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Sunday, 14 December 2008 9:49 PM
"The Secret to Employee Engagement"
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Are your staff giving 100% to the organisation? Do they feel valued and appreciated? Do they show-up each day with passion and purpose?
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If you answered "no" to any of these questions - your organisation has an employee engagement problem. But don't worry - you are not alone. The Hewitt Best Employer Survey results suggest that engaging staff is a big challenge for most Australian organisations. According to their most recent survey - the national average for employee engagement is only 54%.
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So why is employee engagement a problem? In Australia unemployment is running at historical lows, we are experiencing an unprecedented skills shortage in various sectors and many organisations have failed to create workplace environments which truly engage staff. These factors have resulted in a highly mobile workforce, which is costly to the organisation in terms of productivity and profit.
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The secret to employee engagement is capturing the hearts and minds of your employees. The difficult part is discovering what truly inspires staff to perform above and beyond. Once you discover how to engage your staff the benefits include: a happy and healthy work environment, a more productive team and a more profitable business.
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Here are ten tips on creating and sustaining employee engagement.
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1. Let go of the negative thoughts you have about your employees. Each person in the team has unique knowledge, skills and something valuable to contribute. Rather than focussing on the weaknesses of a staff member it is important to focus on their strengths and place staff in positions where their strengths are best utilised. Â
2. Be nice to your staff. Noticing and acknowledging the contribution of your employees and treating them well will have a profound impact. However, staff usually forget compliments quickly, so it essential to give these out regularly and in an authentic way. Also be aware that people like to be noticed in different ways. Some prefer a quiet praise. Others prefer open acknowledgment in front of their peers.
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3. Get to know your staff. Show an interest in your people and genuinely get to know them. Understanding the stress factors and motivational drivers for each staff member can be extremely useful in managing them. This will make you more approachable making you the first person they come to when there is a problem. In addition, introducing some light hearted activities into the workplace can change the tone and mood of the organisation.
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4. Use clear and regular communication. Staff like to know 'what is going on and why', especially when changes are planned. Regular feedback to staff helps reduce damaging corridor gossip that can be an undercurrent of misinformation. In addition, it is essential to clearly communicate your expectations of staff so that they can be productive and meet targets.
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5. Hold performance reviews. Staff are always keen to receive formal feedback on their progress. Using a twice yearly - 360 degree review process (i.e. feedback from superiors, peers, support staff and some clients) is ideal. The process is also a great way of formally acknowledging the contribution of staff. When staff do not receive feedback and do not see any future with the organisation, they quickly start to look for greener fields.
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6. Equipping your staff with the right tools. Following a performance review, training needs should be identified and appropriate courses need to be selected for staff to undertake. Ongoing training programs show staff that the organisation is interested in and responsive to their needs for improvement. You also equip staff with the skills and tools to perform at their best.
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7. Offer career progression. An important driver in keeping staff engaged is to offer a career development program for each staff member. Opportunities need to be identified for appropriate staff and they need to be groomed for positions via training and mentoring.
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8. Provide inspiring leadership and give individual autonomy. When new employees join an organisation, leaders need to impart the values and aspirations of the business. Staff look to management for leadership and direction, but this does not mean they need to be monitored every step of the way. No one enjoys being micro-managed! Instead inspire excellence in your staff and allow them the freedom and autonomy to deliver on tasks.
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9. Remuneration and incentives. So that salaries are fair they should be monitored on an ongoing basis to keep track of changes in the market for different job roles and experience levels. Employers should also adjust salaries yearly for those staff not changing their roles and responsibilities, to ensure staff don't fall behind. Many workplaces have also introduced incentive payments that are linked both to the person's individual performance and the overall performance of the organisation. The process for calculating incentive payments needs to be transparent and clearly communicated to staff. Incentives are an important recognition tool and a way of sharing the organisations success with staff due to their efforts.
10. Flexible working arrangements. Lifestyle and work-life balance are becoming important for today's workforce and employers need to adapt and offer greater flexibility. Some workplaces offer flexible working arrangements or have wellbeing and lifestyle programs in place, such as gym membership and cinema admission for their staff. These programs demonstrate the caring nature of the organisation.
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Our experience with clients is that those organisations that have processes in place to manage the above tips are more successful because their staff are engaged and committed. Not surprisingly, their staff work harder, perform that extra 10%, accomplish more, are more loyal and speak positively about the organisation.
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If you are worried your organisation suffers from an employee engagement problem or you'd like some perspective about what's really taking place in your organisation, contact us. The quicker you take action - the quicker one of our business coaches and consultants can help you develop practical solutions to improve your staff engagement and commitment.
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Filed Under: Staff Management Articles | 15 Comments
Saturday, 8 November 2008 2:04 PM
"ARE YOU WORRIED ABOUT HOW A RECESSION MIGHT AFFECT YOUR BUSINESS? DISCOVER TODAY HOW TO RECESSION-PROOF YOUR BUSINESS!"
Australia is feeling the pinch of recession and as a result many business owners fret that this will mean fewer customers and reduced sales as people limit their discretionary spending. Therefore, it's critical for business owners to take steps NOW to minimise the damage to their businesses that could happen as a result of a recession.
Many organisations during tough times take the traditional approach and make the mistake of initially cutting back expenditure and laying-off staff. These measures only focus on controlling costs and addressing short term needs. This one sided approach can be harmful to your revenue and does not position your organisation to capitalise on the return of better times.
Here are some practical tips for recession-proofing your business.
1. Stay focused on your long term goals. There is nothing more destructive than business short sightedness. You may experience rough times, but do not get too distracted in the present situation. Rather keep focused and make every decision beneficial to the present and the future.
2. Control costs. Great organisations have a willingness to listen to everyone within the business and pay close attention to their ideas and suggestions. Employees will often have powerful money saving ideas. There is no better time to implement these measures than during an economic slowdown, but make sure that these reductions do not impact revenue in a negative way.
3. Control inventory. During harder times, the last thing you want to do is get stuck with piles of inventory. Move to a just-in-time ordering system, establish inventory targets and make sure your sales and purchasing staff are communicating.
4. Use effective marketing and communication strategies. The first and easiest reaction for many businesses is to cut marketing and communication expenditure. This can have a detrimental effect on future revenue streams for the business. During a recession you need to re-assess your marketing strategies to make sure they are cost effective. If you are not seeing a good sales effect from every dollar spent on promotions, then you are wasting valuable resources.
5. Maintain prices. During quieter times you may be tempted to slash prices to generate more business. Generally, this is a poor strategy, as it dilutes the value of your product or service and also reduces your profit margin in the process.
6. Deliver outstanding customer service. When money is tight, customers often expect more for their dollar. If you want to keep their business, you must keep them happy. Ensure that every step of the customer experience delivers a customer-focused approach. The use of flexible payment arrangements is often regarded positively by customers. You may also like to conduct customer satisfaction surveys in order to make sure your customers' needs are being met.
7. Listen to your customers. During a downturn many of your customers will be feeling the pinch and they may have suggestions for your business. Don't take their suggestions lightly as they may be offering you an entirely new and profitable product and service line.
8. Invest in employees. During a recession most casual and non-essential staff are typically reviewed and stood down if necessary. However, some businesses make larger layoffs and what needs to be remembered is that most economic downturns are short-lived. Permanent employees that are asked to leave during a recession will have to be re-hired-which is costly for companies in the long run. During recession times talented people will leave or be let go by your competitors and if your company can afford them - this is a terrific time to add their skills, experience, fresh thinking and ideas to your company. At the same time, your current staff's morale will remain high as they won't feel threatened by layoffs.
9. Improve your cash flow. Delay purchasing any non-essential capital purcahses. If you are feeling the pinch during uncertain times ask your suppliers for extended payment terms. This is also a time to collect all outstanding debts. Having cash on hand will help your business meet commitments to staff and suppliers and facilitate the future growth of your business.
10. Streamline and systemise. Create processes and systems that keep your operations flowing smoothly - and save time and money in the long run.
Many people worry about how harder times will impact their business, but the truth is that businesses can prosper in recessionary times by applying sound and effective business strategies. Importantly, it is essential to take greater control of all facets of your business and monitor your performance on a regular basis.
If you are worried about an economic downturn and would like to 'recession-proof' your business or you'd like an objective view of the limiting factors affecting your business, contact us. The quicker you act - the quicker one of our business coaches or consultants can help you take action to position your business to not only survive but prosper during the harder times.
Filed Under: Business Articles | 20 Comments
Tuesday, 23 September 2008 6:35 AM
"Discover the number one PROBLEM with most businesses today"
During this article you are going to discover the number one problem most business owners are experiencing that prevents them growth and financial success.
The fundamental problem with most businesses is that they are often started or purchased by people who are good at what they do. Unfortunately being good at your profession is not enough to build a highly successful business. However, with the right business know how and support business owners can dramatically boost their business performance and achieve a more energetic and passionate state of mind.
Most business owners develop their technical (professional) skills via formal learning and/or practical training. However, many of these courses and training sessions do not adequately equip business owners with the knowledge, skills and tools they need in the business world. Not surprisingly, therefore, many business owners often lack the business acumen and entrepreneurial abilities to cultivate a thriving business. Often times the necessary skills are hard-won through first-hand trials, which can be both stressful and costly for the business owner.
In his book, The E-Myth, Michael Gerber comments on the three forms of work required to build a highly successful business: (1) Entrepreneurial; (2) Managerial and (3) Technical.
Typically business owners spend a great deal of time and effort working as technicians in their profession (e.g. an accountant or lawyer) and applying their technical abilities. In most cases there is little focus on entrepreneurial and managerial work. Thus the core problem is revealed - rarely will it be possible to build a booming business whilst you are absorbed in technician mode and concerned solely with your profession day in and day out.
In the business world an entrepreneur will not be concerned with the technical aspects of your profession, but rather the associated opportunity for enterprise. Likewise, a manager will not be concerned with the practice of your profession, but rather the effective and efficient operation of the business. Thus it is only the technician whom is concerned with the practice of the profession.
As most business owners are concerned with the technical aspects of their profession many fall victim to working IN the business rather than also working ON it.
This occurs because they do not really understand the profound price they're paying by failing to perform the three forms of work - the work of the entrepreneur, the manager and the technician. Once this is understood, segregated and managed correctly - a fundamental shift occurs within the business and the operating efficiency is greatly enhanced and this frees-up the resources necessary to develop strategic opportunities upon which a successful business can grow. The point here is not to stop practising your profession, but to be aware of the opportunities to build an enterprise and a business, rather than just working in your business.
A business that depends upon the technician is not a true business at all. It is a business in which you work and trying to break the daily grind can be difficult. To really change you must look objectively at the way your business operates. Are you a technician? If so - what changes are you going to make so that you can improve the way you work? It can be a challenging road to creating the lifestyle you want through your business, therefore don't be afraid to ask for help so that you can make the necessary changes to the way you operate and thus reap the benefits.
Do you feel like you're operating more like a technician than an entrepreneur? If so, find out how to change this balance so that you can build the success you have always desired. Organise your one-on-one business coaching session today. Click here to discover more..
Filed Under: Business Articles | 18 Comments
Thursday, 11 September 2008 5:24 PM
Discover in this article FIVE STEPS TO creating a business development plan that will BOOST YOUR REVENUE and grow your business.
Many business owners are complacent about securing new and better clients. Often communication and promotional activities are misdirected or minimal in nature and there is no analysis to determine if clients are profitable. Our experience is that these organisations do not have a business development plan for their activities. Consequently they
waste money on inappropriate promotional strategies and suffer from fluctuating revenue.
A successful business development plan focuses on identifying and satisfying the needs of clients. Whilst clients may come to your organisation because of its products and/or services,
they really buy the benefits or solutions your products and/or services provide. For example, people buy a gym membership because they desire to lose weight or be fitter.
Five steps to creating an effective business development action plan
(1) Market analysis and segmentation - It is vital to first determine precisely who your targeted clients are and what they value. Your clients will also have differing needs and decision making processes, thus it is important groups similar clients into segments. Strategies can then be developed for each targeted market segment.
(2) Sustainable differentiation - This implies that your organisation is unique at something and that it is valuable to your targeted market. Successful differentiation will ensure that clients continue to want to use the products and/or services of your organisation in the face of continual competitive market pressures.
(3) Positioning - This is one of the most important steps in developing a successful business as it requires the careful design and communication of the organisation's offer, so that it has a unique meaning in the minds of each targeted segment.
(4) Objectives and strategies - Develop a number of measurable business development objectives, such as to achieve more than 10 new clients (on average) per week. Then create specific strategies to deliver achievement of the objectives.
(5) Performance measurement - Lord Leverhulme (founder of Unilever) said
"half the money I spend on advertising is wasted, and the problem is I do not know which half". The lesson here is to measure the performance of all strategies, so that you know which ones are making you money and which are not.
The Benefits
The creation of a targeted business development plan, based on the above steps, and its subsequent implementation will result in:
- Identifying your ideal target clients;
- Increasing the success and response to your marketing and promotion;
- Increasing your revenue and
- Attracting more profitable clients
Recent results with clients:
Consulting firm:
"With Andrew's help we have tripled last year's total revenue in only nine months."
Dental practice:
"We doubled revenue (from $900,000 to $1.8M) in 18 months."
Dental Practice:
"Revenue grew by 49% (or $845,508) over the prior year."
Best Practice Consulting is working with organisations to develop and implement business development plans. If you would like to boost your revenue, increase the number and quality of your client base and maximise the return from your business contact us today.
Filed Under: Marketing Articles | 15 Comments
Saturday, 19 July 2008 2:36 PM
"Not sure if your customers are promoting your products and services? Find out by measuring your Net Promoter Score"
A Net Promoter Score is a marketing concept which asks your clients to answer one question: How likely would they be to recommend your product or service to friends or people they know? Clients rate their answers from 0 (extremely unlikely) to 10 (extremely likely). Those that rate your business 0-6 are detractors, 7-8 are passives and 9-10 are promoters. To calculate your Net Promoter Score, subtract the proportion of detractors from the proportion who are promoters to get a single number. A positive number indicates healthy 'word of mouth' referrals.
Filed Under: Marketing Articles | 14 Comments
Saturday, 19 July 2008 2:23 PM