7KHGLVVHUWDWLRQPDGHXVHRIDSOXUDOLW\RIWKHRUHWLFDOH[SODQDWLRQVLQRUGHUWR
VWXG\ ZHOIDUH ZRUNHUV¶ DWWLWXGHV WRZDUGV PLJUDQWV DQG WKHLU SHUFHSWLRQV
WRZDUGVRUJDQLVDWLRQDOFRQGLWLRQVDQGWKHLULPSOLFDWLRQVIRUSHUFHLYHGZHOIDUH
ZRUN ZLWK PLJUDQWV 7KH FHQWUDO FRQFHSWXDO SHUVSHFWLYHV DUH 6/%7 DQWL
LPPLJUDWLRQ DWWLWXGHV FRORXUEOLQGQHVV DQG RQWRORJLFDO VHFXULW\ $OO RI WKH
SHUVSHFWLYHVRIIHUGLIIHUHQWXQGHUVWDQGLQJVRQZHOIDUHZRUNHUV¶DWWLWXGHVDQG
SUDFWLFHV DQG WRJHWKHU WKH\ DGG XS WR D WKHRUHWLFDO IUDPH UHOHYDQW IRU
VFUXWLQLVLQJZHOIDUHZRUNDQGZHOIDUHZRUNZLWKPLJUDQWV
)LUVWWKHFRQWH[WXDOWKHRUHWLFDOFRPSRQHQWRIWKHGLVVHUWDWLRQZDV6/%7$VD
QLFKHVXEWKHRU\ ZLWKLQWKHOLWHUDWXUH RI SXEOLFDGPLQLVWUDWLRQWKHRU\6/%7
RIIHUV H[SODQDWLRQV RQ KRZ SUDFWLFDO ZHOIDUH ZRUN LV LQIOXHQFHG E\
RUJDQLVDWLRQDOUXOHVUHJXODWLRQVQRUPVDQGRUJDQLVDWLRQDOSUHVVXUHDVZHOODV
E\ GLVFUHWLRQDU\ VSDFH 7KHVH WKHRUHWLFDO H[SODQDWLRQV JLYH XV D GHHSHU
XQGHUVWDQGLQJ RI WKH HIIHFWV RI RUJDQLVDWLRQDO IDFWRUV EXW RIIHU YHU\ OLWWOH
XQGHUVWDQGLQJ RQ PRUHLQGLYLGXDOIDFWRUV VXFKDV QHJDWLYHDWWLWXGHVWRZDUGV
PLJUDQWV)RUH[DPSOHRQHZD\RILQWHUSUHWDWLRQFRXOGEHWKDWRUJDQLVDWLRQDO
UXOHVDQG QRUPVDUH UHODWHG WR ZK\ ZHOIDUH ZRUNHUV PLJKW ZDQW WR SHUIRUP
µQRQUDFLVP¶,WKDVDOVREHHQVXJJHVWHGWKDWGLVFUHWLRQDPSOLILHVRUZHDNHQV
DQWLLPPLJUDWLRQDWWLWXGHVEXWWKHILQGLQJVRIWKLVGLVVHUWDWLRQVXJJHVWWKDWWKLV
LV QRW WKH FDVH ,QVWHDG , DUJXH WKDW WKH VFKRODUVKLS RQ GLVFUHWLRQ RIWHQ
URPDQWLFLVHV WKLV FRQFHSW DV WKH UHPHG\ WR RUJDQLVDWLRQDO SUHVVXUH EXW
WKHRUHWLFDOO\WKHUHLVDOVRDQHHGWROLQNWKHFRQFHSWRIGLVFUHWLRQDOVSDFHPRUH
WRWKHIXQFWLRQLQJRIUDFLDODWWLWXGHVZLWKLQWKLVVSDFH1HYHUWKHOHVVLWFRXOG
EHVKRZQLQWKLVWKHVLVWKDWRUJDQLVDWLRQDOSURFHVVHVLQIOXHQFHHDFKRWKHUDQG
GR QRW RSHUDWH LQGHSHQGHQWO\ 7KLV PHDQV WKDW WKH HIIHFW RI ZRUNORDG LV
ZHDNHQHGWKURXJKJUHDWHUOHYHOVRIGLVFUHWLRQVXJJHVWLQJWKDWZHVKRXOGSD\
PRUHDWWHQWLRQWRLQWHUYHQLQJPHFKDQLVPVZKHQWU\LQJWRHODERUDWHWKHRUHWLFDO
XQGHUVWDQGLQJVDERXWZKLFKPHFKDQLVPVLQIOXHQFHSUDFWLFDOZHOIDUHZRUNZLWK
PLJUDQWV'HVSLWHQRHYLGHQFHIRUGLVFUHWLRQDPSOLI\LQJZHOIDUHZRUNHUV¶DQWL
LPPLJUDWLRQ DWWLWXGHV P\ RXWFRPHV VKRZ WKDW RQO\ DFFRXQWLQJ IRU
RUJDQLVDWLRQDOIDFWRUVUHVXOWVLQVWDWLVWLFDOPRGHOVZLWKOHVVH[SODQDWRU\SRZHU
WHOOLQJ RQO\ µRQH VLGH RI WKH VWRU\¶ ZKLFK DJDLQ VXSSRUWV WKH DUJXPHQW IRU
LQFRUSRUDWLQJLQGLYLGXDOIDFWRUVHJDQWLLPPLJUDWLRQDWWLWXGHVLQRXUPRGHOV
LQRUGHUWRJDLQEHWWHUXQGHUVWDQGLQJVRQZHOIDUHZRUNZLWKPLJUDQWV
6HFRQG WKH VFKRODUVKLS RQ VWXG\LQJ DQWLLPPLJUDWLRQ DWWLWXGHV RIIHUV
FODVVLFDODQGZHOOHVWDEOLVKHGH[SODQDWLRQVIRUDWWLWXGHIRUPDWLRQ,WKHOSVXV
WR XQGHUVWDQG KRZ LQGLYLGXDO IDFWRUV HJ JHQGHU DQG HGXFDWLRQ GLIIHUHQW
IRUPV RI SHUFHLYHG WKUHDW HJ HFRQRPLFDO RU FXOWXUDO IRUPV RI EHORQJLQJ
HJ HWKQLFFLYLF QDWLRQDO LGHQWLW\ DQG LQJURXSRXWJURXS FRQWDFW VKDSH
ZHOIDUHZRUNHUV¶DWWLWXGHVWRZDUGVPLJUDQWV7KLVVFKRODUVKLSDOVRSXWVIRUWK
WKDWWKHVHDWWLWXGHVFDQLQIOXHQFHRQH¶VEHKDYLRXUDQGLQWKHFDVHRIZHOIDUH
ZRUNHUV WKH\ LQIOXHQFH WKH SUDFWLFHV ZLWK PLJUDQW FOLHQWV 7KHVH ZHOO
HVWDEOLVKHGXQGHUVWDQGLQJVFDQEHVHHQDVFODVVLFDODWWLWXGHIRUPDWLRQWKHRU\
WKDWLQWKLVGLVVHUWDWLRQKHOSHGPHWRVKRZWKDWWKHVDPHIDFWRUVVKDSHZHOIDUH
ZRUNHUV¶DWWLWXGHVOLNHWKH\GRIRUVRFLHW\DWODUJHDVVKRZQLQYDULRXVSUHYLRXV
VWXGLHV HJ+MHUP+HUQHVDQG.QXGVHQ 7KLVOLQHRIUHVHDUFKZDVDOVR
XVHGWRVKRZWKDWDWWLWXGHVDUHDQLPSRUWDQWLQIOXHQWLDOIDFWRUIRUWKHSHUFHLYHG
ZRUNZLWKPLJUDQWFOLHQWVZKLFKLVLQWKHOLQHZLWKWKHDUJXPHQWWKDWDWWLWXGHV
LQIOXHQFHEHKDYLRXU
+RZHYHU RQO\ XVLQJ FODVVLFDO DQWLLPPLJUDWLRQ DWWLWXGH WKHRU\
RYHUVLPSOLILHVWKHSLFWXUH HJDQWLLPPLJUDWLRQDWWLWXGHVLQIOXHQFHSUDFWLFHV
ZLWK PLJUDQWV DQG GRHV QRW DOORZ IRU D PRUH FRPSOH[ XQGHUVWDQGLQJ WKDW
UHIOHFWVFXUUHQWUDFLDOWUDQVIRUPDWLRQVSURFHVVHVOLQNHGWRVRFLHWDOQRUPVZKHUH
H[SUHVVLQJH[SOLFLWDQWLLPPLJUDWLRQDWWLWXGHVLVµGLVWDVWHIXO¶DQGDJDLQVWWKH
HWKLFDO VRFLHWDO DQG RUJDQLVDWLRQDO FRGHVWKDW DGYHUWLVH IRUHTXDOLW\ GHVSLWH
HWKQRUDFLDO GLIIHUHQFHV 7R REWDLQ D PRUH FRPSUHKHQVLYH XQGHUVWDQGLQJ RI
KRZDQWLLPPLJUDWLRQDWWLWXGHVLQIOXHQFHSUDFWLFDOZHOIDUHZRUN ZH QHHGWR
DFFRXQW IRU DGGLWLRQDO XQGHUVWDQGLQJV WKDW FDSWXUH WKHVH FXUUHQW
WUDQVIRUPDWLRQV7KHFRQFHSWRIFRORXUEOLQGQHVVLVEDVHGRQWKHSHUVSHFWLYH
WKDW HYHU\RQH KDV HTXDO FKDQFHV LQ VRFLHW\ GHVSLWH HWKQRUDFLDO GLIIHUHQFHV
:LWK WKH KHOS RI WKLV FRQFHSW , VXJJHVW RQH ZD\ RI LQWHUSUHWDWLRQ ZKHUH
H[SUHVVLQJRQHVHOILQFRORXUEOLQGZD\V HJUHSRUWLQJFRORXUEOLQGDWWLWXGHV FDQ EH XVHG DV D ZD\ WR SHUIRUP QRQUDFLVP DFFRUGLQJ WR VRFLDO DQG
RUJDQLVDWLRQDOQRUPVKHOSLQJXVWRXQGHUVWDQGKRZZHOIDUHZRUNHUVPLJKWIHHO
FRQIOLFWHGLQWKHLU SUDFWLFDOZRUNDQG SRWHQWLDOO\IHHO XQHDVHRUDQ[LHW\EXW
ZLWKOLWWOHLQIRUPDWLRQRQKRZWKLVPLJKWDIIHFWWKHSUDFWLFDOHQFRXQWHUVZLWK
PLJUDQWV,QWKDWVHQVHFRORXUEOLQGWKHRU\LVQRWDSDUDOOHOWKHRUHWLFDOSLOODUWR
WKH VFKRODUVKLS RQ DQWLLPPLJUDWLRQ DWWLWXGHV EXW LV UDWKHU DQ DGGLWLRQDO
H[SODQDWRU\GLPHQVLRQWKDWVKRXOGEHLQFRUSRUDWHGLQWRWKLVIRUPDWLRQWKHRU\
LQ RUGHUWRDGYDQFH XQGHUVWDQGLQJV RI KRZDQWLLPPLJUDWLRQDWWLWXGHV PLJKW
LQIOXHQFHEHKDYLRXUDORXWFRPHV
/DVWO\,KDYHDFFRXQWHGIRUWKHFODVVLFDODWWLWXGHIRUPDWLRQWKHRU\ZLWKFOHDU
H[SODQDWLRQV RQ ZKDW IDFWRUV LQIOXHQFH RQH¶V DWWLWXGHV WRZDUGV PLJUDQWV
DFFRPSDQLHGE\WKHFRQFHSW RI FRORXUEOLQGQHVVWKDW KHOSV XVWR XQGHUVWDQG
DWWLWXGH IRUPDWLRQ DQG EHKDYLRXUDO SURFHVVHV 0RUHRYHU 6/%7 KHOSV XV WR
XQGHUVWDQGKRZRUJDQLVDWLRQDOIDFWRUVLQIOXHQFHSUDFWLFHVZLWKPLJUDQWFOLHQWV
6WLOO,DUJXHWKDWZHDOVRQHHGWRLQFOXGHPRUHVXEMHFWLYHIDFWRUVWRXQGHUVWDQG
KRZ WKHVH DWWLWXGHV RFFXU DQG KRZ WKH\ UHIOHFW VRFLHW\¶V FXUUHQW
WUDQVIRUPDWLRQV OHDGLQJ WR LQFUHDVHG OHYHOV RI XQFHUWDLQWLHV 7KH FRQFHSW RI
RQWRORJLFDO VHFXULW\ DFFRXQWVIRU KRZ FXUUHQW WUDQVIRUPDWLRQV FKDOOHQJH RXU
HPRWLRQDO HTXLOLEULXPDQGVHQVH RIEHLQJ LQWKH ZRUOG ,QWXUQWKLVNLQG RI
HPRWLRQDOXQEDODQFHFDQEHOLQNHGWRVWUDWHJLHVRIUHLQVWDOOLQJRQH¶VVHQVHRI
VDIHW\E\H[SUHVVLQJRQHVHOIDVH[FOXVLRQDU\DJDLQVW PLJUDQWV,VXJJHVWWKDW
H[SHULHQFLQJ RQWRORJLFDO LQVHFXULW\ LV OLQNHG WR D JUHDWHU OLNHOLKRRG RI
H[SUHVVLQJ UHVHQWPHQW WRZDUGV PLJUDQWV ,Q WXUQ WKLV WKHQ PLJKW KDYH
UHOHYDQFH IRU ZHOIDUH SUDFWLFHV ZLWK PLJUDQWV VKRZLQJ KRZ WKH GLIIHUHQW
WKHRUHWLFDO NH\ FRQFHSWV ZLWK WKHLU GLIIHUHQW ZD\V RI H[SODLQLQJ DWWLWXGHV
SHUFHSWLRQVWRZDUGVZRUNFRQGLWLRQVDQGH[LVWHQWLDOXQFHUWDLQWLHVFRQWULEXWH
DQGDUHWLHGLQWRHDFKRWKHUZKHQLWFRPHVWRWKHLUWKHRUHWLFDOLPSOLFDWLRQVIRU
ZHOIDUHZRUNZLWK PLJUDQWV7KLVVKRZVWKDWFRQFHSWVOLNHFRORXUEOLQGQHVV
XVXDOO\ RXWVLGH RI WKH VFRSH RI 6/%7 GLVFXVVLRQV SURYLGH GHHSHU
XQGHUVWDQGLQJVRQZK\ZHOIDUHZRUNHUVPLJKWDFWLQWKHZD\WKH\GREXWDOVR
WKDW LQFOXGLQJ D GLPHQVLRQ RQ RQWRORJLFDO VHFXULW\ JLYHV D PRUH QXDQFHG
SLFWXUHRQZK\ZHOIDUHZRUNHUVPLJKWH[SUHVVUHVHQWPHQWVWRZDUGVPLJUDQWV