Don't Forget The Wheel

Over the past few weeks, we've covered the five elements of the 5Rights Wheel.

But it's not over. There is still one step left.

It could arguably be the most important step after you've developed the 5Rights elements.

The 5Rights elements are not static but dynamic, i.e., you have to keep reviewing and adjusting the aspects of each element.

All business leaders who've been working for more than 6 months know that things change and you need to adapt to progress.

Stagnate and die.

Frequency

How often should you revisit the 5Rights elements?

There are 2 ways you can accomplish this:

• Ad-hoc: when you stumble upon something that's no longer working or when you need to level up.
• Pre-set interval - this would depend on the speed of change in your industry or segment.

If you're in the IT field, an annual check—up would be foolish. A three—to six-month check-up could be more appropriate.

As I come from a pharma background, I've not noticed any appeal on the scale of the IT field in pharmaceuticals and medical devices.

Things may change in healthcare with the advent of AI. Once you've made improvements impacted by AI, you should revisit once a year to be certain that nothing has come loose or needs advancements.

Tracking

To know what needs fixing, you should start with all the measurement systems you currently have.

When you implement the 5Rights Formula, you'll have already created measurement systems for each element to evaluate its effectiveness.

Based on the results of those evaluations, you can take steps to fix or improve.

Ideas

Desktop Researh

Tracking, of course, informs you of what's working or not.

But where do you source new ideas on how to improve each of the 5Rights elements?

Your life has been so much easier since the launch of generative AI. There are a plethora of platforms you can use.

I use the following 3 depending on the type of research I'm doing:

1. MarshallBot - for everything related to leadership. More business topics are being added.
2. HBR AI Chat tool—This is still in beta, and as a beta-tester, I've been using it extensively to search HBR's massive repository of information for everything management-related.
3. Microsoft Edge Copilot - for just about anything else.

With these tools, you can ask them about the latest research on Rewards or even the correct KPIs for a specific role within a particular industry in a specific locality. If needed, you can expand on this and include products and customers as well.

The above tools require you to actively give input to the tool.

And if you want a set-and-forget system, use Google Alerts with the keywords you prefer.

Staff feedback

This is often overlooked.

Just ask your people for their input.

Again, this can be as and when you get feedback or institute a formalized process at a specific interval.

You can conduct surveys or Focus Group Meetings or both.

Others

There are many other sources of information you can rely on to give you ideas:

1. Conferences
2. Journals
3. Exhibitions
4. Meetings with other companies' personnel

Conclusion

Remember that it's not over when you've set up your 5Rights Wheel.

Of course, this needs work.

It's like planting a garden. The gardener has to continue nurturing the plants if he/she wants them to grow.

All of these may seem like extra work, but it's part and parcel of running a business or corporation.

It's your job.