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Bad times can make you bitter or better

July 23, 2009 · 2 comments by Terry Lauter Comp

in Business Strategies, Economy, Leadership, Management, Performance Management

I have long been a fan of the “Wizard of Westwood”, Coach John Wooden. The legendary UCLA basketball coach’s phenomenal achievements in basketball probably pale in comparison to his contributions as a teacher and developer of young mens’ character. Wooden still to this day uses maxims or “Woodenisms” to teach important principles of life. One seems particularly fitting for the current economic condition in our society:

“Bad times can make you bitter or better.”

NCAA CONVENTION Doesn’t this capture one of the inherent truths and ultimate “silver linings” that will likely spring up from the downturn of 2008 – 2009? In simple terms, we are personally and as leaders challenged to get better – to improve organizational performance by creating and leveraging improved individual performance. As individuals, we are challenged to make some tough choices and take actions that may have been easier to avoid or ignore in the past. The easy fixes haven’t worked. Giving employees an “E” for effort is simply not effective. Apathy is no way to retain good customers. Low performers are not being helped by allowing them to do and be less than they are capable of.

It’s 2009 and America is in the midst of a recession that has created an unemployment rate nearing double digits. We have two choices: Get bitter or get better. As leaders, we are called to dig deeper, tackle our fears, and do the hard work that others won’t or can’t do. To survive now, and thrive after the recession is over, the choice has essentially narrowed to this: Get better.

Recession or no recession, every day that we’re alive, we must improve, grow, advance. Bitterness and defeat is not a viable choice, is it?

{ 2 comments }

In a Recession: Recognize & Retain Your Star Performers, Part III

July 8, 2009 · 0 comments by Terry Lauter Comp

in Benefits, Business Strategies, Economy, Management

As the economy continues to slowly churn, many organizations have made their cuts, and are now turning their attention to the survivors. While these folks may be glad to have a job, some of the star performers may be waiting for the turn-around to make their get-away. If they haven’t been recognized for their extra efforts and rewarded for maintaining excellence in performance, they may well look for greener pastures as soon as the market begins to recover. So the time is now to find ways to re-balance the total rewards equation, and make the most of the monetary tools at your disposal. incentiverecognition

In the last two posts, we discussed some ideas for engaging high performers and customizing non-monetary rewards to their personal needs and circumstances. Today’s idea deals with allocating increase dollars first to the top performing individuals:

Instead of dividing a minuscule merit increase pool across your entire employee population as a means of spreading the rewards, make sure that your star individuals get half or more of the total merit budget. While each individual’s portion may still be small, you are demonstrating by your actions that their performance has not gone unnoticed. If you have communicated properly, the top tier individuals will see that while the funds are limited, the management is doing what they can to put the rewards in the hands of those who are stepping up and carrying the load to hasten the return to normalcy.

So…….What do you think? Will allocating the largest percentage of your merit pool to your highest performing team members serve to strengthen their intrinsic motivation? How would you communicate with the others who receive a much smaller share of the overall merit budget?

{ 0 comments }

“Getting Real” in Today’s Economy

June 24, 2009

We’ve all seen the headlines, and heard the very real reports of salary freezes, forced time-off, and 401(k) matching “vacations”, not to mention lay-offs and closures. Clearly, many companies and their employees have been significantly impacted by this current recession. While we are beginning to see light at the end of the tunnel, experts say [...]

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Working Smart: Focusing on the Vital Few

May 22, 2009

We all see so much wasted time at work, that I am always amazed to hear that the U.S. is one of the most productive nations in the world. Busy-ness seems to be replacing effectiveness as people go to endless meetings and spend hours sending and receiving emails.
Every once in awhile, I have to remind [...]

What is Your Unmatched Customer Value Proposition?

May 21, 2009

Have you noticed that it is getting harder and harder to compete in today’s marketplace? As customers demand and expect more, we must ensure that we offer an unmatched value proposition to our target customers. In the book, “The Discipline of Market Leaders,” the authors explain that there are 3 key value proposition models and [...]

Simplify Your Mission, Vision and Values

May 20, 2009

A large number of companies develop their mission, vision and values as part of their organization’s strategic planning efforts. Unfortunately, many of them fail to achieve a solid return for their efforts. Three reasons for this are: (1) they are unclear about the difference between mission and vision; (2) they fail to engage their employees [...]

Getting Everyone on the Same Page

May 15, 2009

Over the years I have noticed that most companies do a pretty ineffective job of strategic planning. We all know how important strategic planning is to the long-term viability of an organization, but what’s really going on here? Well, many organizations never seem to get around to tackling this critical function. Others take a handful [...]

Unlearning Lots in A Brave New World

May 11, 2009

You could easily accuse me of being a bit “over the top” about lifelong learning. I practically live for new books, new ideas, stories and concepts that I’ve never been exposed to before. Truly, I belong to the “cradle to grave” school of philosophy about the importance of continuously taking your education to a new [...]

Be a Value Builder

May 8, 2009

Several years ago, I was reviewing some Audio Tech Book Summaries and learned that organizations tend to fall into 4 operating profiles. These profiles are largely influenced by the Chief Executive.
The first profile is Underperformer and this is the worst. In this case, the organization lacks adequate focus on revenue growth or cost savings.
The second [...]

What Can the Grateful Dead Teach Us About Business?

May 4, 2009

Each morning, when I turn on my computer, I am greeted by a new inspirational quote. Most of these are thought-provoking and I have saved hundreds of these gems over the years.
Surprisingly, one of my favorite quotes comes from Jerry Garcia of the famous 60s Rock Band: The Grateful Dead. I’ve seen a number of acts over [...]

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Results

Bad times can make you bitter or better

In a Recession: Recognize & Retain Your Star Performers, Part III

What is Your Unmatched Customer Value Proposition?

Simplify Your Mission, Vision and Values

Unlearning Lots in A Brave New World

What Can the Grateful Dead Teach Us About Business?

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