Springfield Chamber Membership Breakfast: Spring 2011

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Presentation includes financial tips from Tom Draggoo of Siuslaw Bank and Workplace Culture & Productivity from Meri Justis.

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Springfield Chamber Membership Breakfast: Spring 2011

  1. 2. Top Three Business Tips Tom Draggoo Assistant Vice President Business Development Officer
  2. 3. Plan your Work & Work your Plan <ul><li>Conservative projections, sufficient capital, willingness to “bet the house.” </li></ul><ul><li>Know what your financial reports are telling you and act accordingly </li></ul><ul><ul><li>Accounts receivable – avoid concentrations, don’t be someone’s bank </li></ul></ul><ul><ul><li>Sole proprietors – pay yourselves last </li></ul></ul><ul><ul><li>Save for a rainy day; business goes in cycles </li></ul></ul>
  3. 4. Under-Promise & Over-Deliver <ul><li>This has everything to do with customer service </li></ul><ul><li>Phone calls, voice mail, email, RSVPs to invitations, good manners, etc. </li></ul><ul><li>Set realistic deadlines and then meet or beat them </li></ul>
  4. 5. Code of Ethics <ul><li>Sets the tone for the entire organization and creates a culture of integrity </li></ul>
  5. 6. Code of Ethics <ul><li>Rotary International’s Four-Way Test of the things we think, say or do: </li></ul><ul><ul><li>Is it the truth? </li></ul></ul><ul><ul><li>Is it fair to all concerned? </li></ul></ul><ul><ul><li>Will it build goodwill and better friendships? </li></ul></ul><ul><ul><li>Will it be beneficial to all concerned? </li></ul></ul>
  6. 7. Questions <ul><li>Tom Draggoo </li></ul><ul><li>Assistant Vice President </li></ul><ul><li>Business Development Officer </li></ul><ul><li>541.746.7900 </li></ul><ul><li>[email_address] </li></ul>
  7. 9. IT’S YOUR BOTTOM LINE SPRINGFIELD AREA CHAMBER OF COMMERCE MEMBERSHIP BREAKFAST Presented by T HE J USTIS G ROUP Workplace Culture and Productivity
  8. 10. Harvard Business Review Study Service-Profit Chain Premise: When service companies put employees and customers first, a radical shift occurs in the way they manage and measure success. The J ustis G roup Putting the Service-Profit Chain to Work Harvard Business Review
  9. 11. Leadership Profitability & Growth Putting the Service-Profit Chain to Work Harvard Business Review Employee Productivity Drives Profitability and Growth The J ustis G roup
  10. 12. Leadership Internal Quality Employee Satisfaction Employee Loyalty Employee Productivity External Service Value Customer Satisfaction Customer Loyalty Profitability & Growth Putting the Service-Profit Chain to Work Harvard Business Review Employee Productivity Drives Profitability and Growth The J ustis G roup
  11. 13. Work Place Culture and Productivity <ul><li>The Bad News: </li></ul><ul><li>Employee Retention Ranges from 44% to 60% </li></ul><ul><li>( Surveys: Manpower, Monster & Career Builder) </li></ul><ul><li>Cost of Turnover ranges from 25% to 250% of the annual salary per exiting employee </li></ul><ul><li>45% of employees plan to look for a job in 2011 (Blessingwhite Research) </li></ul>The J ustis G roup
  12. 14. Work Place Culture and Productivity <ul><li>Cost Associated with Turnover: </li></ul><ul><li>Exit Costs : HR, Managerial Handoff, Lost Customer/Contacts, Lost Knowledge </li></ul><ul><li>Absence Costs : Coverage, Productivity, Disruption </li></ul><ul><li>Recruitment Costs : Advertising, Internal/External Recruitment, Hiring Manager, Screening </li></ul><ul><li>Onboarding Costs : Onboarding, Training, and Productivity Ramp-up </li></ul>The J ustis G roup
  13. 15. Work Place Culture and Productivity <ul><li>According to the US Bureau of Labor Statistics, the average non-farm turnover rate is 3.3% </li></ul><ul><li>How does your company’s </li></ul><ul><li>turnover rate compare? </li></ul>The J ustis G roup
  14. 16. Top Reasons Why People Leave <ul><li>My career 26% - I don’t have opportunities to grow/advance. </li></ul><ul><li>My work 15% - I don’t like what I do or it doesn’t make the most of my talents. </li></ul><ul><li>My finances 15% - I want to earn more money. </li></ul><ul><li>My desire for change 12% - I want to try something new. </li></ul><ul><li>My manager 10% - I don’t like working for him or her. </li></ul><ul><li>Other 18% - (economy, job conditions, company mission) </li></ul>The J ustis G roup Blessingwhite Research
  15. 17. Work Place Culture and Productivity <ul><li>Blessingwhite Research: </li></ul><ul><li>Employer caution : …compared to 2008, more employees who can be considered high performers are planning to exit. </li></ul>The J ustis G roup
  16. 18. Work Place Culture and Productivity <ul><li>Just working on retaining employees is not enough. </li></ul><ul><li>You want engaged employees! </li></ul>The J ustis G roup
  17. 19. Work Place Culture and Productivity <ul><li>Once we get past the issue of compensation, people want to contribute and see their contribution make a difference. </li></ul><ul><li>They want opportunities for learning, development, promotions and to feel as if they are part of the success. </li></ul>The J ustis G roup Blessingwhite Research
  18. 20. Work Place Culture and Productivity <ul><li>Engagement Defined: </li></ul><ul><li>Contribution to the company’s success </li></ul><ul><li>Personal satisfaction in their role </li></ul><ul><ul><ul><ul><ul><li>33% Engaged </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>24% Almost Engaged </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>15% Crash & Burners </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>10% Honeymooners & Hamsters </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>18% Fully Disengaged </li></ul></ul></ul></ul></ul>The J ustis G roup Blessingwhite Research
  19. 21. Work Place Culture and Productivity <ul><li>So, what can we do to keep our best people – and keep them engaged in the work we do? </li></ul>The J ustis G roup
  20. 22. Work Place Culture and Productivity <ul><li>Coaching, relationships and dialogue: </li></ul><ul><li>Managers must understand each person’s talents, interests and needs and match those with the company’s objectives. </li></ul><ul><li>Tie employee goals to the company’s objectives. </li></ul><ul><li>They also need to build personal, trusting relationships with employees. </li></ul><ul><li>And they need open and frequent dialog with employees to head off problems that can lead to disengagement. </li></ul>The J ustis G roup Blessingwhite Research
  21. 23. Work Place Culture and Productivity <ul><li>Trust, communication and culture: </li></ul><ul><li>At the top level, a business owner must earn trust by being consistent in words and deeds. </li></ul><ul><li>It’s also important to communicate frequently. </li></ul><ul><li>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. </li></ul>The J ustis G roup Blessingwhite Research
  22. 24. 7 Keys to Increasing Productivity <ul><li>Hire right the first time </li></ul><ul><li>Terminate non-engaged employees </li></ul><ul><li>Give 80% of your management time to coaching, relationship building and dialoguing with the Engaged and the Almost Engaged </li></ul><ul><li>Train managers to lead proactively </li></ul><ul><li>Develop and maintain a goal setting culture </li></ul><ul><li>Celebrate achievements </li></ul><ul><li>Establish realistic work/life balance expectations for everyone </li></ul><ul><li>Be consistent in all things – create trust, open communication and honesty </li></ul>The J ustis G roup
  23. 25. Work Place Culture and Productivity <ul><li>Questions? </li></ul>The J ustis G roup
  24. 26. Work Place Culture and Productivity <ul><li>Insights and Actions </li></ul><ul><li>(Card on table) </li></ul>The J ustis G roup
  25. 27. Work Place Culture and Productivity <ul><li>Thank You </li></ul>The J ustis G roup

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