Praising Employees Pays Big Dividends

/in /by

StrategyDriven Managing Your People Article |Praising Employees|Praising Employees Pays Big DividendsYou’ve read the management books. You’ve heard more than enough about engagement, empowerment, teamwork, and so forth. But there’s just one problem: In the day-to-day rush of running your business, keeping your staff motivated takes a backseat to your daily work, management crises and making your numbers.

Sound familiar? If it does, you’re not alone. Too many business executives don’t make time for the one employee incentive that will never break the company budget: timely, honest thanks and praise of workers who do a good job. Research has shown that appreciation from managers is one of the incentives workers want most. For example, Gerald Graham, former dean of the business school at Wichita State University, found in one study that employees rated personal thanks from a manager for a job well done as the most motivating of 65 potential motivators considered. Unfortunately, 58 percent of the workers in Graham’s study said their managers didn’t typically give such thanks. Your employees don’t have to be like that 58 percent.

It is tricky to make time to recognize your staff during a hectic day. But I’ve seen even the busiest managers find ways to make praising employees part of their regular work habits. Here are some easy techniques you can try: one of them is bound to be a fit for you:

Make people a part of your “to do” list. This approach works particularly well for no-nonsense executive types who like to focus on getting things done. Just add the names of the people who report to you to your weekly to-do list. Then cross them off when you’re able to praise those employees, i.e., catch them “doing something right” in accordance with their performance goals. Hyler Bracey, president and CEO of the Atlanta Consulting Group, developed another, similar method that he used until praising became part of his routine. Bracey placed five coins in his pocket each day. During the day, he’d transfer a coin to another pocket every time he recognized an employee for good work. That technique helped Bracey make employee praise a habit.

Write notes at the end of the day. I learned this tip from Steve Wittert, president of Paragon Steakhouse Restaurants, based in San Diego. Wittert finds that his days are so busy that he seldom can take time out to recognize his staff. Instead, he keeps a stack of note cards on his desk, and when the pace slows at the end of the day, he takes a few minutes to jot personal notes to the individuals who made a difference that day. It became a highlight of the employees’ day to receive Steve’s simple notes.

Let technology help you. Instead of using voice mail just to assign or discuss work assignments for your employees, try leaving voice messages to praise them. You can do that from your car phone as you commute home after work, reflecting on the day’s events and the people who were especially helpful to you. You can go even further: I recently heard about one company that had created an “Applause” bulletin board on its electronic-mail system. On that public bulletin board anyone can post a thank-you to another person in the company.

Practice group recognition. Try starting your staff meetings by reading a letter of thanks or praise from a customer. Or do a “praise barrage” by going around the room in your staff meeting and asking everyone to say what they value in working with each person (this can also be written comments made on index cards by each member of your team). Create a “wall of fame” to show appreciation for top achievers — or to post any good news in the organization. Create a “successful projects” scrapbook that depicts employee teams and their accomplishments. Then exhibit the book prominently in your lobby.

How to Praise Effectively

Some managers recognize employees naturally and easily; others don’t. If you find giving praise awkward, remember these tips:

  • Be prompt. Positive reinforcement is much more effective when it comes soon after the desired behavior is displayed or result achieved.
  • Be sincere. Sure, praise is great – but if it’s not sincere, don’t bother. You’ll only sound manipulative.
  • Be specific. Avoid generalities in favor of the details of the achievement. Then employees know what specifically to do again.

Be positive. Sound obvious? Too many managers undercut praise with a concluding note of criticism. When you say something like, “You did a great job on this report, but there were quite a few typos,” the “but” becomes a verbal eraser that deletes all that came before. Save the corrective feedback for another time.

About the Author

StrategyDriven Expert Contributor |Bob NelsonBob Nelson, Ph.D., is an Opinion Columnist for CEO World and president of Nelson Motivation Inc. (www.drbobnelson.com). He’s a leading authority on employee recognition and engagement; a multi-million copy bestselling author of numerous books including 1501 Ways to Reward Employees, 1001 Ways to Engage Employees, and The Management Bible. He serves as a frequent presenter and consultant for companies, conferences and associations. You can contact him directly at [email protected] or (858) 673-0690.

Everything you want to know about shareholder management

/in /by

StrategyDriven Managing Your Business Article |Shareholder Management|Everything you want to know about shareholder managementWant to improve your shareholder management strategies? This article explores everything business owners need to know about shareholder management.

Shareholders are an essential asset to a company. They are the ones that can help your business rise to new heights if they have a good reason to get on board with you. But managing these relationships can be a challenging task that is a corporate reality for many business founders.

Shareholders are, in essence, the owners of companies. While a small business can have just one shareholder, the founder, the story is different when it comes to a public company. Public companies can have tens, hundreds, or even thousands of individual and institutional shareholders, like mutual fund companies, pension funds, or hedge funds.

Now, these shareholders play a crucial role in the business’s financing, operations, governance, and control aspects. But, managing them can give business founders a tough time.

This article explains what it means to efficiently manage your shareholders and tips on how to do it!

Shareholder management explained

Capital is essential, making shareholders necessary for a company.

Shareholders are basically investors that give funding to a company in exchange for company shares.

Investment in the company also brings shareholders various rights, including:

  • The right to check the books and records of the company they invest in.
  • The right to vote on critical corporate matters, such as the board of directors.
  • The right to get dividends based on their investment.
  • The entitlement to take legal action against the company for misdeeds of its officers or directors.

Now, as the company grows and its capital needs increase as well, so does the number of shareholders.

This makes the equity in financial management in a company both crucial and challenging at times.

Shareholder management involves communicating with shareholders and keeping them updated on all ownership changes, documents, or other corporate decisions.

Tips on how to manage shareholders efficiently

Keeping shareholders informed about everything new about the company doesn’t sound that complicated. But this is only true if your business has a handful of shareholders. When you need to manage your relationships with a significant number of shareholders, this can turn into a time-consuming and overwhelming task.

Use these tips to manage shareholders efficiently:

Prepare well

The way you’ll manage your investors can be set right from the beginning, depending on how well you prepare to attract shareholders. More precisely, if you prepare well, you won’t struggle with disagreements caused by unrealistic expectations from your investors.

Selling your business plan well is also key to attracting the best investors out there. You may have the most innovative business idea. If you don’t sell it well, you may end up with a couple of shareholders that can prove to be very difficult to do business with. In contrast, if you present your idea perfectly, you may get an extensive list of investors to choose from, allowing you to select the ones you resonate well with.

Use a shareholder management software tool

Managing your shareholders shouldn’t take all your time and nerves. The good news is that you can stop wasting time and brainpower by managing your company investors with a shareholder management tool. Such a tool allows you to quickly onboard team members, import company data, and immediately benefit from having all the necessary information in just one place.

Build a communicative relationship

Besides using the right tool that simplifies your tasks in terms of managing shareholders, you also need to build a solid and open relationship with your investors. This way, shareholder engagement in corporate matters will indeed be beneficial and create a mutual understanding of the company objectives.

Be honest

When communicating with shareholders, you also need to be honest to leave no room for surprises. Like all businesses out there, yours will have its ups and downs. But even in those bad days, communicating openly and honestly will help you build confidence from your shareholders in the long term.

Good results will always satisfy investors, but even when there are troubles, an honest answer on why is that will help your shareholders see that you’re aware of the problem and have a plan to fix it, which will encourage them to trust you.

Add a personal touch

Building trust in the business world goes beyond offering honest data and statistics about your company. Sure, your investors aren’t there to make friends. They are there to make money. Yet, they will value a personal touch added to your relationship because it will help them build trust easier.

What’s more, when you make your investors trust you as a person, not just a company founder, they are more likely to also trust you with other project ideas you may come up with. For example, suppose you have an innovative business idea that you need financing for. In that case, if you’ve done well with gaining your shareholders’ trust so far, it’s very likely to find at least one interested person to follow you to your second business as well.

Stay silent when you’re down in the dumps

Every entrepreneur ever knows the emotional ups and downs of the” entrepreneurial roller coaster.” You probably do too. Now, while going through ups and downs is normal in the business world, it may affect your relationship with your investors if you’re not careful.

More precisely, investors expect you to be clear and level-headed when presenting your ideas and thoughts. And, this can be a bit hard when you’re down in the dumps, going through a business crisis.

So, to make sure that you don’t say the wrong thing or make the wrong choice, it’s always better to stay silent and find a way for you to gain some clarity over what to do and say next. Your investors will better appreciate a clearly formulated plan for a crisis than a chaotic meeting that only makes them wonder if they made the right investment choice with your business.

Top Tips for Industrial Managers

/in /by

StrategyDriven Managing Your People Article |Industrial managers|Top Tips for Industrial ManagersManaging in any kind of industry is challenging, but industrial businesses can be incredibly difficult to manage, with many unique challenges. For those with management positions in any industrial business, you will need to know how to excel in this role and get the most out of your team. You will find that issues often arise when working in an industrial business, and you need to be able to fix these and take them in your stride to keep the business performing to a high standard. So, if you are a manager in an industrial business, keep reading for a few tips that will hopefully come in useful.

Focus On Work Ethic When Recruiting

Your success as a manager will be determined by the staff that you hire. When recruiting, you should focus on those that have a strong work ethic and the right attitude as opposed to skills and experience. You can always use training to bring people up to speed, but things like work ethic cannot be taught.

Keep Your Team Happy

Following on from this, you will need to find ways to keep your team happy and motivated so that they can perform to a high standard each day. It is important to get to know each team member and to develop a professional relationship with them. You can keep people happy and motivated by:

  • Setting realistic goals
  • Positive feedback
  • Flexible working
  • Training
  • Career development opportunities
  • Team building events and social events

Encourage Idea Sharing

As a manager, you need to make it easy for staff to come to you with ideas, questions and concerns. Communication is critical in any management position, but particularly in an industrial setting where issues can quickly arise and create difficulties for workers. Maintain open lines of communication so that issues are brought up and dealt with and to create a stronger connection with your team.

Provide High-Quality Machinery & Equipment

In addition to looking after your staff, you also need to make sure that they have access to the best equipment and machinery. This is a worthwhile investment as it could increase productivity, make work easier for your team and improve the quality of the product. For those that need to mix or blend ingredients for their products, industrial mixers and blenders from places like Winkworth Machinery will provide you with the equipment that you need to find success each day.

Focus On the Big Picture

As a manager, it is important that you are able to see and focus on the big picture. You will have business goals and aims that you need to work towards, and to do this, you need to avoid getting too focused on narrow departmental objectives. The key here is having a team that you can rely on so that you can focus on the big picture and guide the ship in the right direction.

Hopefully, these tips will come in handy and help you to excel in your role as an industrial manager.

Where Will The NFC Label Vs QR Code Be 5 Years From Now?

/in /by

StrategyDriven Editorial Perspective | Where Will The NFC Label Vs QR Code Be 5 Years From Now?The QR (Quick Response) code has become a prominent feature in our lives, connecting data to products via devices that can be used in a number of ways. While successful for commercial use, it wasn’t until the global pandemic that consumers began to embrace the QR code, even becoming reliant on it to participate in day-to-day activities.

Alongside the QR code, we have the NFC (Near Field Communication) label or tag. This type of technology is featured in multiple places, from shipping to contactless payments, and even providing data.

Each type of technology has its merits, with similar functions that make them useful technology products for businesses and organisations. But as we look to the future, where will the NFC label be versus the QR code five years from now?

The difference between NFC and QR codes

Understanding a little more about the difference between NFC tags and QR codes provides insights into each of their uses and benefits.

NFC tags are a form of microchip capable of storing vital information, performing actions that are time-saving and convenient. This can include contactless payments, providing authentication of products, etc. When encoding NFC tags it is possible to decide if the data contained in them can be changed or not in the future, making them a flexible and secure solution at the same time. In the retail and shipping industries, NFC tags provide accuracy and make inventory tracking much simpler.

QR codes, on the other hand, are a barcode connected to a piece of data (such as a web page, application or a WiFi password). Once the barcode has been created, it will always point to the same things. QR codes have many practical applications that make them easily used by businesses and consumers, proving useful in many ways. However, being based on a graphical representation and not containing any circuit they could be exposed to an easy falsification process. For instance, a simple photocopy would be enough to forge a QR code.

While similar in their function, each product has its own benefits, while being better suited to some applications more than others.

StrategyDriven Editorial Perspective | Where Will The NFC Label Vs QR Code Be 5 Years From Now?Is NFC a more secure solution?

For many companies, NFC provides the added security that can help prevent inventory loss, boost shipment tracking, and much more. A vital component for modern supply chains, they are an excellent way to detect tampering, and ensure that the product received is the genuine article. You can read more about NFC as a popular supply chain tool to see how this technology is changing the industry.

QR codes in the post-COVID era

While many people had largely given up on the QR code, this tech innovation is something that can genuinely say it benefitted from the COVID-19 pandemic. Used by restaurants, governments, and places all over the world, it quickly became the way to share information in a quick and easy format. Its simplicity ensures a lot of potential for businesses, but it’s important to take data concerns into account and ensure that data protection measures are stepped up.

Now that people are used to the technology, NFC and QR codes could each have a place both in the present and the distant future. For businesses looking to simplify processes in an accessible way, there is a lot of value to be found in NFC labels and QR codes, depending on your industry. The future is uncertain, but this innovative technology seems to be here to stay.

The Growing Importance of Ethics in PR

/in /by

StrategyDriven Marketing and Sales Article |Ethics in PR|The Growing Importance of Ethics in PREthics have always been important in PR, but they have officially become more important than ever. The world is changing by a significant degree, and so is the public relations industry. Nearly every single PR organization follows a code of ethics. These can either be company policies that they will follow when working with clients or rules from a proper board. PR Council, PRSA, Institute of PR, ICCO, and Global Alliance are just a few of the boards that offer their own code of ethics.

However, the rising importance of ethics raises an important question about why it is becoming so important. And to answer that, it is best to look at what ethics really mean for PR firms in general.

What Is Ethics?

Simply put, Ethics are rules or principles put into place that every individual who is working in the firm will have to follow. These rules guide PR professionals in a way that allows them to act responsibly and treat their clients with fairness. These principles also happen to be very strict, as people who do not follow the rules set out by a board are blacklisted from the industry.

However, the perception surrounding PR firms and professionals alike is much less positive. Despite various ethics boards having their own rules in place, people have mixed feeling about them, to say the least. A 2018 global report on ethics and its evolution found that over 57% of participants in the US thought that PR, as a field, was unethical. This report tends to stand out compared to the 44% of individuals worldwide who believed the same.

Why Is Ethics In PR Important?

Despite what many have come to believe about PR in general, ethics is the glue holding everything together. A few reasons why Ethics in PR is important:

Helps Sustain the PR Profession

One of the most important reasons why ethics exist in the PR space is to promote healthy competition. If ethics were no longer part of the equation, healthy competition could very well go out the window. Firms will start a race to the bottom as they try to gain the upper hand regardless of the cost.
Without proper Ethics, companies will start relying on underhanded tactics to get ahead of each other. Aggressive procurement tactics and spreading misinformation are just two of the many dangerous ways companies will try to get ahead. As a result, PR firms, their clients, and their employees will suffer. The ethics boards strongly advise against unfair competition in the industry, as no one benefits from it in the long run.

Improves Relationships with Clients

Another important thing to understand about PR firms is that they rarely ever work independently. Whenever they work with another company, they become an extension of their beliefs and morals. And if they happen to act in a way different from their employer, that could be bad news for the entire industry.

With a proper code of ethics in place, PR firms will always be sure to represent their clients according to their public image. The PRSA code of conduct specifies various instances where professionals who act out of the interests of their employer will be violating their regulations.

StrategyDriven E-Learning Marketing System | Online Training | Online Training Program | Entrepreneurship | Revenue Growth

Maintains Positive Public Perception

Although most PR firms act as an extension to various companies, they also represent the greater industry. Therefore, their actions can carry consequences for other PR firms, where ethics comes into play.

The ICCO has even created its 10-point Helsinki Declaration, where it details the ethical standards that companies will have to meet to continue working under the board. This massive change came because of a major scandal, which included various PR firms. Buzzfeed chronicled the rise of such firms that were using unsavory methods to benefit their clients.

How is the PR Industry Changing?

Media consumption and the PR landscape, in general, are shifting so rapidly that it is hard for most companies to keep up. The shifting tide of PR is especially dangerous when considering how slow some boards of ethics can be when updating their rules.

The Rise of Convincing Sponsored Content

One of the major changes coming to social media and people’s consumption of it was the rise of paid content. According to the same global report of 2018, 64% of surveyed professionals believe that most people will not be able to tell the difference between content owned and paid for. What is more worrying is that 60% of the professionals believe that people will not care.

Therefore, if a PR agency has not aligned itself with a board of ethics, it will be under heavy fire from the public that cannot distinguish between fake and real news.

The Changing Multi-Media Landscape

70% of professionals believe that the PR industry as a whole will be changing drastically within just five years. 36% of these professionals believe that their firm is not ready for such a change, whereas the rest believe they are. The factors that are influencing this change are paid influencers, branded content, and fake news.

All of these three things can prove to be detrimental to a PR firm. Only with a proper ethics board on its side can PR agencies survive such a drastic change. Furthermore, the code of conduct board has the power to properly investigate the possibilities of PR firms engaging in such convincing under-handed tactics.

How Can PR Firms Prepare for the Future?

The future for PR firms is looking a little bleak, considering how quickly the industry is changing. Over time, fake content will be almost indistinguishable from curated content, putting PR firms in a difficult position. If PR firms focus on their code of ethics or align themselves with a specific board, they can better prepare themselves for such a future.