Performance Review: Templates, Tips, & More
There are plenty of words and phrases that will immediately put a pit in any manager's stomach. I'm overworked. I'm unhappy. I quit. There's another one that deserves a spot on the list: It's time for performance reviews. At their worst, performance reviews are daunting, nerve-wracking, dreaded obligations — for managers and employees alike. At their best, they're frustrating inconveniences or seemingly trivial exercises that eat into the time everybody needs to do their real work. Yet employee performance reviews arrive on the calendar like clockwork. And if you're going to have to do these reviews anyway, you might as well make the most of them so that you and your direct reports can get as much value as possible out of this mandatory process. This guide has everything you need — including several different performance review templates — to make your performance reviews a little more beneficial (and a lot less bothersome). Do employee performance reviews actually matter? Employee performance reviews have faced a lot of scrutiny in recent years, and a whopping 95% of managers admit that they're dissatisfied with the formal performance appraisals at their companies. Despite the groans and eyerolls (some of which are well-deserved), conducting formal employee performance evaluations offers a number of benefits for employees, managers, and the entire organization: Provide and receive regular feedback: 92% of employees say that they want to receive feedback more than once per year. They crave guidance and information, and frequent performance reviews (i.e, not just annual ones) provide a reliable and regular opportunity to offer employees insight into their strengths and weaknesses, skills and areas for improvement. Highlight growth opportunities: Even if the review process feels daunting, 64% of employees say they receive helpful feedback from their performance evaluation — they get their hands on information that helps them learn and grow within their careers. Plus, when 49% of employees say they want to develop their skills but don't know where to begin, these feedback conversations are a chance for managers to understand their direct reports' career desires and help them hash out plans for their professional development. Clarify expectations: Only about half of employees strongly agree that they know what's expected of them at work. While review conversations are focused on performance, they also involve reiterating goals, responsibilities, and expectations. That means workers have a better understanding of what success looks like in their role — and how they can advance and set goals if they're eager to do so. Solicit feedback: Performance reviews aren't about one-sided evaluations, reprimands, and punishments. They should be two-sided dialogues with an aim to make your team as effective and efficient as it can be. That means performance evaluations are also a chance for you to collect insights and opinions about how you can be even more supportive and impactful as a manager. While employee performance reviews might involve some hard-to-hear constructive criticism and some anxiety-inducing discussion points, they're a valuable opportunity to build trust, offer support, and ultimately work toward a high-performing team and organization. Acing performance management: Six tips to help employees thrive Your performance reviews go a long way in encouraging your employees to reach their full potential — provided you do them right. Before we get into the performance review examples and templates, here are a few best practices to keep in mind as you tackle the review process: 1. Prioritize continuous feedback For feedback to be effective, it needs to be a core component of your culture — not something that happens once or twice each year. That's likely why annual performance reviews are falling by the wayside in some companies and industries. Formal performance evaluations absolutely still have their time and place, but they shouldn't be the only time your employees are getting your insight. Nothing that comes up in the review should be a surprise. You should be offering feedback regularly and not saving it all for review time. 2. Set a positive tone Performance reviews feel nerve-wracking for you as the manager, but even more so for your employees. To ease some of those butterflies, frame the conversation positively. It's a chance for them to learn, grow, and improve — and not a chance for you to dish out criticism, highlight their mistakes, or make them feel unworthy. 3. Offer examples For any piece of feedback you offer, be prepared to give a tangible, real-life example of that behavior or skill. Rather than saying, "I'd like to see you speak up more in team meetings," say something like, "I know you had tons of great ideas about how to improve our work intake process, which you emailed to me after a team meeting. The entire team could benefit from hearing your suggestions, so I'd like to see you work on speaking up more in team meetings rather than saving all of your contributions for afterwards." This helps you go beyond generalities and provide specifics, which is far more impactful for employees. 4. Provide a written review ahead of time For "traditional" reviews ( when managers provide feedback to their direct reports), it's smart to do a written portion and provide that feedback document to the employee ahead of any conversation. When you do meet, you're both equipped to have a productive back-and-forth dialogue about the comments you provided, as the employee has already had a chance to digest those remarks and come up with questions. Plus, this approach makes your meeting feel like more of a collaborative effort and less of an interrogation. 5. Clearly detail action items Employees are faced with an avalanche of information during performance reviews that can feel overwhelming. Much like with any other meeting, cap off your conversation by clearly highlighting action items. Employees should walk out of their reviews with no doubts about what steps they're expected to take next. 6. Ask for feedback Performance reviews are often synonymous with offering feedback, but it's also your chance to collect information about your employees' goals, frustrations, and experiences — as well as how you can improve as a leader. Four employee performance review templates Now that you've laid the groundwork, you're ready to move forward with your performance reviews. While providing feedback to a direct report is likely the first thing that springs to mind, that's not the only type of review that exists. Below, we're digging into four unique types of employee perfomance reviews, why they're beneficial, and when to do them — along with some employee evaluation templates to help make the process a little bit easier. 1. Self-reviews What this type of performance review is: Employees are given questionnaires or are provided with prompts to reflect on their own work, goals, and challenges. As the name implies, they're reviewing themselves — and they often follow that up by discussing their remarks with their manager. When this type of review happens: Usually every quarter or twice per year. Self-reviews typically happen alongside the more "traditional" employer review, so that that feedback can be compared to see if the manager and direct report have similar perceptions of the work that's being done. Why this type of review matters: Reviews don't have to mean constantly handing down instructions from on high. This type of review gives employees a chance to be more introspective, think through their own progress and experiences, and identify other career ambitions they want to pursue. How to conduct this type of review: Provide each employee with a questionnaire or template to fill out. It will include various questions that they should answer about their role, skills, achievements, and more. Make sure to give them adequate time (at least a week) to complete the questionnaire before any follow-up conversations are scheduled to discuss their answers. This isn't something you want them to rush through. Performance review template for self-reviews: Not sure how to get your employees' wheels turning? This template will provide some inspiration for what you should be asking. Question: Employee's Answer: Your name: Your job title: What do you consider to be the primary responsibilities of your role? What do you like most about your current role? What would you like to change about your current role? Which of your job responsibilities excite and energize you? Which of your job responsibilities make you feel drained and depleted? What achievement are you most proud of from the past [number] months? What's the most difficult situation you've faced at work in the past [number] months? On a scale of 1 (poor) to 5 (excellent), how would you rate your performance since your last review or check-in? What skills would you like to work on building ahead of your next evaluation? What goals would you like to work toward ahead of your next evaluation? How can your manager support you in achieving those goals? Is there anything else you'd like your manager to know? 2. Peer reviews What this type of performance review is: Colleagues who work regularly or closely with an employee are asked to review their coworker's performance, skills, and contributions. When this type of review happens: Usually annually or twice per year. Again, it's often a piece of a more complete performance review process (something you might hear referred to as "360 degree feedback") where employees do self-reviews and also receive remarks from their managers, their colleagues, and, if they're in leadership positions, their direct reports. Why this type of review matters: Managers don't always have direct, hands-on insight into how employees are doing. Colleagues who work closely with other team members are sometimes better able to give more in-depth, specific, and helpful feedback to their fellow teammates. How to conduct this type of review: Employees will receive one questionnaire per coworker that they need to review. It's up to you to decide whether this feedback will be anonymous or not. Employees might feel more comfortable being candid if they know their name isn't attached to their comments, but it could also send the message that honest feedback is something that should be secretive. It might be worth asking your team what they'd prefer between anonymous and direct peer feedback. Performance review template for peer reviews: Here's a short template that can help guide your direct reports as they reflect on the skills and contributions of their team members. Question: Employee's Answer: This peer feedback is for: What does this colleague do particularly well? What areas could this colleague improve? What sets this colleague apart from other members of the team? What company values does this colleague embody? What three words would you use to describe this colleague? Is there anything else you'd like this colleague to know? 3. Team performance reviews What this type of performance review is: Rather than focusing on individual employees, this type of review looks at the team as a unit to understand how it's functioning and what areas need to be improved. When this type of review happens: A formal team review can happen annually or twice per year. But more likely than not, you're regularly having a lot of these conversations during project retrospectives and other opportunities when you and your team reflect on your work together. Why this type of review matters: Nobody works in complete isolation, and team members need to collaborate effectively to get work accomplished. Team reviews are your chance to take a magnifying glass to your entire team and identify what's working well and what needs to be changed. How to conduct this type of review: You have some flexibility to approach this in a way that works best for you and your team. You could provide a questionnaire for employees to fill out independently in their own time. You could pull everybody together for a candid discussion and work through these questions together. Or you could do a combination of both and have team members fill out the questionnaires independently, pool the feedback, and then come together to discuss the results and findings. Again, you might want to ask your team about their preferred approach. Performance review template for team reviews: This performance review template can help you go beyond individual performance and get a more holistic view of how your entire team is functioning. Question: Employee's or Team's Answer: Team or department: What areas does our team excel in? What areas does our team struggle with? Are there any important skills you think our team is missing? Can you provide an example of a time or project when our team worked well together? Can you provide an example of a time or project when our team struggled to work together? Are there any team processes that seem bloated or broken? On a scale of 1 (very uncomfortable) to 5 (very comfortable), how comfortable are you voicing your ideas and feedback to the team? Which company values do you think our team embodies best? Which company values do you think our team needs to work on? Is there anything else you'd like to share? 4. Employer reviews What this type of performance review is: This is the "traditional" type of review that likely comes to mind when you think about performance reviews. It involves a manager providing feedback to a direct report. When this type of review happens: Quarterly or twice per year. But remember that regular feedback should also be provided during one-on-ones with team members so that nothing feels unexpected during the review period . It should build upon conversations you've already had. Why this type of review matters: As the employee's manager, you're the one ultimately responsible for guiding and shaping their development. Employees say that the most meaningful recognition comes from their own manager. These reviews are a chance for you to prove to employees that you're invested in their experiences, their growth, and their success. How to conduct this type of review: You should complete the written portion of the employee's review first and provide that document to them. Give them a chance to review and come up with questions so that you can talk through your feedback. As you work through this, ensure that your employee evaluation form isn't overwhelmingly negative but that you aren't sugarcoating things, either. Harvard Business Review research has found that six positive comments for every negative one is the most effective balance. It's not about cushioning the blows, but rather about proving that this is a development conversation — and not a firing squad. Performance review template for employer reviews: Below is a performance review template that you can complete for each of your employees and then share with them ahead of your one-on-one review conversation. Question: Manager's Answer: Employee's name: Employee's job title: 5 (Exemplary) 4 (Above Average) 3 (Average) 2 (Below Average) 1 (Poor) Communication skills Conflict resolution Problem solving Self-motivation Team player Time management Overall performance Question: Manager's Answer: What goals has the employee met since the last evaluation? What goals did the employee fall short of? What are the employee's key strengths? What are one or two areas of improvement for the employee? What value does this employee bring to the team and overall organization? What key skills would you like to see the employee develop? What is an example of a specific task or project the employee excelled in? What goals would you like to see the employee work toward ahead of the next evaluation? Is there anything else you'd like to share? Wrike can help you manage your team (and so much more) Performance reviews are important — but they aren't the end of the road. In fact, they're the starting point. You'll use your performance reviews to identify areas of improvement. Then it's your job as the manager to keep employees moving in the right direction through clear responsibilities and action items, motivating goals, and all of the resources they need to achieve those targets. Wrike can help you do all of that (and more) by: Providing visibility into your team's projects, tasks, and deadlines Boosting transparency and trust across your entire team Giving you templates you can use for performance management, work intake, and more Centralizing communication so you can always get the context you need Equipping you with metrics and examples to provide data-backed performance reviews In short, you'll have a much easier time monitoring progress and completing your performance reviews if you have a single source of truth to turn to for updates and information. Wrike makes it that much easier to keep your finger on the pulse of how your entire team — and each individual member — is doing so that you can transform review conversations from problematic and sweaty-palm-inducing to positive and productive. Ready to help your team achieve their peak potential? Get started with Wrike today.
Try Wrike Free for 14 Days!
Improve your team's collaboration, enhance work visibility, and so much more.
Teamwork Works: Benefits and Strategies for Maximizing Your Team's Collaboration
Chances are, you've worked as part of an incredible team at some point in your life. The team members trusted and respected each other, people met (or even exceeded) expectations, and you all generally enjoyed getting your work done together. Unfortunately, you've also probably had the opposite experience: working on a team where teamwork was a struggle. Frustration ran rampant, resentment brewed, and it felt like you couldn't get anything done without a crisis or three-alarm emergency. Those are two vastly different experiences, right? But what's the difference-maker between them? What caused one team to move forward seemingly effortlessly, while the other repeatedly ran off the rails? There's no simple answer. Teamwork is common (you'll find it everywhere, from sports to workplaces), but it's also complex. Understanding the ins and outs of teambuilding and how to improve teamwork requires some flexibility and commitment — but it's well worth the effort. What does teamwork actually mean? Let's start by getting a solid grasp of the definition of teamwork. Speaking quite literally, teamwork is a collaborative effort of a group of people working toward a shared goal. However, the term "teamwork" usually isn't used to describe any team that's working toward a common objective. More often than not, teamwork describes a team doing that in a positive and productive way. Essentially, "teamwork" means a group is working toward a shared finish line in a way that's effective, efficient, and respectful. What are the benefits of good teamwork? It's a pretty widely-accepted fact that solid teamwork is important. But why does good teamwork matter in the workplace? When a team can collaborate well together, it leads to many advantages for individual employees, the whole team, and even the entire organization. Here are a few of the most notable benefits of teamwork: Better productivity: Fewer crossed wires, fewer dropped balls, no missed deadlines. When your team is running like a well-oiled machine, it makes sense that they'll be able to get more done (with less stress, to boot). Less burnout: Speaking of less stress, solid teamwork can also reduce burnout. In one study that looked specifically at healthcare workers, teamwork was proven to reduce the emotional exhaustion of the team members. It makes sense — people can rely on more hands to carry the load, as well as trusted confidantes they can turn to when they need advice or encouragement. Higher employee happiness and satisfaction: Research has proven that our relationships and connections at work greatly impact our overall wellbeing and even our sense of purpose. In order for teams to work well together, team members need to trust and respect each other. Those positive bonds can improve happiness, satisfaction, and well-being. Improved employee retention: Less burnout? Happier employees? That all leads to better employee retention. When recent data from Pew Research Center found that 35% of employees who quit their jobs cited "feeling disrespected at work" as their major reason for quitting, fostering a team environment where people feel valued and supported can encourage people to stick around. Increased autonomy: When a team is working together cohesively, effectively, and efficiently, managers inherently have more trust. That means they're far more willing to step back and give the team more ownership over their work and decisions. More innovation and creativity: Have you heard the old saying that two (or many) brains are better than one? Research backs it up, proving that high-quality teamwork can improve creativity and innovation. So, working together can help your team develop their biggest, boldest, and most meaningful ideas. In short, there really aren't any drawbacks or disadvantages to high-quality teamwork. This level of top-notch team collaboration leads to less frustration, more support, and, ultimately, the delivery of more winning projects. What are the qualities of good teamwork? Those benefits are compelling, but simply having a team doesn't mean you'll reap the rewards. Teamwork is a skill — it's something that can be taught, learned, and practiced. So, what types of qualities does it take to be able to work well with other people? Here are some of the most crucial skills and characteristics required for being a good team player: Accountability: Taking responsibility for completing your tasks and meeting your expectations Collaboration: Being willing to work with others rather than completely independently Communication: Clearly sharing information with others, as well as actively listening to understand their point of view Emotional intelligence: Recognizing and managing your own emotions, as well as the emotions of other people on the team Flexibility: Being able to adjust your plans, consider different viewpoints, and roll with the punches Respect: Showing consideration for all other team members, whether you agree with them or not Time management: Successfully prioritizing your tasks and allocating your hours to ensure you're able to meet your assigned deadlines It's not an exhaustive list, and plenty of other soft skills and competencies — from problem-solving to decision-making — will also play an important role depending on your unique position, team, and industry. But the above are some of the most basic building blocks of successful team-building. Making teamwork work: Eight strategies for next-level teamwork Once you've confirmed that you and your team have the right skills for teamwork, what actionable steps can you take to improve how you work together? Remember that there's no quick fix — improving teamwork takes diligence and, perhaps even more importantly, patience. As you commit to the process, here are eight impactful tactics that you and your team can put into practice together. 1. Provide clarity about shared goals The definition of teamwork itself says that people need to work toward a shared goal. In order to do so, they need to know what that goal is. After all, your team won't get much accomplished if they all have their sights set on different finish lines. It’s up to you to set expectations and make sure your team knows how to reach them. Whenever you and your team kick off a new quarter, project, or initiative, have a team meeting to discuss the goal you're working toward. Document it and store it somewhere that's easily accessible for everyone. Get as nitty gritty as you can with your goals. Using the SMART goal framework will help you set objectives that are: Specific Measurable Attainable Relevant Time-bound For example, if you and your marketing team are kicking off a new webinar series, your team's SMART goal might look like this: Create and host three webinars by the end of Q2 to advance our expertise and build trust with our customers. That statement alone provides a lot of clarity. Now everybody on your team has insight into what you're doing, why you're doing it, and when it needs to be done by. But as you outline your team's common goals, it's important to take things a step further by: Connecting your team's goals to individual goals: People don't just need to understand the shared effort — they need to clearly see how their individual role and work play a part in that bigger objective. It boosts accountability and gives them a greater sense of purpose. Connecting your team's goals to company-wide goals: Your team members should also understand how your team's objectives feed the broader organizational goals. Will that webinar series help you build more authority in your industry? Draw that parallel so that team members have visibility into how their work is not only pushing your team forward, but the entire company. Finally, it's also helpful to set some metrics that will help you and your team understand how you're progressing. Objectives and key results (OKRs) are helpful indicators as you work toward bigger goals. Plus, they're easy to set and track in Wrike. 2. Understand team members' strengths and weaknesses Teamwork feels the most effortless when team members are able to handle tasks that play to their unique strengths — and skip the ones that are daunting and disheartening. To do that, you need to have a solid understanding of what each of your team members brings to the table, as well as what areas they struggle in. You can do this through a more formal assessment. Here are some of the most common and popular ones that leaders use to get a deeper understanding of team members: CliftonStrengths Assessment DiSC Assessment SDI 2.0 SWOT Analysis Those types of assessments will help you dive deep. But you can also learn a lot by having some candid conversations — both with individual team members and your team as a whole. Questions to ask team members: What type of work makes you feel excited and energized? What type of work drains or frustrates you? What's one previous project that you really enjoyed contributing to? What's one skill or area you would like to work on improving? Questions to ask the entire team: What do we do well as a team? Where do we struggle as a team? What's one past project we're really proud of? What's one past project we found particularly challenging? Are there any skills we think we're missing on our current team? Are there any processes or workflows that need to be improved? These types of conversations will help you spot skill gaps and other areas of improvement. They'll be especially helpful as you break up projects and assign out tasks (more on that in a minute). In short, the more you can leverage strengths and address weaknesses, the better off you and your entire team will be. 3. Assign clear roles and responsibilities It's hard for your team to work well together if nobody knows what they're supposed to do. Work gets duplicated, tasks get skipped entirely, and people become increasingly frustrated by the lack of clarity. On your team, there should be no doubt about who does what. On a broad level, a lot of that is implied based on their role. Your graphic designer is obviously the one that people will approach with design needs, while your SEO specialist is the go-to person for any keyword questions. But when it comes to specific projects, you need to get even clearer by breaking projects down into individual tasks and then clearly outlining not only who is handling certain tasks, but also when those tasks are due. It can also be helpful to note any task dependencies so that people have visibility into how their individual piece connects to the entire project. Want to make this easier? Look for a work management platform or project management software (like Wrike!) that allows you to create tasks and then assign team members and due dates to them. Whether you're managing remote teams, in-person teams, or hybrid teams, that level of transparency will ensure that everybody understands not only what they need to do, but what everybody else is doing too. 4. Prioritize knowledge sharing Effective knowledge management — which is a fancy term for effectively sharing information and resources with each other — is a major struggle for teams. In fact, Deloitte says it's one of the top three issues affecting company success. It can be challenging to keep everybody in the loop, especially as your team grows. But there are things you can do to boost transparency across your team including: Hosting frequent team meetings where everybody can provide updates and hear about current happenings. This can be a daily check or weekly, depending on how quickly your team moves. Pairing up newer team members with more experienced team members Pulling everything — tasks, goals, status updates, documents, resources, and more — into a single work management platform like Wrike so everybody sees what's happening across the team, and teamwork online becomes easier Reducing competition so team members don't feel like they need to hoard information as currency Leading by example by openly sharing information yourself Your team will always struggle to work well together if they feel like they need to hide information and resources in order to get ahead or simply don't think to openly share with others. By prioritizing knowledge sharing, you give everybody the visibility they need to get their own work done — and support others in the process. 5. Refine processes and workflows Does your team do similar work and projects over and over again? There's no need to start from scratch each time. Coming up with standardized processes and workflows removes the guesswork, improves consistency, and supports better teamwork. Let's say that your team is responsible for creating the same report every single quarter. To simplify that process, you could: Understand what is and isn't working so you can make improvements Break down the steps involved and create a custom workflow that you can copy and use each time Create templates for necessary documents and resources When that report is on your team's plate next time, they'll feel extra confident in their ability to pick it up and get started because they have an existing framework to lean on. They aren't starting from square one. This is especially helpful for a virtual team working from home. The shift to remote work has meant that many employees working from home may struggle with communicating processes to one another and getting caught up in silos. Ensure that your refined processes are communicated to all team members in real time, and remote employees are trained in how to engage in them. 6. Cultivate psychological safety Psychological safety means that team members feel secure enough to take risks, make mistakes, and be vulnerable with each other — without the fear of judgment or reprimands. This level of comfort and support is crucial for high-performing teams, but figuring out how to cultivate it can be challenging. Here are a few ways to ensure your team has a high degree of psychological safety: Host brainstorming sessions where there's no such thing as a "bad idea" and team members are only there to generate ideas — not critique other ones Candidly talk about your own personal successes and mistakes to model that there's no shame in failure or missteps Encourage your team to remove personal language during collaborative discussions (for example, "that idea" instead of "your idea") Even seemingly small steps can make a big difference in the level of confidence team members have in voicing their opinions and sharing their big ideas. 7. Foster trust and social bonding You might guess that team members work better together when they know each other. Teamwork really gets kicked up a notch when they don't just know each other, but when they like each other — when they've found some common ground and interests. That won't happen if they never have an opportunity to connect with each other outside of meetings and daily to-dos. You don't want team bonding to feel like a burden or something that eats into the time they need to get their work done. However, coming up with some different social interactions will help them forge deeper relationships with each other. Here are a few ideas you can use, whether your team is sharing an office or you're looking for some virtual team-building activities: Save time at the beginning or end of your team meetings for icebreaker questions or personal catch ups Start dedicated Slack channels for people to connect on non-work-related topics, like sharing recipes or setting up book clubs Create a collaborative playlist where all team members can add their favorite music Host game nights, trivia contests, happy hours, coffee chats, or other informal opportunities (virtual or in-person) for team members to get to know each other socially Start a photo challenge for your team where they share photos in a different theme — from their pets or home office spaces to their yearbook photos or favorite vacations Set up a Zoom room that remote workers can pop into if they want to enjoy a beverage and a chat with a coworker There's no shortage of ways that you can encourage stronger connections between team members. Make sure to regularly collect their feedback on these types of building exercises so that you can continue to offer things that they find enjoyable. You don't want these to feel like an obnoxious obligation. 8. Regularly solicit feedback You don't just need to gather your team's feedback on their social opportunities — you need to collect it about, well, everything. As the leader, it's your job to keep your finger on the pulse of how things are going so that you can make changes and nip problems in the bud. Feedback shouldn't be something that happens once or twice a year during performance reviews or formalized surveys. Hearing from your team members needs to be continuous and ongoing. Not sure how to regularly tap into how they're thinking and feeling? Here are a few ideas to gather valuable and helpful feedback: Reserve a portion of your team meeting to talk about roadblocks, frustrations, and successes Host project retrospectives to discuss what went well and what needs to be improved next time Regularly use employee surveys (anonymous or not) to collect feedback Come prepared with feedback questions to ask employees during their one-on-ones Not only does this give you insight that you can use to take action, but it also shows your employees that you value their thoughts and opinions — which can go a long way in boosting their engagement. How will you know if you're getting teamwork right? How will you know if your efforts to improve teamwork are actually working? Effective teamwork can be difficult to quantify — in many ways, it's one of those "you'll know it when you see it" types of things. However, here are a few telltale signs that your team is meshing well together: Work is being completed on time and with fewer errors Team members seem enthusiastic, energized, and motivated Scores from employee surveys or feedback are improving Miscommunications are becoming less frequent Team members are stepping in to support and help each other Conflicts and disagreements are decreasing Those signs will help point you in the right direction, but rest assured that you'll also get a gut feeling when teamwork is improving. The whole morale and culture of your team will likely shift in a more positive direction. How Wrike can help make teamwork work for you There's a lot that goes into effective teamwork. Fortunately, a collaborative work management platform like Wrike can help make teamwork less stressful and more successful. Here's how Wrike can help you reap the rewards of teamwork (while steering around all of the potential pitfalls): Setting goals and OKRs to keep your team focused on their shared objective Assigning task owners, due dates, and dependencies so everybody understands their role Providing visibility into the whole picture so everybody sees how they fit in Centralizing communication so nobody has to dig through folders, email threads, or instant messages Improving knowledge sharing by keeping all of your team’s tasks, plans, calendars, updates, and resources in one place Increasing consistency with custom workflows Saving time with a huge variety of templates that you can copy and customize And that's only the start! Teamwork shouldn't be guesswork — and Wrike is the resource you need to keep your entire team on the same page. Teamwork doesn't mean perfection So, what's the difference between a team that works together effortlessly and one that's ripe with chaos and confusion? As it turns out, quite a bit. Teamwork isn't simple. And even when you get it right, that doesn't mean that things will always be smooth sailing. Conflict is inevitable in a team environment and it doesn't mean that something is wrong. In fact, it's an important and healthy part of teamwork, provided that you and your team are equipped to work through it in a respectful and productive way. That becomes a lot easier when you already have the foundation of solid teamwork in place — and the above strategies can help you get there. Put them into play on your team and stay committed as you all transform from frazzled and frustrated to streamlined and supportive. Ready to take your teamwork to the next level? Get started with Wrike for free today.
If You're Not Using OKRs for Quarterly Planning, Stop and Read This
It’s that time again: You're capping off a successful year and reflecting on everything you've accomplished in the past twelve months. But it’s not only a time to look back; it’s a time to look ahead. What do you want to accomplish in the coming year, and what’s the best way to go about it? Many leading companies tout OKRs for successful annual and quarterly planning; in fact, Google credits the process with fueling their exponential growth and success. Even if you’ve heard of OKRs, you may be curious about the details. This overview explains the basics of the method, shows you how to set OKRs, and covers the details you need to start putting it into practice. “What are OKRs, anyway?” OKR, which stands for objectives and key results, is a planning and goal-setting technique made famous by Intel and Google. OKRs represent aggressive goals and define the measurable steps you’ll take towards achieving those goals. They're typically used to set quarterly goals, but can also be used for annual planning. OKRs are set at company, team, and individual levels. Here’s a set of OKR examples: Company OKR 1:Objective: Become the #1 most-downloaded iOS productivity app— Key Result 1: Conduct a survey to identify the ten most-requested features and launch five of the top most-requested features by Nov 15— Key Result 2: Conduct ten user tests to identify UX issues— Key Result 3: Show at least 50% improvement in satisfaction with UX (via customer survey)— Key Result 4: Earn 200 five-star ratings by Dec 31 Company OKR 2:Objective: Increase brand recognition and awareness— Key Result 1: Increase media engagement by 20%— Key Result 2: Launch customer referral program by September 1— Key Result 3: Extend social media reach and visibility to two new target markets— Key Result 4: Expand thought leadership program by placing guest articles on four industry-related sites with an Alexa ranking of at least 30,000 Marketing Team OKR:Objective: Increase social media engagement by 35%— Key Result 1: Research and identify three most popular social media sites among two new target audiences and develop an engagement strategy by September 1— Key Result 2: Participate in six Twitter chats involving industry leaders— Key Result 3: Respond to new Facebook comments within three hours— Key Result 4: Increase the number of followers on Facebook and Twitter by 20% Individual OKR:Objective: Increase the number of social media connections by 25%— Key Result 1: Increase posting frequency on Twitter to 8x daily and Facebook to 3x daily— Key Result 2: Establish social media presence on two new sites, LinkedIn and Quora— Key Result 3: Join five LinkedIn groups with at least 2,500 members each and leave comments on the ten most popular discussions in each group— Key Result 4: Gain 15 followers on Quora by posting three answers and one question every week As you can see in these marketing OKR examples, company OKRs focus on big-picture goals, team OKRs define priorities for each department, and personal OKRs pinpoint what an individual will be working on. You’ll have multiple OKRs at each level, but no more than five objectives with four key results each. Otherwise, you’ll stretch yourself too thin and won’t be able to make much of an impact on any of them. Although OKRs are created at these three different levels, they all should connect and support each other. The individual’s goals should reflect team goals, team goals should reflect department goals, and department goals should reflect company goals. That way, every individual effort furthers a collective vision and contributes to what will yield the most significant results for the company. It’s important to note that OKRs are not meant for annual review purposes or for evaluating employee performance. They’re ambitious targets meant to push employees and the company as a whole forward. If you set an aggressive goal and don't meet it, you aren't punished for it, nor are bonuses given out for meeting or exceeding OKRs. Build a culture where people can be bold and take risks without fearing the consequences and aren't tempted to play it safe for short-term rewards. OKRs can be useful as references for employees, since they'll always have a concise summary of exactly what they’ve accomplished in the last quarter/year, backed up with hard data, to quantify their contributions to the company. OKRs must be: 1. Ambitious. If you’re always meeting or exceeding your high-level team or company goals, you’re not reaching far enough. Your OKRs should make you a little uneasy in that you’re not entirely confident you’ll be able to meet them. Remember, these aren’t goals that you’ll be held to for evaluation or promotion purposes, they’re goals that are meant to stretch you and grow the company. So think big. Personal OKRs can be more conservative — include a few lofty goals to push yourself to excel, but ensure most are achievable. 2. Measurable. “Increase the number of registered users by 25%,” not, “Get more users.” Every Key Result needs to have a number attached to it, whether that's a percentage, a dollar amount, or a due date. 3. Public. The entire company should be able to see your OKRs, not just managers or executives. Visibility and accountability promote collaboration between individuals and departments since everyone knows what everyone else is working on and towards. 4. Graded. At the end of the quarter (or year), give yourself a grade for each key result, where 0 is “Didn’t even come close” and 1 is “met or exceeded every aspect.” (Because OKRs are meant to be aggressive goals, a 0.6 or 0.7 is an admirable score. More on grading a bit later.) “Why should I bother with OKRs?” What are the benefits of OKRs? Why choose this technique over other planning methods? For one, OKRs promote disciplined, focused thinking. Every business decision is made with this question in mind: Will this get us closer to our objective, yes or no? Second, OKRs establish clear standards for measuring progress. Since everything is based on numbers and quantified data, you can accurately measure how far you’ve come towards reaching your goals and how far you have to go in a tangible and exact way. In addition, the fact that OKRs are public brings improved transparency and more accurate communication because everyone understands the specifics of what others are working on instead of relying on an assumed or incomplete knowledge of another team’s goals. Finally, efforts are more centralized and collaborative. Everyone knows what the top priorities are, how their work contributes, and how they can align with other teams for powerful joint efforts. “How do I grade myself?” This is important, so first things first: Grades don’t matter except to indicate whether you should keep pursuing your objectives or need to redirect your efforts. Focus on working towards your OKRs, not on your grades. When it comes to your OKR performance evaluation, stick to the numbers. If your OKR is to “increase the number of users logging in at least 3x a week by 30%” and you managed to increase it by 15%, give yourself a score of 0.5. You can average your key results grades into a total Objective score, and if you like, you can average all of your Objective scores to see your overall grade for the quarter/year. According to Google, failing to meet your OKR goals is better than overshooting them by a wide margin. If your company or team is always scoring 1s across the board, your high-level OKRs aren't ambitious enough. It's better to set a challenging goal than play it safe! Shoot for the moon, and be satisfied with hitting at least 60-70% of your goal. A low score isn’t a failure. It’s a sign you need to re-evaluate whether the objective is still worth pursuing or rethink your approach. Should you focus your efforts elsewhere? What have you learned? Can you figure out a different way of doing things? Scores benefit everyone by showing you what not to do, what to do differently, and what to continue doing more of. “What does the OKR process look like?” One quality that sets OKRs apart from most other planning strategies is the fact that goals aren’t simply dictated from the executive level down. The OKR process should reflect circular discussions among employees and managers, where at least 60% of the company’s goals are bottom-up. To reflect this idea, each employee is asked to submit OKRs they think the department should prioritize. A staff meeting is held to collectively develop team objectives and align them with company goals. Employees then set individual OKRs that reflect and support larger company and team goals, and meet with their managers to discuss what they want to work on in the upcoming quarter and what they believe is the best use of their time. During this discussion, the employee and manager develop and negotiate the specifics of each OKR. Teams, managers, and employees often hold a mid-quarter check-up meeting to share progress and make any adjustments. Annual OKRs in particular needn’t be set in stone: If you’ve discovered that the assumptions you made last year aren’t accurate, there's no need to stubbornly stick to them. At the end of the quarter, hold a wrap-up meeting where everyone shares their grades, explains their results, and outlines the adjustments they’re going to make for the next quarter. After reflecting on this quarter’s performance, start setting OKRs for next quarter. For a comprehensive look at how Google uses OKRs, check out this explanatory video (1:21:49): Ready to start? With OKRs, you’re essentially creating a shortlist of what you need to focus on in order to excel at your job. Nebulous responsibilities and performance goals are gone, and instead, you have crystal clear objectives, a specific, agreed-upon roadmap, and measurable progress. How to use Wrike to set and monitor OKRs If you’re interested in trying out OKR goal setting in your own organization, you'll need the right OKR goals software to set and track your objectives across your entire team. Wrike's OKR template allows you to define the measurable steps you'll take towards achieving quarterly goals — organize company and departmental OKRs with folders, then break key results into tasks and subtasks connected to their overall objectives. Allow your team to build out their individual OKRs with personalized folders and subtasks. When everything's ready, create custom dashboards to monitor progress and keep critical tasks front and center. At the end of the quarter, use Wrike's dynamic reports to showcase how your team's work impacted the big picture. Start your free Wrike trial today to get up and running fast. Source: Google Ventures' Startup Lab Workshop: How Google Sets Goals
Top Tips for Setting Team Stretch Goals
To achieve your biggest goals, gain or maintain industry leadership, or attract wide brand recognition, it may be necessary to set stretch goals. These are audacious, scary, and almost impossible goals that inspire your team to go beyond their normal abilities to create novel approaches and solutions. Stretch goals are aggressively ambitious and rarely achieved. When they are, the results are exponential, attracting rewards and opportunities and boosting your teams' confidence. Stretch goals can move a team to new levels of competence and productivity. They improve employees' mindsets and strengthen team bonds. If you want to boost motivation among your team, stretch goals just make sense. Setting goals are associated with increased self-esteem and autonomy, while a study by The American Society for Training and Development (ASTD) found that the probability of completing a goal increases by 25% if you consciously decide to work towards that goal. Research has long indicated that setting goals is associated with success, so it should be a priority of your team to focus on them. However, if not managed correctly, stretch goals can create a disconnected work environment and demotivate employees. As a leader or manager, how you set and communicate stretch goals to your team is critical. But what is a stretch goal? How do you benefit from them while tackling their challenges? This article defines stretch goals and explains how to get the best results from them in your organization. Let's get started. What is a stretch goal? A stretch goal is a high-effort and high-risk goal. It is intentionally set above normal standards to attract exponential rewards, opportunities, and experience. Stretch goals are not expected to be achieved one hundred percent. They are set to inspire growth and counter complacency in teams. When a stretch goal is achieved, it's recognized as high performance. When it's missed, it should not be judged as low performance. Stretch goals are deliberately set out of reach. Achieving a substantial fraction puts your company ahead of peers and teaches your team valuable lessons. What are the benefits of stretch goals? If a stretch goal is not expected to be achieved, why then do we set them? Are we setting our teams up for failure? There are several reasons why stretch goals are beneficial. Regardless of the outcome, they breathe new life into uninspired work environments and challenge teams to create better results. It's best to set stretch goals alongside regular SMART goals. The juxtaposition between the stretch and SMART goals creates direction for your teams, clarifying the organization's vision, roadmap, and minimum targets for employees. Here's an example of the difference between SMART and stretch goals: SMART goal: Increase revenue by 20% in the next quarter Stretch goal: Increase revenue by 500% and become a European market leader in four years Your SMART goal is specific, measurable, achievable, realistic, and time-bound. Your stretch goal is grand and calls for rethinking current processes and solving more expansive problems for your market. Your teams can see the company's long-term vision, what peak performance looks like in the short term, and how their role contributes to it. Other benefits of stretch goals include: Stimulating peak performance in employees and encouraging giant leaps of innovation across the organization Inspiring more commitment, creativity, and effort from team members, birthing new ways of doing things, and discovering hidden talent Encouraging your teams to rethink how they work and leverage available resources Inspiring employees to try new, out-of-the-box methods to solve old problems Increasing your organization’s chances of success. Even when you miss the stretch targets, you're likely to achieve more than you would have without them Providing a strategic way to control and impact our environments, although many elements are out of our control Keeping teams aligned, improving productivity and collaboration as everyone knows the markers and their importance Adding insight and managerial foresight to the executive team, helping to make better decisions for the organization's future Creating opportunities to chart exciting and proactive paths for your teams and organization What are the challenges of stretch goals? Despite their many benefits, the very nature of stretch goals brings many challenges, including: Your stretch goals may be too vague and ambiguous, leading to a disconnection from the teams working to achieve them. Clearly articulating your goals is crucial as this informs the metrics, tasks, and activities managers break the stretch goals into. Stretch goals provide employees with motivation, but not the required skills. Just because you set goals and your team is aligned doesn't mean they immediately know how to tackle the work. Stretch goals do not provide employees with the ability to execute. Outlandish stretch goals can cause frustration with high-performing employees and teams. When teams that usually exceed their targets find themselves behind and unable to catch up, they may become frustrated, reducing productivity and morale even further. Setting stretch goals may only positively impact employees pursuing them for the first time. Employees who have been involved in the previous pursuit of stretch goals may be uninterested in new moonshot goals. Failure to meet stretch goals can lead to a crisis of confidence and low employee engagement. If there's immense, unrelenting pressure to achieve these goals, employee dissent may spread. Stretch goals may cause tunnel vision in teams and managers. They may become fixated on the measured outcome of the stretch goal and lose sight of what drives the organization forward. This happens if your goals do not fully align with your company vision or product roadmap. Lofty stretch goals may cause unethical behavior in employees, leading to negative consequences for the company. Studies show links between ambitious goals and cheating in academic and professional settings. When employees are up against the wall, they may try unethical means to hit their target by any means necessary. The stretch goal paradox explained The stretch goal paradox shows how stretch goals are often misused. Organizations that could most benefit from them rarely use them and businesses with less chance of success set them, leading to failure and team demoralization. A much-cited Harvard Business Review article on the stretch goal paradox explains that stretch goals are most likely to work when an organization or team is on a winning streak with recent good performance and high employee morale. When these winning organizations also have slack resources to expend on the stretch goals, their chances for success become higher. [caption id="attachment_465694" align="alignnone" width="1024"] Photo by Marvin Meyer on Unsplash[/caption] On the other hand, companies on a losing streak are not in the right place or emotional space to tackle stretch goals, especially when resources are tight and the organization needs to cut costs or make money urgently. Employees in such fragile organizations may snap under the pressure of stretch goals or resort to unethical means to achieve them. Though perfectly positioned to take advantage, companies with recent good performance may become satisfied or complacent with their market position and feel no need to set ambitious stretch goals. Inversely, companies on a losing streak, who are least likely to succeed, often set lofty stretch goals, leading to high-pressure, sometimes toxic work environments for their teams. It is essential to be aware of employee morale when setting stretch goals. In the right environments, stretch goals inspire workers to exhibit optimism, attract opportunities, and reach new heights. In deflated teams, stretch goals may seem like threats, causing employees to grasp for quick fixes and exhibit fear or defensiveness. How to set stretch goals Stretch goals should focus on developing original and innovative approaches to complex challenges, and not necessarily lead to longer hours at work. They should inspire teams to try new things and think beyond the standard. When setting stretch goals, start by asking open-ended questions like: What is the best possible outcome you can imagine? How can you accelerate the process to achieve this outcome? How can your team improve current work processes? How can the company improve? How can employees create maximum value? How can organizational resources be used best? How can your products bring more joy to your customers? How can your company positively affect your industry and move the needle? To set your own stretch goals, start with a simple template like the one below, which ties in with our open-ended questions and can help you to more clearly define your goal. Q. What is my ideal outcome for my time in this role? What is the best-case scenario for me and my team? Q. What can I do in my current role to move towards this scenario? Q. What would I need from my team to achieve this goal? Q. What would I need from my wider organization to achieve this goal? Q. What are my next steps towards this goal? These questions help you think widely and come up with an ideal roadmap. Keep in mind that you may not achieve your stretch goals, but they serve as a picture of the future your company is working towards. Before you set a stretch goal, remember to consider your organization's position regarding: Recent performance: If your team recently had a win, you are in a good place to strive for more audacious goals. Available resources: If your company has spare resources to allow for little margins of error, you'll get better results from setting stretch goals. More tips for setting stretch goals Once you've confirmed your company's position and gotten enough answers to focus your stretch goals, follow the tips below to increase your chances of setting impactful targets. Use ranges for goals, not single points. Set stretch goal metrics as ranges, not fixed, single points. Setting ranges helps to reduce employee anxiety and provides options for tackling the stretch goals. Focusing on a range gives managers and teams room to stretch their performance with less pressure. Allow autonomy for teams and employees. Leaders may set stretch goals, but it's best to leave it up to the teams to figure out how best to achieve them. When employees have autonomy, it liberates them to use their specific knowledge and expertise creatively. Break your stretch goals into SMART goals. Stretch goals are great as long-term goals and an aperture into the company vision. To effectively implement them, break them down into smaller SMART projects and tasks. Use work management software like Wrike to assign tasks, collaborate, and track results. Allocate time. Give your team a shot at success by allowing enough time to tackle the stretch goal. Include slack time for trial and error. Examples of stretch goals for employees Depending on your industry, organization size, and market position, stretch goals for your employees would vary. Here are some examples of stretch goals for employees: Fast-paced marketing team: Reach one million marketing-qualified leads within the next year and develop a world-class marketing curriculum to train and certify young marketers Digital marketing team in a seed-stage B2C startup: Build a social, professional, and personal brand that attracts a global audience and commands ≈40% engagement every week Software developers at a legacy organization: Refactor the entire backend code and reduce technical debt by 80% Operations manager: Cut down customer waiting time from 1.5 hours to ten minutes Project manager: Develop a system to maximize cross-functional collaboration and achieve 100% project success Can stretch goals go into OKRs? Adding stretch goals to OKRs (Objectives and Key Results) is tricky as they can be so ambitious that employees do not believe they can achieve them. However, in the best cases, moonshot goals inspire teams and create an exciting work environment. The key to using stretch goals in OKRs is communicating the rationale and expectations behind them and the thresholds for success. For most companies, success means achieving 70% of the objectives — fully reaching the OKRs is acknowledged as extraordinary performance. When aiming high, even failed goals result in substantial advancements. Be realistic when adding stretch goals to OKRs. Note what's possible and what's not. Keep the key components of OKR goal-setting in play: Objectives are what you want your team to accomplish Key results describe how you accomplish it Can a business have a stretch goal? There are many examples of businesses that set and achieved audacious stretch goals. There are also examples of many that failed. The time it took to develop new products at Motorola famously fell tenfold in the 1990s after the company mandated stretch goals throughout the organization. Stretch goals created a culture of excellence at Apple, caused ethical issues at Wells Fargo, and led to failure at Yahoo. For the best results, managers should define strategically aligned metrics and ethical guidelines to achieve stretch goals. Here are some examples of stretch goals for businesses: To be in the top 5% in its industry, based on brand recognition and customer loyalty To be the fastest in terms of customer fulfillment and satisfaction (e.g., fastest Wi-Fi connection) To become one of the best places to work globally, based on attracting and retaining the best talent To be in the top three green corporations, based on the carbon emission ratio in your specific industry To reduce customer service complaints by 90% by improving core product and user experience Who should set a stretch goal? Founders, executives, and managers can set stretch goals. However, teams and employees should be given autonomy in brainstorming, experimenting, and innovating to achieve these goals. How to motivate your team to reach stretch objectives Teams may become complacent and resistant to change — especially when a company is successful and everything is working as it should. If you're in this situation, motivate your team by reframing your company's future in terms of potential losses, instead of continued success. Emphasize what could happen if you don't take action. To keep your team challenged and invested in your stretch goals, it's important to: Define metrics and give a clear picture of what achieving the stretch goal would look like Encourage focus on excellence and innovation and less on fixed, financial targets Encourage employees to see things from new perspectives where the only way forward is to tackle your stretch goals Imagine yourself as your competition and encourage your team to come up with solutions to your organizational weaknesses Celebrate small wins to build momentum and commitment Foster a learning culture that allows your team to take on more ambitious goals How to set employee goals with Wrike Wrike helps to turn your goals into actionable results. Its collaborative workspace allows your teams to zoom out to see the company's big-picture goals and zoom in to tackle the tasks and activities required to complete each one. With Wrike's OKR template, you can define the steps you and your team need to take to achieve set goals, assign tasks, measure defined metrics, extract insights, and make adjustments to your project plans as you progress towards your stretch goals. Get started today with a two-week free trial of Wrike.
How to Define Processes for Your Team (and Actually Get Things Done)
Here’s the thing about your processes: they shouldn't be "set and forget.” You need to be consistently evaluating them to identify what’s not working, and then use that information to build more ideal systems for your team.
Top Bookkeeping & Accounting Tips for Small Businesses
The majority of small business owners and start-up founders are on their toes almost every day. Though several activities stake their claim on your time, accounting and bookkeeping form a significant chunk of your workload. Whether you are documenting your monthly expenses, getting tax papers in order, or taking care of bills, organizing your accounting back-office is essential. Cash flows are critical for business. US Bank research confirms that cash flow issues are the number one reason for the closure of almost 82% of small businesses. The failure rate of sole proprietorships is even lower, according to the same study. What differentiates businesses that become successful from those that shut up shop? Sometimes, the difference between success and failure can be as simple as: Setting clear and manageable goals Making a plan of action for business visibility Investing in the right tools to run the company Proactively avoiding common pitfalls In this blog, we’ve curated our top accounting and bookkeeping tips that’ll help organize your finances, prevent liquidity issues, and grow your small business. Accounting tips and tricks for small business owners and startups You may get away with manual processes in the beginning. However, things can get messy as the business grows and takes on more clients or staff. Here are some top bookkeeping tips for startups that will help you plan, organize your cash flows, and build a successful business. Keep tabs on expenses Overspending can be the bane of businesses. However, it is important to note that not all expenses provide the same value. Remember that every dollar spent takes the company one step away from profit. So when you start your business, keep a close watch on all expenses. Understand the benefit gained from every expense and document it carefully. Choose an accounting structure Deciding which accounting structure to use for your small business is not your accountant’s prerogative alone. Consult your accountant on which accounting method to choose from — cash-based accounting or accrual-based accounting. Here is a brief primer on both methods: Cash-based accounting: In cash-based accounting, companies document revenue when money is received. They record expenses when the cash is paid. Cash-based accounting is perfect for smaller businesses and professional service firms that do not hold inventory. Accrual-based accounting: In accrual accounting practice, income is reported when earned, not when cash is received. Expenses are documented when money is incurred, not actually paid. Accrual-based accounting is suitable for significantly larger and more complex businesses with inventory or shareholders and investors. Automate manual processes Automating routine processes is one of the golden accounting tips for startups. Many accounting and bookkeeping activities are repeated, such as: Calculating mileage payments for staff reimbursements Documenting utility bills in a centralized database Tracking invoices sent to customers Following up on late invoices Paying staff salaries each month Make your life easier by using a unified accounting project management solution to track expenses, generate custom reports, and send invoices automatically. Categorize expenses Tracking business expenses can make or break your business. No business owner wants to pay unnecessary taxes. To ensure that you receive the benefit of tax write-offs and deductions available to your company, keep a record of all expenses. Start by documenting expenses, then classify them into appropriate categories such as bill payments, vendors, administration, or miscellaneous. Keep an eye on the credit One of the most common signs of an insolvent business is an inability to make payments on time. It may struggle with a poor credit score, lack of funding, or difficulty fulfilling its working capital needs. When companies use bank finance to fund their daily operations, they often struggle to pay back the high-interest debt. Do adequate due diligence before taking on any external funding. Forecast future expenses and income When setting your financial goals, consider three distinct elements — the past, present, and future. Going full steam ahead without a financial forecast is a waste of time and money. An Institute of Business Forecasting and Planning study confirms that businesses can save up to $3.5 million per year with accurate financial forecasting. Companies need to create and maintain accurate financial forecasts that keep finances in top shape. This will help answer questions such as: What will our annual sales be in the next two years? What will the percentage increase in customers be in the coming five years? Will the company break even in the next accounting period? Do we have enough staff to handle client projects for the next year? Keep business and personal banking separate Getting a business bank account is one of the first steps you should take as a small business owner. Put this on your to-do list once you get a social security number as a sole proprietor or an Employer Identification Number (EIN) as a professional service firm founder. Here are some reasons for separating personal and business banking: Having clear visibility into business cash flows Saving time by not scrambling through endless bank statements to identify and differentiate individual and business transactions Keeping tax-related documentation clear and ready Avoiding legal responsibility for business debts [caption id="attachment_472816" align="aligncenter" width="2500"] Photo by Kelly Sikkema on Unsplash[/caption] Know the law Many small business owners know how to manage a business. However, they may not have sufficient knowledge about accounting and bookkeeping. Additionally, business owners are likely to be unaware of the federal, local, and state laws and legal regulations required for business. For example, a company must: Maintain paper receipts for the last three accounting periods (accountants recommend retaining receipts for the previous seven years) Provide paper receipts to legal authorities such as the Internal Revenue Service (IRS) to claim tax deductions Accurately record income to avoid tax underpayments and IRS penalties Create business budgets Did you know that setting up and reviewing a budget is directly related to startup success? According to a survey by the US Small Business Administration, small businesses that review their budget weekly, monthly, and annually have success rates of 95%, 75%, and 25%, respectively. The survey found that successful small businesses have these financial management traits in common: Relatively higher unused credit balances The ability to earmark appropriate amounts for payroll expenses Regular budget monitoring An understanding of the benefits of using credit for business Consider paying yourself Entrepreneurs managing S corporations and C corporations pay themselves a salary on regular business payroll. Small business owners and startup founders can do the same and consider it an owner’s draw in legal terms. Having an apportioned salary for the business owner is an accepted business practice that helps you reinforce the business’s distinct and legal standing. Consider a tax accountant Investing in a professional tax accountant can bring immense value to your business, with a time commitment of a few hours per week or month. A bookkeeper records income and expenses and categorizes them for specific periods. An accountant, meanwhile, helps file taxes and sets up the accounting backbone of the organization. With an accountant or bookkeeper taking care of financial tasks, small business owners can spend more time attracting new customers — Fundera estimates that this could net small companies up to $320k annually. Invest in accounting software Simplify business finances by automating manual workflows and processes to save precious time and resources. One of the easiest ways to do so is with accounting software that fits your business needs and budget. Forget the days of clunky, on-premise software. Pick from a wide variety of cloud-based accounting project management software that gets bookkeeping in order, streamlines cashflows, and helps you stay updated on finances. Worried that you need to be tech-savvy? There are many accounting project management solutions with clean and straightforward user interfaces perfect for non-techy entrepreneurs. Avoid business thefts and losses A study by Hiscox found that 68% of employee theft, fraud, and losses occur in small and medium businesses. The same study reports that a small business encounters an average loss of $289K a year. The most common occurrences were: Theft of business funds by employees (34% of cases) Check frauds (22% of cases) More than 70% of check fraud cases happened in companies with less than 100 employees. Optimizing your inventory management and automating your bookkeeping with dedicated software is essential to safeguard your small business from employee theft. Stay on top of invoicing Everyone likes being paid on time. As a direct fallout of COVID-19, more than 54% of businesses are struggling with delayed invoice payouts. Late invoice payments can mean: Failure to make timely payments to vendors, suppliers, and banks (for interest payments) Inability to make utility payments, including water, electricity, internet, or software subscriptions Struggling to pay staff salaries and travel expense reimbursements Inability to expand, invest, and make capital purchases Corporate insolvencies Delayed client invoices can also make businesses too dependent on bank financing or shareholder capital funding, which can further impact their finances. Plan for major purchases Whenever there is a major purchase in the offing, a business will need to have adequate cash flow to meet it. Bad credit can ruin business finances. In such a scenario, it may be difficult to obtain the necessary funding for business expansion or complete capital expenditures. Having your accounting and bookkeeping in order will help you get external funding or bank financing for major purchases. Why use Wrike software to keep your books up to date? Accounting and bookkeeping can be complex, time-consuming, and tedious. Establishing robust accounting practices and processes can help small businesses be more financially organized, tax-ready, and profitable in the long run. Most accounting tips for small business owners have less to do with accounting and more to do with managing your business. Elevate business productivity by getting Wrike’s project management software for accountants that helps: Teams collaborate seamlessly with automated reports for clear project visibility Adjust team workloads to ensure optimum productivity Improve business profitability by tracking project budgets in one place Speed up expense approvals and automate manual workflows Finance forms the core of any business. Get a free Wrike trial to establish a predictable cash flow system, eliminate the guesswork in accounting, and achieve small business success.
Boss vs. Leader: What Is the Difference?
There is a big difference between boss vs leader. Good leaders not only motivate and inspire their teams to perform their best, but they are also part of the team themselves. They find a healthy balance between managing, leading, and jumping in to help when needed. They are also constantly researching new methods and ways to be a better leader. People seek out good leaders to work for and turn to them for advice and encouragement. In this article, we’ll help you identify the subtle ways to align your behavior with that of a true leader. Keep reading to learn more about the differences between the two and which responsibilities every great manager and business owner should have on their list if they want to skyrocket to company-wide success. What is the difference between boss and leader? A boss manages their employees, while a leader motivates and helps them reach their goals. How do you differentiate the two? It’s all about mindset and action. Here are some of the biggest boss vs leader differences: A leader has an open mind; a boss already knows it all Leaders will adopt a growth mindset. That means they are open to learning new ideas, hearing interesting takes from others, and are willing to try new things as they come up. This helps foster a more creative work environment for everyone. It also helps the entire team feel supported in the work they do, which leads to more productivity and better results. A leader collaborates; a boss dictates Leaders like to work with other people to get the best positive results they can as a group. They don't simply rely on one or two managers to oversee progress. Although a good manager is a serious asset, leaders are hands-on, brainstorming side by side with partners and employees on the team to come up with innovative solutions. A leader empowers; a boss keeps a watchful eye Leaders also set up systems and processes that make it easy for employees to make decisions on their own with minimal supervision. This can relate to finances, task management, and even customer relations. With proper communication, leaders make it easy for their team to have a certain level of autonomy no matter what they're working on. A leader takes the blame; a boss puts the blame on others When a team fails, a leader believes that it's their responsibility to figure out what they did wrong before moving on to evaluating other people. They know that if a project didn’t meet expectations, it may relate to the workplace culture, the systems they put in place already, or an oversight of theirs that can and should be corrected for the next project. Understanding the functions of management certainly helps too. A leader sets an example; a boss makes an example out of people Leaders make sure that the rules apply to them too. They follow them, work them out, and make revisions as needed. They model the behavior they wish to see in the workplace. This often involves thinking positively, showing up early, and showing up often. Are you a boss or a leader: which one works for you? Today's competitive marketplace demands that you produce extraordinary results. How you choose to do that is up to you. But you may already have a leadership style in place that isn’t the best for you or your team. Even if it has worked up until this point, it’s important to seriously consider where you are now and where you’d like to be. Ask yourself these questions to discover whether you are a boss vs a leader: Do I do my best to make sure everyone’s voice is heard? Do I prioritize self-improvement and continuous growth in my field through books or higher education? Do I help employees learn from their mistakes? Do I actively look for untapped talent within my team? Do I help others fulfill their potential? Do I listen more than I talk? Do I hold myself to the same standards I’ve set for my team? If you’ve answered ‘Yes’ to some or all of these questions, then you are indeed a leader. If not, examine the areas in which you answered ‘No’ and consider what you can improve on. Boss vs leader: can I be a better boss than a leader? At this point, you may be wondering: are there any circumstances in which it’s better to be a boss than a leader? In some work environments, especially those that are fast-paced and high-stress, being a boss feels more intuitive. When you're short on time, you have to move quickly and make sure others do the same. For example, let's say you work for a catering company. You're serving a multi-course dinner to a high-profile client and your servers need to be at the top of their game. Let’s take a look at the actions of boss vs leader in this scenario. A boss would dictate orders as they come up, berating employees for being too slow, or even simply expecting new hires to know everything even on their first day. A leader would instead make communication clear and respectful. They would also offer a level of understanding for mistakes. A great leader will even proactively empower collaboration among this subset of the team so that they can troubleshoot together as you manage the rest of the event. In essence, a boss and a leader do the same things but in different ways with a vastly different skill set. Difference between boss and leader responsibilities The responsibilities of boss vs leader seem pretty similar at first. But once you compare them side by side, it’s easy to see how very different they are. Boss responsibilities include: Creating goals Organizing Making plans Delegating Developing strategies Leader responsibilities include: Creating visions Innovating Inspiring action Empowering others Developing culture Both techniques arrive at the same outcome eventually. But the journey getting there might look quite different. While bosses rely on themselves and their own innate ability to think for their team, leaders actually do less while making their employees happier by letting them think for themselves. Take a look at our leadership infographic Leadership matters today no matter what situation you are in. And it can be the single biggest factor that makes a difference in achieving extraordinary results. More resources to level up your leadership skills Blog: How to Show Leadership in Project Management During Times of Crisis eBook: It’s Not Me, It’s You: Why Managers Need to Break Up With Email and Spreadsheets Blog: How to Develop the Essential Skills to Be a Project Manager Blog: 15 Books Every Manager Should Read Blog: 9 Ways to Develop Your Leadership Skills Blog: Which of These Leadership Styles Is Right for You? (Decision Tree) Blog: Ask the Industry Expert: "What Soft Skills Do I Need as a Project Manager?" Blog: What Makes a Good Manager?
Ultimate Guide to Team-Building Activities Your Team Will Actually Like
A team that works well together is more effective, more productive, and more successful — not to mention happier and more fun to work with! But team building at work can be tricky, especially when typical team-building activities tend to induce more eye rolls among teammates than high-fives. Whether you were hired to put together some team-building initiatives or you think your team just needs to get together and do something fun, workplace team-building activities are the way to go. There are even lots of options available for online team-building activities when your team is distributed. Adults can have fun, too! Try Wrike for free Team bonding activities don’t have to be contrived Don't be seen as the Michael Scott of your office, trying to organize team bonding ideas that involve egg and spoon races and hotdog eating contests. Corporate wouldn't stand for that. Your goal for team-building exercises should be to include everyone on the team in an activity that encourages collaboration and builds trust. A proper team-building activity should build better communication pathways, improve problem-solving skills, and improve company culture. While individuals sometimes feel like these games are annoying or unnecessary, just 30 minutes of team building can boost morale, increase productivity, and improve work output. This list is going to become your go-to for office team-building and can even be modified as games to play with remote employees. Everything from small team-building activities to problem-solving exercises, we've scoured the internet to create the ultimate list of fun team-building activities for the workplace to laugh, learn, and connect with your team. Team building games and activities for work 1. Zombie Escape For: Creative Problem Solving & Collaboration Exercise What you'll need: 1 rope, 1 key, and 5-10 puzzles or clues, depending on how much time you want to spend on the game Instructions: Gather the team into a conference room or other empty space and "lock" the door. Beforehand, select one team member to play the zombie — dead eyes, arms outstretched, muttering "braaaaiiiinnnnssss" and all. The volunteer zombie will be tied to the rope in the corner of the room, with 1 foot of leeway. Once the team exercise starts, every five minutes, the rope restraining the hungry zombie is let out another foot. Soon, the zombie will be able to reach the living team members, who will need to solve a series of puzzles or clues to find the hidden key that will unlock the door and allow them to escape before it's too late. 2. Battle of the Airbands For: Team Bonding What you'll need: Speakers, smartphone or mp3 player Instructions: Ever watched Lip Sync Battle? (Tom Holland's is a personal favorite.) Expand the idea to a full battle of the air bands. Split your group up into teams of 3-4 people and let them decide who will be the singers, guitarists, drummers, etc. Give them some time to choose, rehearse, and perform a lip-synced version of whatever work-friendly song they like. If they have a few days, teams can dress up or bring props. After the performances, teams can vote on the winner (with the caveat that no one can vote for their own band). Or, let a neighboring department in on the fun and have them choose the winner. 3. A Shrinking Vessel For: Creative Problem Solving What you'll need: A rope, blanket, or tape to mark a space on the floor Instructions: Make a space on the floor and have your whole group (or a set of smaller teams) stand in that space. Then gradually shrink the space, so the team will have to think fast and work together to keep everyone within the shrinking boundaries. 4. Back-to-Back Drawing For: Communication Skills What you'll need: Paper, pens/markers, printouts of simple line drawings, or basic shapes. Instructions: Split your group into pairs and have each pair sit back to back. One person gets a picture of a shape or simple image, and the other gets a piece of paper and a pen. The person holding the picture gives verbal instructions to their partner on how to draw the shape or image they've been given (without simply telling them what the shape or image is). After a set amount of time, have each set of partners compare their images and see which team drew the most accurate replica. 5. Office Trivia For: Team Bonding What you'll need: 20-25 trivia questions about your workplace Instructions: Looking for a quick and easy team-building activity that is also suitable for remote cultures? Come up with a series of questions specific to your workplace and test your team's knowledge. "What color are the kitchen tiles?" "How many people are in the IT department?" "How many windows are there in the entire office?" "What brand are the computer monitors?" "What month of the year is most common for birthdays among our employees?" This is a quick team-building activity that tests how observant your team is and can be done in both a conference room and over Zoom. 6. Marshmallow Spaghetti Tower For: Creative Problem Solving & Collaboration Exercise What you'll need: 20 sticks of uncooked spaghetti, 1 roll of masking tape, 1 yard of string, and 1 marshmallow for every team. Instructions: Using just these supplies, which team can build the tallest tower? There's a catch: The marshmallow has to be at the very top of the spaghetti tower, and the whole structure has to stand on its own (that means no hands or other objects supporting it!) for five seconds. 7. Community Service For: Team Bonding & Icebreakers What you'll need: A few hours out of the workday Instructions: Participate in Adopt-a-Family programs during the holidays, organize a beach clean-up, take on a community beautification project — find an activity that appeals to your team or reflects your company values, get out of the office, and do some good for your community and your team. 8. Salt and Pepper For: Communication Skills What you'll need: Tape, a pen, a small piece of paper for each employee, and a list of well-known pairs (think peanut butter and jelly, Mario and Luigi, or salt and pepper). Instructions: Write one half of each pair on the sheets of paper (Mario on one piece, Luigi on another, and so on). Tape one sheet of paper to each person's back, then have everyone mingle and try to figure out the word on their back. The rule: they can only ask each other yes or no questions. Once they figure out their word, they need to find the other half of their pair. When they find each other, have them sit down and find three things they have in common while the rest of the team continues. 9. Masterpiece Murals For: Team Bonding & Icebreakers What you'll need: Pre-drawn canvases, paints and brushes, a drop cloth or tarp Instructions: Give each member of your team a canvas and brush, and let everyone create a colorful masterpiece on their canvas. Once they're dry, they can be put together and displayed in your office as a mural or placed throughout your workspace. 10. Afternoon at the Races For: Collaboration Exercise What you'll need: One pinewood derby car kit for each team, chalk for start and finish lines Instructions: Have teams build and race their own mini pinewood cars. If you want, go all out and let teams create mascots and themes, and host a mini-tail gate with snacks and music. 11. Toxic Waste For: Creative Problem Solving & Collaboration Exercise What you'll need: 1 small and 1 large bucket, 1 rope, 1 bungee cord loop, 8 bungee cords, 8 plastic balls or tennis balls Instructions: Use the rope to make an 8-foot circle on the ground that represents a toxic waste radiation zone. (You can make the radiation zone bigger to increase the difficulty.) Put the balls in the bucket and place the bucket in the center of the circle to represent the toxic waste. Place the large bucket about 30 feet away. Teams must use the bungee cords to find a way to transfer the toxic waste balls from the small bucket to the large bucket within a certain amount of time (15-20 minutes). Anyone who crosses the line into the radiation zone will be "injured" (you can blindfold them or make them hold one hand behind their back) or "die" (must sit out for the rest of the game). Dropping toxic waste balls will similarly result in injury, and spilling the entire bucket means everyone on the team is dead. Solution for referees: Attach the bungee cords to the bungee loop, then have everyone hold and pull on the cords to stretch the loop and guide it over and down around the toxic waste bucket. Loosen the cords to contract the bungee loop so that it grips the bucket. Use the cords to lift the bucket and tip the balls into the large "neutralization" bucket. 12. Company Coat of Arms For: Team Bonding What you'll need: Paper, pens, markers Instructions: Have teams create your company coat of arms. In the first space, draw something that represents a recent achievement. In the second space, draw something that reflects your company values. In the third space, draw something that represents where you see the company going in the future. Post the finished coat of arms in your office. 13. Campfire/Memory Wall For: Team Bonding & Icebreakers What you'll need: Post-It notes or a whiteboard Instructions: Write a few general work-related topics on the whiteboard or on sticky notes posted to the wall: “My first day,” “Teamwork,” “Work travel,” etc. Gather your team together and have everyone choose one of the topics and share a story from their time with your company to laugh and bond over shared experiences. You can also pass out sticky notes and have everyone write down positive memories of working together or special team accomplishments. They can use words or pictures to record these memories. Then have everyone share their memory and post it on the wall, forming a positive memory cloud. 14. Frostbite For: Creative Problem Solving & Collaboration Exercise What you'll need: 1 packet of construction materials (like card stock, toothpicks, rubber bands, and sticky notes) for each team, an electric fan Instructions: Your teams of 4-5 are no longer sitting in your office — they're Arctic explorers trekking across the frozen tundra! Have each team elect a leader to guide their expedition. When a sudden storm hits, the team must erect an emergency shelter to survive. However, both of the team leader's hands have frostbite, so s/he can't physically help construct the shelter, and the rest of the team has snow blindness and is unable to see. Give each team a set of construction materials and start the timer. When time runs out, turn on the electric fan's arctic winds and see who successfully built a shelter that will keep them safe. Adjust the difficulty with sturdier construction materials (provide popsicle sticks instead of toothpicks, etc.), change the fan's settings, or have the fan running while the team constructs their shelters. 15. Minefield For: Creative Problem Solving & Collaboration Exercise What you'll need: An empty room or hallway, and a collection of common office items Instructions: Use boxes, office chairs, water bottles, etc., to create an obstacle course of "mines" within your empty space. Divide the group into pairs, where one partner is blindfolded. The other must guide that person from one end of the course to another without setting off any mines. The person guiding their partner cannot enter the course and must only use verbal instructions to get their partner through. Depending on the number of people you have and how difficult you want this activity to be, you can vary the number of pairs trying to complete the course at the same time so that pairs have to work harder to listen to each other and communicate clearly. 16. Egg Drop For: Creative Problem Solving & Collaboration Exercise What you'll need: A carton of eggs; basic construction materials like newspapers, straws, tape, plastic wrap, balloons, rubber bands, popsicle sticks, etc.; tarp or drop cloth, parking lot, or some other place you don't mind getting messy! Instructions: Divide the group into teams and give each one 20-30 minutes to construct a carrier that will keep an egg safe from a two-story drop (or however high you choose). If you end up with a tie, gradually increase the height of the drop until you're left with a winner. 17. Scavenger Hunt For: Collaboration Skills & Team Bonding What you’ll need: Pen and paper Instructions: A classic team bonding game that we did ourselves! Split everyone into groups and make a list of fun things to find or do outside your office. Make it each team's mission to find and photograph everything on that list within a certain time limit. The first team to complete each item on the list wins! 18. Plane Crash For: Creative Problem Solving & Collaboration Skills What you'll need: 20-30 minutes Instructions: Imagine this: the plane carrying your team has crashed on a desert island. Have your group work with 12 items from around the office that they think would be most useful in their survival, ranking each item in order of importance. Alternatively, have individuals make their selections first and then have the group discuss and come to a consensus. This game focuses on communication and negotiation skill-building. 19. Spider Web For: Creative Problem Solving & Collaboration Exercise What You'll Need: String and tape Instructions: Tape two pieces of string across a doorway, one at about three-and-a-half feet and the other around five feet. This string is the poisonous spider web. Teams must get all their members through the opening between the strings without touching them. Increase the difficulty by taping more pieces of string across the doorway. 20. Paper Plane Contest For: Collaboration Exercise What you'll need: A long hallway, tape to mark the launch line, measuring stick, card stock Instructions: This game can be played either indoors or outdoors. Each team gets a piece of card stock to construct a paper plane. Show them a variety of airplane designs and let them work together to construct one they think will fly the farthest. Add to the fun by decorating the planes before launch. The team whose plane flies farthest wins all the glory! 21. Dare Jenga For: Team Bonding & Ice Breaking What you'll need: A Jenga set (preferably with large blocks) Instructions: This one is a fun team-building icebreaker for work that will get your team to test their limits. Write a dare on the surface of each block. Make them fun dares around the office, such as: doing 15 pushups, singing "Twinkle, Twinkle, Little Star" out loud, or wearing the oversized sombrero for the rest of the workday (yes, we have an office sombrero). When all the blocks have dares on them, stack them up like in Jenga. When people pull a block out, they have to perform the dare that's written on it. 22. Crystal Challenge For: Team bonding, problem solving, and communication What you'll need: A set of physical or mental challenges, timer, small "crystals" or tokens as rewards Instructions: Divide your team into smaller groups and create physical or mental challenges that require teamwork, problem-solving, and communication. Assign a time limit and award "crystals" or tokens to groups that successfully complete the tasks. Encourage friendly competition and celebrate the successes of each team. 23. Human Knot For: Team bonding, communication, and cooperation What you'll need: A group of 8-16 people, open space Instructions: The team should stand in a circle, shoulder-to-shoulder, and each person grabs the hand of another team member with their other hand. The goal is to untangle themselves without letting go of each other's hands, forming single or multiple smaller circles. This activity requires effective communication, cooperation, and problem-solving to succeed. 24. Football (Soccer) Tournament For: Team bonding, physical activity, and friendly competition What you'll need: A football (soccer ball), open space or a field, goal markers Instructions: Organize a round-robin or knockout-style tournament to encourage friendly competition and teamwork. Focus on having fun and building relationships, not just winning. Try Wrike for free Team-building activities for remote teams Team-building activities are not just for staff in the office. Whether your team is fully remote or operates a hybrid model, involving everyone in team-building activities is crucial for building team morale. Check out these virtual team-building games that can be played by staff working remotely, so you can try them out wherever you're based. 1. Whose Office Is It, Anyway? For: Team Bonding & Icebreakers What you'll need: Internet connection, file sharing tool Instructions: Have your team members send a photo of their home offices, and then have everyone guess whose workspace is whose. Keep the game going with photos of everyone's coffee mugs, desktop backgrounds, or the view outside their window. 2. Conference Call Trivia For: Team Bonding & Icebreakers What you'll need: Internet connection Instructions: Divide into teams and play trivia. You can find good trivia questions and answers online or pull out some Trivial Pursuit cards. It's a great way to learn about people's non-work interests and personalities. 3. Online Multiplayer Games For: Creative Problem Solving & Collaboration Exercise What you'll need: Internet connection Instructions: Pick a game that will let your team work together to strategize and problem-solve, like Travian, or browse the many free and paid co-op games on Steam. Use your computer's built-in microphone and speakers to chat, or use headsets. 4. Charades or Catchphrase via Video Hangout or Skype For: Collaboration Exercise & Team Bonding What you'll need: Internet connection, video chat app Instructions: Divide your group into two teams, and play classic party games like Charades or Catchphrase via video call. You can send everyone the link to an online Charades or Catchphrase ideas generator that will provide word prompts for you. 5. Online Karaoke Party For: Team Bonding & Icebreakers What you'll need: Internet connection Instructions: Let loose with an online karaoke party! Use your computers' built-in microphones and speakers to challenge teammates to a karaoke battle, compare high scores, or just have fun showing off your singing skills. 6. Virtual Scavenger Hunt For: Team Bonding & Collaboration What you'll need: Internet connection, video conferencing app Instructions: Make a list of items that team members have to find in their homes or on the internet and set a time limit. There are some great online scavenger hunt generators or you can create your own list. Make sure the items are varied and challenging enough to require a little bit of a search. In order to account for each individual potentially missing an item or two in their list, you can set a time limit to see who finds the most items, or you can declare a winner once someone finds a certain number of items from the list. 7. Virtual Escape Room For: Creative Problem Solving & Collaboration What you'll need: Internet connection, virtual escape room platform Instructions: Engage your team in a virtual escape room challenge, where the team will have to work together to solve puzzles and riddles to escape the virtual room. There are tons of different virtual escape room platforms available online, such as Escapely, which offer different themes and difficulty levels. This activity is great for promoting creative problem solving and teamwork. Since there are so many options, you should be able to keep virtual escape rooms in your team-building activity roster without it feeling too repetitive. 8. Virtual Coffee or Lunch Break For: Team Bonding & Socialization What you'll need: Internet connection, video conferencing app Instructions: Set up a virtual coffee or lunch break where team members can connect and chat about non-work-related topics. This activity is a great way to promote socialization and build relationships among team members. You can even organize a virtual potluck where everyone shares a favorite recipe and enjoys their meals together. Do note, however, that this may be more difficult to implement across global teams than with those on similar time zones. 9. Remote Book Club For: Team Bonding & Personal Development What you'll need: Internet connection, e-book or physical books, video conferencing app Instructions: Choose a book that everyone on the team can read and discuss it during virtual meetings. This will encourage more introverted team members to participate, as they can connect with others on a shared interest rather than engaging in mindless small talk. While remote book clubs are best for small groups, they can also work with well-organized larger groups. Remote book clubs are particularly beneficial when you nurture the individual skills and preferences of each team member. Consider assigning roles, such as discussion leader or note-taker, to different team members for each meeting to foster a better sense of collaboration. 10. Mindfulness and Wellness Challenge For: Team Bonding & Health and Wellness What you'll need: Internet connection, mindfulness app Instructions: Mindfulness and wellness challenges are a novel way to reduce work stress. Team members can participate in daily activities aimed at promoting mental and physical wellness. These activities include guided meditations, yoga, gratitude journaling, or even taking breaks throughout the workday to stretch or go for a walk. You can also encourage team members to lead certain activities in areas where they have knowledge or a particular interest. Set daily or weekly goals and milestones for the challenge and offer rewards for participation. 11. Virtual Movie Night For: Team bonding and relaxation What you'll need: Internet connection, video streaming platform, group chat app Instructions: Choose a movie or documentary relevant to your team's interests and industry. Schedule a virtual movie night with a group chat app to share thoughts and reactions. Host a follow-up discussion to discuss the movie and its themes. 12. Online Custom Puzzle For: Team bonding and problem solving What you'll need: Internet connection, custom online jigsaw puzzle maker, video conferencing platform Instructions: Create a custom online jigsaw puzzle using a team photo or image relevant to the team's work and share the link with team members to collaborate in real time. 13. Virtual Coffee Breaks For: relationship building and casual conversation What you'll need: Internet connection, video conferencing platform Instructions: Schedule regular virtual coffee breaks to encourage team members to discuss non-work topics, share hobbies, or discuss their favorite books, movies, or TV shows. 14. Remote Team Vision Board For: Team bonding and goal setting What you'll need: Internet connection, shared digital whiteboard or cloud storage Instructions: Team members should create and share images, quotes, and symbols to represent their goals or collective objectives. The goals should be shown on a shared digital whiteboard or cloud storage folder and discussed in a virtual meeting to align them with the team's vision. 15. Online Storytelling For: Team bonding and creativity What you'll need: Internet connection, video conferencing platform, shared document Instructions: Start a story with one sentence and have each team member contribute one sentence at a time. Share the completed story during a virtual meeting to discuss the team's creative process and how the story evolved. Try Wrike for free Team-building activities for hybrid teams Team building activities for hybrid teams should be inclusive, engaging, and accessible to both remote and in-person team members. Here are ten team-building activities that can help bridge the gap between remote and on-site employees and foster strong working relationships: 1. Hybrid Idea Jam For: Creativity and problem solving What you'll need: Internet connection, video conferencing platform, shared digital whiteboard Instructions: Team members divide into smaller groups and collaborate on ideas and solutions, using a shared digital whiteboard. After a set time, each group presents their ideas to the whole team, with the best ideas being voted on or combined. 2. Picture Scavenger Hunt For: Team bonding and fun What you'll need: Internet connection, video conferencing platform, messaging app Instructions: Divide the team into pairs or small groups and create a list of picture prompts. Teams work together to find or recreate each prompt and share their pictures in the messaging app. The first team to complete the list wins. 3. Hybrid Pictionary For: Team bonding and icebreakers What you'll need: Internet connection, video conferencing platform, shared digital whiteboard Instructions: Divide your team into two groups and have one member draw on the shared digital whiteboard while the rest guess the word or phrase being drawn. Keep score and the group with the most points wins. 4. Hybrid Office Olympics For: Team bonding and friendly competition What you'll need: Internet connection, video conferencing platform, list of challenges Instructions: Organize a series of challenges that can be completed both in-person and remotely. Participants can compete individually or in teams, with scores recorded on a shared leaderboard. Celebrate the winners with a virtual or hybrid awards ceremony. 5. World tour presentations For: Cultural awareness and team bonding What you'll need: Internet connection, video conferencing platform, presentation software Instructions: Assign each team member a country and research it, creating a short presentation highlighting facts, customs, and landmarks. Schedule a virtual meeting to share presentations and learn about different cultures. 6. Hybrid Charades For: Team bonding and icebreakers What you'll need: Internet connection, video conferencing platform, list of charades prompts Instructions: Divide the team into two groups and have one member act out a word or phrase on camera while the rest guess what they're acting out. Keep score and the group with the most points wins. 7. Remote and In-Person Cooking Challenge For: Team bonding and creativity What you'll need: Internet connection, video conferencing platform, shared ingredient list Instructions: Choose a theme or specific dish and divide the team into smaller groups. Each group has a set time to create their dish and can share their creations and recipes through pictures, videos, or live demonstrations. 8. Strengths and Skills Swap For: Skill sharing and professional development What you'll need: Internet connection, video conferencing platform, shared document or spreadsheet Instructions: Team members should list their top three strengths or skills, pair or group them based on complementary skills or areas of interest, and schedule virtual meetings to share expertise and learn from one another. This ensures a mix of remote and in-person participants. 9. Virtual Time Capsule For: Team bonding and reflection What you'll need: Internet connection, video conferencing platform, cloud storage, or shared drive Instructions: As a team, decide on a theme for their virtual time capsule and each team member contributes an item related to the theme. Collect all items in a cloud storage folder or shared drive and schedule a virtual meeting to discuss and reflect on the contributions. Set a date to "reopen" the time capsule and see how the team has evolved. Try Wrike for free How Wrike can bring the collaborative spirit to your team Team-building activities are a great way to build morale and team spirit in your organization. But for this to carry over into your everyday work, you need to ensure your employees have the tools they need to collaborate seamlessly. Wrike's versatile collaboration software allows teams to work as one, fostering an environment of accountability, productivity, and growth for every person, regardless of where they're based. Features like collaborative workspaces, custom-field request forms, customized workflows, real-time updates and approvals, and powerful reporting tools all help teams to do the best work of their lives from anywhere. Try it now with a free two-week trial. Try Wrike for free Additional team-building resources for work The Escape Game — Offers a wide range of adventures for your team to explore outside the office Gamestorming blog — Browse a collection of group brainstorming activities Gamestorming facilitator resources UC Berkeley HR Team Building Kit — Tips for people planning and facilitating team building activities, lists of activities, and additional resources, including recommended books and online resources Ohio State University Team Building Resources — Recommended games and icebreakers GoSkills Employee Engagement Ideas — 11 of the best employee engagement ideas for building a strong corporate culture Sources: RoomEscapeAdventures.com Escapely.com TeachThought.com InsiderMonkey.com RefreshLeadership.com Wilderdom.com LeadershipCenter.osu.edu Gamestorming.com Vorkspace.com InnovativeTeamBuilding.co.uk Pridestaff.com Teampedia.net KaraokeParty.com
Which of These Leadership Styles Is Right for You? (Decision Tree)
Can you picture the best boss you have ever had? How about the worst? When we think about leadership, we often put leaders into two buckets: good and bad. Most of us can quickly identify who these individuals are in our career stories, but the truth is, leadership isn’t simply good or bad. Many different leadership styles are based on skills, philosophies, and personality traits. And certain leadership styles are more effective in specific environments and scenarios. In this guide, we’re breaking down common leadership styles so you can identify which one is best for you (hint: there’s no “right” answer, but there may be a style that suits your team the most). How to define leadership Defining leadership isn’t just about a fancy title or management role. At some point in your career (if you haven’t reached it already), you might find yourself leading a project, team, department, or even an entire organization. The word “leadership” can mean different things depending on who you ask, but in its purest form, leadership is all about influencing or leading others toward a shared goal. A leader can successfully guide an individual or a group of individuals. Think of leadership as a broad skill with a subset of more specific skills beneath it, such as empathy, active listening, dependability, and timely communication. Effective leaders are must-haves within every organization. With that in mind, various leadership styles ultimately come down to two factors: your unique personality and what your team best responds to. Which leadership style is best for you? Are you wondering which leadership style is the best for you? Here’s the good news: There is no single, best approach to leadership. And even if there were only one correct answer, it would be challenging to fit a specific mold that doesn’t compliment your unique personality or your team’s relationship. You likely lean naturally toward a particular leadership style, but keep in mind that you can also practice alternative approaches and use them in situations that might feel appropriate. Understanding the different types of leadership styles provides you with an opportunity to understand your strengths and weaknesses and, ultimately, how to become a better leader. Different types of leadership styles with examples So, what different approaches are there? Let’s look at five common leadership styles and how they might appear in the workplace. Autocratic leadership style Autocratic leadership is exactly what it sounds like — it prioritizes direction and guidance from the leader with little input from other team members. Also known as authoritarian leadership, this leadership style is exemplified when a leader takes control over decisions, implements policies and procedures without input, and decides what the future vision is. Autocratic leadership has been linked to the following benefits: Quick decision-making: Since authoritarian leaders often make decisions with little to no input, decisions are made quickly, which is a huge benefit in times of urgency. A strong sense of structure: For teams that need a strong sense of direction, authoritarian leaders can often get them back on track in no time with a clear and concise goal and plan for getting there. However, an autocratic leadership style poses challenges, including: Little room for collaboration: When the decision-making power lies solely with the leader, a team may not feel like they have space to collaborate openly and bring new ideas to the table. Stereotyped as lacking empathy: Despite your best efforts to show your team you care, the autocratic leadership style is often viewed as cold and lacking empathy. These types of leaders can be intimidating at times. You might be an autocratic leader if you get things done quickly and efficiently, taking it upon yourself to make decisions and assuming responsibility for project outcomes. Your team can focus on their tasks without shouldering the responsibility of larger decisions, which can be particularly effective during high-stress projects. Just make sure you're not missing out on valuable input from your team members by making unilateral decisions. Laissez-faire leadership style A quick Google search reveals “laissez-faire” is French for “let it be,” and that’s precisely the root of this leadership style. Laissez-faire leaders trust and rely on their teams to get the job done. They take a step back and don’t micromanage or give too much guidance. Instead, they empower their teams with the resources and tools they need to do their work and then get out of their way. Benefits of Laissez-faire leadership include: Relaxed and trusting culture: People don’t feel micromanaged by a leader who leaves employees to do their jobs the way they want. This can create a more relaxed and trusting company culture. Creativity thrives: When employees work under laissez-faire leaders, they are more likely to be creative because they have the authority to try new things and think outside of the box. Some drawbacks of laissez-faire leadership include: Lack of clarity: It can be challenging for team members to understand and identify who makes decisions when leaders use this leadership style. Chaos can ensue if a team isn’t organized or clear on roles and responsibilities. Leaders might seem disengaged: Laissez-faire leaders may be viewed as disengaged, uninvolved, or withdrawn due to their willingness to step away and not micromanage. This can potentially cause tension between leaders and their team members if a level of support is missing. You might be a laissez-faire leader if you’re a laid-back, hands-off leader, letting your team make its own decisions while providing support and resources when necessary. Because of their autonomy and your trust in them, your team tends to have high employee satisfaction. This leadership style is well-suited for teams of highly-skilled, motivated workers. Be careful that your team doesn't mistake your casual leadership style with apathy, or they may not stay engaged, manage their time well, or lack sufficient direction or knowledge to do the job right. Participative leadership style The participative leadership style is all about — you guessed it — participation. Sometimes referred to as democratic leadership, these leaders encourage everyone to join in on decision-making, whether on a team or organization-wide. The key is to gather collective input with the leader still holding the final decision-making power. Participative leadership has been linked to the following benefits: A shared sense of value: Engaging and including team members in the decision-making process can make them feel valued and heard. Involving employees in the process of identifying change can increase staff buy-in that helps teams succeed when changes are implemented. Innovation is encouraged: Leaders engage entire teams in decision-making processes, which leaves room for individuals to innovate and bring their ideas to the table. Supported innovation is a perk for employees and organizations. A participative leadership style poses challenges including: Reaching consensus can be challenging: When opening up decision-making efforts to a larger group, reaching an agreement that satisfies all stakeholders can be difficult. The process can become inefficient, costly, and arduous. Social pressure might creep in: No matter how hard you try to encourage individual decision-making, social pressure may sneak into your team or organization. Influential team members could intentionally or unintentionally sway people to vote in a way they may disagree with, causing tension down the road. You might be a participative leader if you seek to involve all team members or key stakeholders in your decision-making process. You believe in providing an equal chance to weigh in through group discussions and other forms of gathering collective input. Be careful not to slow down progress in a detrimental way and become more inefficient than helpful as a leader. Transactional leadership style The transactional leadership style is built on a system of rewards and penalties involved with a work-related transaction. Think of it this way: transactional leaders provide clear directions to team members and expect them to complete tasks and meet deadlines accordingly. Leaders then use rewards or penalties to recognize or discipline team members based on their contributions and execution. Benefits of transactional leadership include: The method is easy to understand: There’s little room for interpretation in a reinforcement system. When employees are rewarded, they know it's for a job well done, while disciplinary actions follow a job that needs improvement or that doesn’t meet standards and expectations. Equal treatment amongst team members: A transactional leadership style removes personal feelings and playing favorites from the equation. All employees are held to the same expectations and receive the same response to their work. Drawbacks of transactional leadership include: Leaders might seem impersonal: A rewards and punishment system can make leaders seem blunt and neutral. This can cause some team members to feel disliked or even unvalued. Limited flexibility: Employees may feel like they can’t deviate from the norms you set or fear they will be punished if they stray too far from the pack. You might be a transactional leader if your team knows exactly what’s expected of them. After all, they’ve agreed to follow your directions by taking the job, and you’re crystal clear about each team member’s roles and responsibilities. You are not a micromanager. When you delegate, the other person is fully responsible for completing the task successfully. You have clear systems for rewards and discipline, and your team is confident that they’re evaluated based solely on their abilities and contributions, not office politics. Transformational leadership style Transformational leadership is a leadership style in which leaders inspire their teams and employees to work toward a needed change and guide them to become better versions of themselves. This type of leadership can focus on the individuals the leader is guiding to help them grow in their careers or on a broader organizational shift. Transformational leadership has been linked to the following benefits: Increased innovation and creativity: The collaborative environment that transformational leaders encourage breeds increased innovation and creativity across teams. Higher team morale: Transformational leaders make their team members feel heard and valued, boosting morale and even team performance. A transformational leadership style poses challenges including: Added pressure on the leader: Transformational leaders may take on an added sense of pressure to develop their team members. But while investing time into helping everyone is admirable, burnout can quickly arise. Too much focus on growth can distract from other goals: In addition to helping employees grow, business objectives and team goals need to be met. Too much emphasis on personal growth or organizational change can distract from these necessary goals if transformational leaders aren’t careful. If you motivate your team by creating a shared vision or aspirational goal, you might be a transformational leader. You see projects as opportunities to both accomplish short-term project goals, and on a larger scale, to make positive changes in how the organization gets work done. You have high emotional intelligence and value integrity and expect the best of your team while also holding yourself to a high standard of accountability. Find your style and become the best leader you can be Remember, there is no such thing as the “right” leadership style. What works best for you may not be the same as what works best for others, and that’s perfectly okay. The important thing is to always keep your unique personality and your team’s best interests in mind. No matter your leadership style, Wrike can help you communicate with and lead your team more effectively. Sign up for a free trial today.
How to Prevent Common Payroll Processing Mistakes
Payroll processing mistakes are often completely preventable. Even in the worst-case scenarios, there are ways that accountancy firms and HR professionals can solve issues and keep everything all running smoothly . In this article, we’ll provide you with a deep understanding of why efficient payroll processing is important for your business. We’ll also detail common payroll errors and what steps can be taken to improve the payroll process, along with how Wrike can help. What is payroll processing? Payroll processing involves entering payroll data into payroll software so that employees can get paid. This procedure involves handling various tasks such as calculating wages, processing payroll taxes, and producing checks or facilitating direct deposits. If you're a small business owner, you most likely handle payroll yourself. However, as the number of employees increases, you may want to hand this task over to a HR manager or an accountant. Larger businesses and corporations hire accountancy firms and HR professionals to manage payroll processing. It helps to involve experts in your payroll process because, aside from keeping track of all of the necessary details, their work will also help the company avoid getting into legal trouble. Common payroll errors Not tracking employee hours and overtime At first, it seems like a simple process to track employee time. Just enter the hours they worked and turn them in at the end of the week or month and pay them accordingly. Unfortunately, the process is much more complicated than that. Tracking both your employees' and managers' time is very helpful for businesses. Timesheets and time cards are often the tools businesses use to measure how efficiently they use their employees. It can help them improve margins, bid projects, and overall business performance. Not meeting deadlines Not meeting deadlines in payroll processing is more common than you may think. Although different states have different time frames, the basic rule is that payroll errors should be paid promptly. Doing so can help avoid penalties and minimize the risk of overpayment. Not being able to meet a deadline can damage an organization's reputation and affect employees' payment. Having a good payroll schedule is also important to keep employees' trust. Miscalculating overtime is a big payroll deadline issue. With all the various deductions and commissions that come with overtime, payroll administrators have their work cut out for them. When it comes to overtime, the general rule is that employees should be paid 1.5 times their regular wage for work that exceeds 40 hours in a workweek, but individual companies may have their own policies. Poor time tracking software can also contribute to overpayment or underpayment. A payroll correction is also required when an adjustment is needed to be made to a payroll amount and may take longer than anyone would like. Not reporting all forms of taxable employee compensation Employee pay includes more than salary, overtime, and bonuses. Generally, you must report these forms of compensation to the IRS. The biggest issue with this is forgetting to detail smaller exchanges that are outside of the standard salary or hourly payment. For example, not reporting sales incentive gifts, even if it’s just a $25 Starbucks gift card, to the IRS may result in penalties and tax liability for your organization. Employee misclassification Employee misclassification is one of the most common and costly errors. Not only can misclassification affect an employee's wages and benefits, but it can also cost the government valuable tax dollars, resulting in an audit. For example, if your company works with freelancers or independent contractors, ensure that they are not misclassified as W-2 employees. Poor records management Having incomplete or inaccurate records is a costly expense that many companies face. Record keeping is a vital component of payroll management. It’s also a must-have when filing taxes. Having an efficient record management solution in place can prevent many errors from happening, such as payroll miscalculations and tax filing delays. It sets the foundation for success and plays a large role in preventing other payroll processing mistakes from happening. Consequences of payroll errors Every mistake made during the payroll process must be corrected to ensure that the correct records are kept. The IRS also has to know exactly how much money was allocated for each employee. In some cases, it can take longer to resolve errors than initially thought, as identifying and fixing these errors can be challenging. Most of the time, it is difficult to ensure your payroll process complies with all the laws governing a business. However, with the right systems and software in place, you can avoid getting caught in a situation where you have to pay a large sum of money or face other repercussions. When people work for you, they may be classified as employees or contractors. You may be responsible for paying them for various expenses, such as overtime. If a worker has been classified as an independent contractor, your company may have to pay back taxes and provide retroactive overtime pay. This can also be costly. Also, employees expect to be paid on time. When the money is not delivered as expected, it can greatly affect their lives and cause them to feel dissatisfied with their work. Some employees may choose to leave when payroll errors occur. As a result, this can lead to higher turnover rates and cost the company more than it intended to. How to correct payroll errors A smooth payroll process is one of the most important functions in a business and it can help keep employees satisfied. Although there are varying legal time frames for states, generally, it is the law that states that payroll errors should be corrected promptly. Doing so will help avoid getting hit with any penalties. Having the proper payroll software and a project management tool can help prevent payroll mistakes from happening. These systems will help you track all of your employee’s professional services, organize and assign payroll-related tasks, and they’ll save time on manual data entry and evaluation. Tools like Wrike also allow employees to track their hours and overtime directly on the platform. Most payroll mistakes can be avoided with proper planning and education. Unfortunately, there are many places where payroll mistakes can occur. Most of the time, payroll errors happen because the payroll admin doesn't have the necessary information to properly handle the payroll process. Doing some basic research on the various terms and classifications of employees can also help avoid making mistakes. Having a few reports running before payroll can also help catch potential mistakes or prevent them from happening. A payroll checklist is another helpful tool to keep track of all of the steps in the process. Your administrators can use it to keep track of all of the details and ensure that everything is accurate. Another way to correct payroll errors is to keep a list of all the changes made during a given pay period. This will help ensure that the system is up to date. If you have already processed an incorrect payment, then it is important that you immediately report the issue to the federal and state entities involved. If the payroll error is small, you can either immediately cancel the payroll or run a manual payroll. Steps to streamline your payroll process 1. Spring clean existing records From the start, gather all the details about the employees, including their Social Security numbers and any other factors that affect their paychecks. Use a project management system to create a single file that will keep track of your employee's personal details. 2. Consult available experts If you have any doubts about the accuracy of your payroll deductions, talk to a bank representative. Some banks even offer workshops to help small-business owners get started with payroll processing. Your accountants can also help you with payroll tasks and give advice on how to improve your productivity. And if your business is a corporation or an LLC, you can also get a list of forms and due dates from your state tax agency. Hiring a payroll consultant is another great way to get started. They can help you get started by reviewing the books and creating a system that's personalized to your needs and easy to use. 3. Capture all facets of employee compensation Aside from keeping track of employee hours, a payroll system can also help you manage various factors such as employee contributions, 401K plans, and wage garnishments. Having a system that's adaptable to potential future payment types can help you get started. Remember that as you grow, it's important to keep up with the payroll requirements to accommodate the additional employees. 4. Automate alerts Most payroll software has alarms and other warnings that can help you avoid missing important details. For example, suppose you forget to withhold taxes on any employee who earns more than $600 a year. In that case, your company could be responsible for the underpayment, so having an automated alert attached to this task is a must for accountability. 5. Use separate accounts Instead of using the company's operating cash, establish a separate payroll account specifically for paying taxes, compensating employees, and other payroll expenses. Your bank representative can also help you keep track of all your payroll details between the various accounts. 6. Solve problems quickly If the IRS or another agency informs you that money is due, don't delay to resolve the issue. It can cost you money in interest and penalties. Even if you're not a certified public accountant or a business major, hiring someone to help you set up a payroll system, for this reason, is a good idea. How Wrike can improve your payroll processing services Wrike offers accountants the tools they need to manage their work seamlessly all year round. With Wrike’s features, accounting firms and teams can easily collaborate with their employees and managers to deliver better results. Here are some of the many ways we do it: 1. In-app time tracking Swap complex spreadsheets for a simple and secure time tracking software like Wrike. Wrike's pinned timer eliminates distraction and helps hourly employees keep track of all their task start and end times, which they can pause and resume when needed. 2. Timelog view Create or double-check billing using Wrike’s accurate Timelog View. Timelog view allows you to see all time entries added to tasks in certain folders, projects, or spaces and is completely customizable. 3. Task duration measurement Wrike allows users to keep track of all of their project and task durations in one central location. It will also give you insight into how things went, as well as what lessons were learned. 4. Color-coded calendars Pull historical data from Wrike’s calendars to cross-check data entry. Color coding makes them easier to understand at a glance and is especially helpful for teams managing multiple types of billing structures, including milestone billing. 5. Gantt charts Wrike’s Gantt charts are a great way to manage payroll projects. They allow you to track progress, communicate deadlines, and organize all other related details within a searchable file system. 6. Customizable payroll templates Wrike Blueprints is a tool that helps you organize and track all of your professional services and projects with recurring tasks, such as weekly salary calculations. Blueprints are template documents that allow you to create new work items and keep track of all your changes. They can also be used to create new payroll projects that need to follow payroll compliance or have a specific workflow. 7. Integration with Microsoft Teams With Microsoft Teams integration, you can easily create and respond to Microsoft forms payroll and add new employee data to them without having to duplicate data entry. 8. Integration with Zendesk Wrike's integration with Zendesk allows you to record all tickets assigned to a specific employee and add them to to-do lists. 9. Workload management Wrike's workload charts help you keep track of how much work is being done and how long it takes to complete it, which is useful for pulling historical data when a payroll error has occurred. 10. Shareable reports Reports in Wrike are built-in record analyses that allow you to gather data from your time logs, spreadsheets, and other important payroll data tools. They automatically update to include the most up-to-date information. Ready to turbocharge your payroll processing to avoid common mistakes and improve your business? Get started today with Wrike’s free trial.
