Success

Rewards and Recognition Programs – Guiding Principles and Key Characteristics

Rewards and Recognition Programs - Guiding Principles and Key Characteristicsby Chris Banescu –
There are four guiding principles that leaders must consider when leading their employees. All rewards and recognition programs should be: personalized, noteworthy, meaningful, and motivating. This raises the bar on organizational performance, helps motivate employees, promotes and strengthens employee engagement, and nurtures healthy and constructive competition based on value-creation and operational excellence.

“The right total rewards system – a blend of monetary and nonmonetary rewards offered to employees – can generate valuable business results.” – Robert L. Heneman, Ph.D.

“[Think about] actions that are meaningful to [the employee] versus what’s meaningful to the giver.” … “We tend to give appreciation in ways that are meaningful to us, but if [the recipients] think it’s not authentic, it can create damage and make them think you’re trying to manipulate them.” – Paul E. White, Ph.D. [Read more…]

Rewards and Recognition Required to Motivate and Retain Employees

Rewards and Recognition Required to Motivate and Retain Employeesby Chris Banescu –
Companies and organizations must reward and recognize their employees in order to succeed and insure that they continue to be engaged, motivated, happy, and productive.

It is not just rewards or just recognition. It is not an either/or proposition. It’s also not rewards versus recognition. One does not have priority over the other.

It is rewards AND recognition. Why? Because it’s ethical, fair, and right, and it works!

Both are required in order to justly compensate, effectively lead, capitalistically reward, and ethically motivate and recognize your employees. Anything less will never be sufficient to attract and retain the talent necessary to insure the long-term success, profitability, and prosperity of any enterprise. [Read more…]

Ricardo Semler: Set Employees Free for Long-Term Growth and Success

Ricardo Semler: Set Employees Free for Long-Term Growth and Successby Brad Wieners –
For nearly 25 years, Ricardo Semler, CEO of Brazil-based Semco, has let his employees set their own hours, wages, even choose their own IT. The result: increased productivity, long-term loyalty and phenomenal growth.

Ricardo Semler had the sort of reckoning at 21 that most executives don’t face until middle age. Fresh from law school, where he’d been a restless underachiever, Semler took over his father’s business, which manufactured pumps and propellers for the world’s merchant marine. He was awfully young, but his dad sensed that if he didn’t give his son a chance, he’d lose him to another career. Besides, Semler Sr. was a pragmatist. “Better make your mistakes,” he told his son, “while I’m still alive.”

Straightaway, Semler Jr. spearheaded an ambitious plan to diversify his dad’s ship-parts company, which, like the Brazilian economy in the mid-eighties, was sinking. At Semco headquarters, in São Paulo, he tried to learn everything there was to know, and, while a quick study, he irritated plenty of the old hands with his precociousness and micromanaging. Working from 7:30 a.m. to midnight every day, or jumping planes overseas to raise capital and find new partners and companies to buy, his live-to-work lifestyle seemed ripped from the pages of John Grisham’s The Firm. [Read more…]

The Compass vs. The Clock, Put First Things First

by Chris Banescu –
The realization that something is not right with our lives can manifest itself in various ways. A feeling of emptiness, a bothersome disquiet, or a strange pain, like a deep sadness or a heartache, gradually or suddenly begins to trouble our souls. We feel guilty, anxious, unsatisfied, stressed, or sad even in moments when we ought to be at peace and carefree; when we should be relaxing or enjoying ourselves. For some this pain is only a vague discomfort. For others, including yours truly, the pain can often be intense and unrelenting; sometimes lasting for long stretches of time.

I discovered the reason for this mysterious affliction in the book First Things First, written by Stephen Covey, Roger Merrill, and Rebecca Merrill. They describe this particular grief as the “pain of the gap,” the gap we sense between the compass and the clock in our lives. Every time we don’t put first things first, when we fail to follow our calling and vocation and focus on the most important things in life, our conscience warns us that something’s not right and corrective measures and proactive actions are required. [Read more…]

Jeff Bezos (Amazon): Top Ten Maxims for Business Success

Jeff Bezos Amazon Top Ten Maxims for Business Success Chris Banescu –
Jeff Bezos, the founder and current CEO of Amazon.com, offers ten maxims that have helped him turn Amazon into the world-class company it is today. Leaders should consider these important principles if they want to insure the long-term success of their businesses. The list was compiled by George Anders, Forbes contributor who writes about management, careers and unforgettable personalities. This story appeared in the April 23, 2012 issue of FORBES magazine.

1. “Base your strategy on things that won’t change.”
Selling lipstick, tractor seats, e-book readers and data storage is all part of one big plan with three big constants: offer wider selection, lower prices and fast, reliable delivery.

2. “Obsess over customers.”
Early on Bezos brought an empty chair into meetings so lieutenants would be forced to think about the crucial participant who wasn’t in the room: the customer. Now that ­surrogate’s role is played by specially trained employees, dubbed “Customer Experience Bar Raisers.” When they frown, vice ­presidents tremble. [Read more…]

Relying On Customer Trust To Help You Weather A Tough Economy

Customer Trust Customer Service Key to Successby Don Peppers –
You’ve probably heard the joke: Two hunters confront a large grizzly bear. Their weapons misfire and the bear comes at them. The first hunter takes off running, but the second one pauses briefly to discard his hunting boots and put on running shoes. “Don’t waste so much time!” the first hunter yells over his shoulder, “Running shoes aren’t going to be enough to outrun that bear!” The second hunter, quickly catching up with his friend, replies “I don’t need to outrun the bear. I just need to outrun you!”

So now the question is: Do you have the right shoes to outrun your competitors? You might want to consider how well your customers trust you to act in their interest.

In tough times, buyers want to economize every bit as much as sellers do, so customers cut back, simplify, and search for reliability. Discount stores benefit as consumers look for bargains, but customer-oriented sellers also benefit, as customers seek out businesses they can trust. [Read more…]