-accredited colleges and universities in Minnesota and 22 in the five-state area. In its “Best Business Schools” list, U.S. News and World Report ranked only four of those 22 higher than St. Thomas: the University of Wisconsin-Madison, Iowa State University, the University of Iowa, and the University of Minnesota-Twin Cities.

With organizations such as Goldman Sachs and other companies experiencing fallout due to unethical business and leadership practices, it is good news to bring a counter point to public awareness.  With a vision to educate highly principled global business leaders, the University of  St. Thomas Opus College of Business is the only private university in Minnesota accredited by AACSB International. It offers undergraduate concentrations in 13 fields and master’s degrees in seven programs, including day and evening MBA programs. The school enrolls another 4,300 participants annually in executive-education classes.

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Copyright TIGERS Success Series

By Dianne Crampton

If you think that entrepreneurial-minded and innovative employees are plotting to steal “top secret” company ideas, sell them to your competitors, or start their own businesses, you couldn’t be farther from the truth. As a matter of fact, organizations with this mindset aren’t harnessing the wealth of untapped leadership skills these employees bring to the table. These individuals are creative, they are problem solvers, and they want to belong to company that values profit centers and teams.

Controlling or Collaborating?

There are two types of entrepreneurs and for decades, the preferred, elite employers have sought out and nurtured these entrepreneurial team players and reaped big rewards of sustainable success.

Serial entrepreneurs (SE) are the traditional entrepreneur in every sense of the word. They are driven to form their own businesses, are highly individualistic, have a sense of urgency about them, and a desire to control and oversee the business. Think of the Steve Jobs and Bill Gates of the world. They are brilliant, creative business professionals who built two of the greatest corporations today. These creators need to be challenged continuously or organizations run the risk of having this type of entrepreneurial-minded employee disengage and leave the company. They like to own what they do and are C-suite employees.

On the other, not so far, end of the spectrum are the entrepreneurial-minded people (EMP). These individuals are also innovative in their ideas, go-getters, and thrive on problem solving. But they differ in attitudes from the serial entrepreneur towards control. They are less concerned about exerting control and are most productive when collaborating and striving toward goals within teams. They make exceptional team leaders and project coordinators and can be found at all levels of the organization.  They also love to own what they do and like to keep track of the successes a team achieves.

How do you identify the entrepreneurs in your organization?

It’s quite simple actually… just ask them. During the hiring process or in a performance review, there are four key questions to ask potential and existing employees. And we are not proposing “yes” or “no” questions.  Instead you will be asking open ended questions so you can gather the proper information as employee candidates or employees describe themselves.  

According to research conducted by Chairman Bill and Ron Bonnstetter of Target Training International, these questions reveal tremendous insight into motivating factors for employees. 

1. Describe your career goals. 
1. The EMP will be happy with the position they are applying for and not concerned with advancing into a management position.
2. The SE will tend to say she is looking for advancement. 
2. Describe your professional strengths. 
1. An EMP will focus on strengths directly related to the job in question.
2. An SE will talk more about leadership and personal identity. 
3. Describe things you’re not good at. Honesty is important for both. Listen closely.
1.  If the individual claims to not have any weaknesses, they are likely more SE-driven, and it is wise to know that having no problem is a serious problem.
2. The more weaknesses the individual confesses to having, the more EMP-driven they are. 
4. What activities do you do to keep current in your profession? 
   1. The EMP is interested in keeping up within his profession and industry.
   2. The SE is more focused on keeping up on broader scope, going beyond just her career and may discuss things she is reading, experiencing or sharing.

Search out the entrepreneurs in your organization and encourage them. They are self-motivated, possess leadership skills, and enjoy taking on projects that challenge them.

Even at entry level positions, EMPs are eager to stretch. By recognizing and encouraging the entrepreneurs within your organization and providing them with the information they need to monitor their goal progress, you maintain your organization’s competitive edge as the economy picks up steam. With their problem solving attributes and leadership skills, your organizational entrepreneurs can give your business the agility and drive to succeed to remain nimble and responsive in a changing economy.  

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By Dianne Crampton

Small Business Pulse, a survey conducted last month by The Hartford, reveals that female small business owners feel more confident in the success of their business than their male counterparts and take a more cautious approach to business risk.

“These findings align with the measured approach we see in many of our own female customers,” said Janice Co, vice president of strategy and chief marketing officer for The Hartford’s small commercial insurance unit. “As women realize they’ve built successful businesses, they tend to sharpen their focus on protecting their accomplishments against future uncertainty. Women are a powerful force in the small business community and The Hartford is proud to serve them.”

Among small business owners, 91 percent of women say their business is successful, compared to 80 percent of men.

When asked to rate the overall level of risk they are currently taking with their business, 55 percent of female small business owners rate themselves as conservative, compared to 47 percent of males. Furthermore, 80 percent of female small business owners believe they would not have been more successful had they taken on more risk, compared to 67 percent of males.

Current Challenges

While female small business owners believe they are successful, they also acknowledge that they face some significant challenges.

Female small business owners characterize current challenges as:

U.S. Economy and Elections

Women are not as optimistic as men in their outlook on the U.S. economy. When asked to gauge their level of optimism that the national economy will strengthen this year, only 53 percent of women say they are optimistic, compared to 64 percent of men.

The survey also indicates that women are more likely to vote with their business in mind during November’s presidential election. Eighty-nine percent of female small business owners say that a presidential candidate’s position on pro-small business policies will have an impact on their vote, compared to 79 percent of males. Further, 55 percent of women surveyed indicate it will have a major impact, compared to 45 percent of men.

The Role of Government in Helping Small Business

The survey reveals that small business owners are not unified in their opinion on which government entity is most responsible for helping small businesses. However, women clearly feel local entities (state/local government and chambers) should take the lead.

“Our research suggests that efforts to help small business owners should be addressed on all fronts,” Co said. “Resources are needed at every level to foster small business success, from local organizations serving as advocates on behalf of small business in the community, to policies in Washington that make taxes easy to understand.”

Nearly 30 years ago, The Hartford became the first insurer to have a business unit focused on small business. Today, The Hartford has more than one million policies nationwide, insuring small business customers in 96 percent of U.S. counties.

As a small business owner and founder of TIGERS Success Series, Hartford was the one insurer that stepped forward to provide my company with Decision and Opinions Insurance that protected my company through large growth spurts.

Small Business Pulse Methodology

The Hartford Small Business Pulse is a complementary survey to the Small Business Success Study released in November 2011. The Small Business Pulse is designed to provide real-time insight into the mindset of small business owners today. The survey was developed by The Hartford and fielded via telephone by Braun Research from February 29 – March 6, 2012. The nationally representative sample consisted of 1,004 small business owners (271 women and 733 men) of companies with fewer than 100 employees and have been in business for at least one year. The margin of error is +/-3.1 percent for the national sample, +/-4 percent for the male sample and +/-6 percent for the female sample with a 95 percent confidence level.

Image credit: iStock