April 13, 2011 Springfield Area Chamber of Commerce Springfield, Missouri Dr. Bill Elder
Springfield Chamber Membership Breakfast: Spring 2011
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Transcript of Springfield Chamber Membership Breakfast: Spring 2011
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Top Three Business Tips
Tom DraggooAssistant Vice President
Business Development Officer
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Plan your Work & Work your PlanConservative projections, sufficient
capital, willingness to “bet the house.”Know what your financial reports are
telling you and act accordingly1. Accounts receivable – avoid concentrations,
don’t be someone’s bank2. Sole proprietors – pay yourselves last3. Save for a rainy day; business goes in cycles
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Under-Promise & Over-Deliver
This has everything to do with customer service
Phone calls, voice mail, email, RSVPs to invitations, good manners, etc.
Set realistic deadlines and then meet or beat them
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Code of EthicsSets the tone for the entire organization and creates a culture of integrity
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Code of Ethics
Rotary International’s Four-Way Test of the things we think, say or do:1. Is it the truth?2. Is it fair to all concerned?3. Will it build goodwill and better friendships?4. Will it be beneficial to all concerned?
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Questions
Tom DraggooAssistant Vice President
Business Development Officer541.746.7900
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IT’S YOUR BOTTOM LINESPRINGFIELD AREA CHAMBER OF COMMERCE
MEMBERSHIP BREAKFAST
Presented by
THE JUSTIS GROUP
Workplace Culture and Productivity
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Service-ProfitChain
Premise: When service companies put employees and customers first, a radical shift occurs in the way they manage and measure success.
Harvard Business Review Study
The Justis GroupPutting the Service-Profit Chain to Work
Harvard Business Review
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Leadership
Profitability & GrowthPutting the Service-Profit Chain to Work
Harvard Business Review
Employee Productivity Drives Profitability and Growth
The Justis Group
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Leadership
Internal Quality
Employee Satisfaction
Employee Loyalty
Employee Productivity
External Service Value
Customer Satisfaction
Customer Loyalty
Profitability & GrowthPutting the Service-Profit Chain to Work
Harvard Business Review
Employee Productivity Drives Profitability and Growth
The Justis Group
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Work Place Culture and Productivity
The Bad News:Employee Retention Ranges from 44% to 60%
(Surveys: Manpower, Monster & Career Builder)
Cost of Turnover ranges from 25% to 250% of the annual salary per exiting employee
45% of employees plan to look for a job in 2011 (Blessingwhite Research)
The Justis Group
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Work Place Culture and Productivity
Cost Associated with Turnover:
-Exit Costs: HR, Managerial Handoff, Lost Customer/Contacts, Lost Knowledge
-Absence Costs: Coverage, Productivity, Disruption
-Recruitment Costs: Advertising, Internal/External Recruitment, Hiring Manager, Screening
-Onboarding Costs: Onboarding, Training, and Productivity Ramp-up
The Justis Group
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Work Place Culture and Productivity
The Justis Group
According to the US Bureau of Labor Statistics, the average non-farm turnover rate is 3.3%
How does your company’s turnover rate compare?
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Top Reasons Why People Leave
My career 26% - I don’t have opportunities to grow/advance.
My work 15% - I don’t like what I do or it doesn’t make the most of my talents.
My finances 15% - I want to earn more money.
My desire for change 12% - I want to try something new.
My manager 10% - I don’t like working for him or her.
Other 18% - (economy, job conditions, company mission)
The Justis Group Blessingwhite Research
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Work Place Culture and Productivity
Blessingwhite Research:Blessingwhite Research:Employer caution: …
compared to 2008, more employees who can be
considered high performers are planning to exit.
The Justis Group
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Work Place Culture and Productivity
Just working on retaining employees is not enough.
You want engaged employees!
The Justis Group
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Work Place Culture and Productivity
Once we get past the issue of compensation, people want to
contribute and see their contribution make a difference.
They want opportunities for learning, development,
promotions and to feel as if they are part of the success.
The Justis Group Blessingwhite Research
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Work Place Culture and Productivity
Engagement Defined:
Contribution to the company’s successPersonal satisfaction in their role
•33% Engaged•24% Almost Engaged •15% Crash & Burners •10% Honeymooners & Hamsters•18% Fully Disengaged
The Justis Group Blessingwhite Research
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Work Place Culture and Productivity
So, what can we do to keep our best people – and keep them engaged in the work
we do?
The Justis Group
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Work Place Culture and Productivity
Coaching, relationships and dialogue: - Managers must understand each person’s
talents, interests and needs and match those with the company’s objectives.
- Tie employee goals to the company’s objectives.
- They also need to build personal, trusting relationships with employees.
- And they need open and frequent dialog with employees to head off problems that can lead to disengagement.
The Justis Group Blessingwhite Research
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Work Place Culture and Productivity
Trust, communication and culture:- At the top level, a business owner must earn
trust by being consistent in words and deeds.
- It’s also important to communicate frequently.
- Finally, create a culture where your company’s values are truly reflected in day-to-day business practices. In other words, walk the walk, don’t just talk the talk.
The Justis Group Blessingwhite Research
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7 Keys to Increasing Productivity
Hire right the first timeTerminate non-engaged employeesGive 80% of your management time to coaching,
relationship building and dialoguing with the Engaged and the Almost Engaged
Train managers to lead proactivelyDevelop and maintain a goal setting cultureCelebrate achievementsEstablish realistic work/life balance expectations
for everyoneBe consistent in all things – create trust, open
communication and honesty
The Justis Group
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Work Place Culture and Productivity
Questions?
The Justis Group
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Work Place Culture and Productivity
Insights and Actions
(Card on table)
The Justis Group
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Work Place Culture and Productivity
Thank You
The Justis Group
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