Posts tagged as:

Terry Lauter

“Getting Real” in Today’s Economy

June 24, 2009 · 0 comments by Terry Lauter Comp

in Business Strategies, Economy, Employee Communication, Management, Supervisory/Leadership Training

comm 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 that we can still expect some months before the employment picture improves significantly. Still, there is no better time than NOW to start thinking about lessons learned this time around, and how we can be better positioned for economic downturns in the future.

What have we learned? One lesson that comes quickly to mind is that most organizations have simply not prioritized educating their employees about the financial realities of their business and their compensation and benefits costs. Organizational leaders may have any number of compelling reasons for this omission, but the truth is that they are all excuses. Sacrificing the urgent for the important usually catches up with us, and catch up it has.

So… better late than never! Here are a few things you can do in 2009 to start turning the tide. A well-informed workforce is not only important because people will be less apt to complain, it is essential because these are the people who will provide the engine for your turn-around. In this era of reality-entertainment driven by a hunger for authenticity, it’s time to get real. Take the time to clearly and honestly communicate:

Your short-term financial goals for the business
The specific things individuals in different roles can do to drive goal achievement
Where you have made significant cuts in expenses, and why
Why you are continuing to invest in people via your compensation plan, and how much money you spend in that plan annually
Why you are continuing to fund Benefits, and how much you spend on those programs

These are just a few of the facts that employees definitely need to learn. Unfortunately, it wasn’t urgent until now. What else is more important than ever before? Take the time this year to “get real” with your team. It’s that important!

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Are Your Benefits Still Beneficial?

May 25, 2009 · 0 comments by Terry Lauter Comp

in Benefits, Economy

36750362 The recession has taken its toll on many components of employers’ total rewards packages in recent months. While some of our client organizations have implemented minor benefit tweaks, others have implemented hefty increases in employee contributions for benefits and cancelled 401(k) matching. There is no one simple solution or pat answer, to be sure. But one thing that is clear amidst the clamor is that an effective communication plan is needed, no matter what your message is.

Clearly, the organization is well advised to make prudent benefits adjustments if they are needed to keep things afloat. The point we make is to do so in a thoughtful manner that will not result in unintended consequences. When it comes to the company’s Benefit Plan, you may be planning to raise deductibles, co-pays, or out-of-pocket maximums; eliminate some medical plan choices, or increase employee contributions to make ends meet. If so, the most critical thing to remember is that honest communication is key. Employees will be well positioned to react to your announcement when you give them the information they need to understand why you are doing what you are doing. Be as transparent as you can about the changes–let your team members know how much the company spends on benefit programs. We are constantly reminded that most employees in many organizations have no idea how much their company is spending on benefit programs until they leave and get a glimpse of COBRA premiums…shocking! And if the perceived value of the benefits is low, then you are not getting the bang for your buck, no matter how much your organization is spending.

Entitlement is still alive and well in corporate America, even in the midst of these tough times. But to change that mindset, it is clearly the employers’ move. Honest and straightforward communications will carry you far in gaining employees’ interest and respect. Benefit Plans still have value, in spite of the changes many organizations have been forced to make. Make sure that you do whatever it takes to get the message out!

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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 [...]

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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 [...]

The “What” and the “How”

March 26, 2009

A cartoon I saw recently describes performance appraisals as the event that “causes managers to lose sleep the night before, and employees to stay up the night after”. I think we’d all agree that appraisals aren’t wildly popular with anyone, but often we’ve found the problem to be in the “how” and not the [...]

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Terry Lauter

Are Your Benefits Still Beneficial?

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?

The “What” and the “How”

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