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What's Your Employee Ownership Quotient?
- 1. Welcome Boosting Your Employee “OQ” – “Ownership Quotient” May 13, 2011 The Service Profit Chain Institute
- 4. The Ownership Quotient: Putting the Service Profit Chain to work forunbeatable competitive advantage The Ownership Opportunity Build Ownership Into Your Strategic Value Vision Leverage Value Over Cost Put Customers to Work Boost Your Employee OQ Engineer Ownership Through Anticipatory Management Build a Strong and Adaptive Ownership Culture Sustain Your Success
- 6. Real-life Examples of the link between inspiring and empowering employee accountability and creating “customer owners”
- 9. Work harder and smarter
- 10. Feel connected to the greater cause
- 11. Do what it takes to exceed service goals and expectations> Loyalty Ownership
- 13. Convert approximately 57% of those prospective employee into actual new employees
- 15. Convert approximately 68% of those prospects into new customers
- 16. Provide significantly more suggestions for improvement each year than non-ownersApostle-like viral behaviors Commitment Loyalty Satisfaction Trial Awareness and curiosity
- 17. The Ownership Opportunity:Findings from One Company… Where employees are owners, customers are happier…
- 19. Between 50% and 80%
- 21. Between 50% and 80%
- 36. Link to larger goals
- 40. Be clear about parameters
- 41. Ritz-Carlton
- 42. Give them freedom“Our new employee Katherine can commit up to $2,000 of the hotel’s funds to bring instant resolution to a guest’s problem.” Laura Gutierrez, Director of Human Resources for the Ritz-Carlton Dearborn in Michigan
- 43. Empowerment “If you want creative workers, give them enough time to play.” John Cleese
- 45. Job Design
- 46. Team Learning
- 47. Meaningful Work
- 48. Idea Generation:
- 49. Fairmont Hotels & Resorts
- 53. Rackspace
- 54. Tie back to organizational goals
- 57. Fairmont Hotels & Resorts
- 58. Make them feel like winners
- 59. Rackspace
- 62. Tailor it to their style
- 65. Demonstrate the Cycle of Employee Ownership
- 66. Follow the POWER!SERVICE best practice tips shared todayPage 27
- 70. Thank You Thank you for participating in our webinar! You are eligible for the following: A recording of this webinar and a copy of the presentation will be available on our website later today.. Automatic subscription to the POWER!SERVICE Post Complimentary Access to the POWER!SERVICE Readiness Assessment www.powerservicesystem.com
Editor's Notes
- DO:Welcome participants.DO:Have Moderator cover the logistical information. Address questions or technical issues.
- DO: (Joe)Briefly introduce yourself and a few credentials related to employee ownership and customer service.(Add some to the image as well.)
- DO:Introduce today’s webinar title and main topics. Transition: So why is it important to build Employee Ownership?
- DO:Convey the payoff (key benefit) of building employee ownership.
- SAY:Employee ownership brings unique rewards to an organization, so it’s important to know what to do to create it.To inspire employee owners, keen leaders give team members a stake in the game. They know that employee owners work harder and smarter. When frontline employees feel connected to the greater cause, they’ll do what it takes to exceed goals and expectations. In essence -- stock options or no stock options -- they become “owners.”BEFORE THE EQUATION, SAY:And in this regard, ownership is worth more than loyalty.
- SAY:Let’s take a quick pulse on how you feel your organization as a whole is doing in this area…DO:Ask each question and comment on polling results.
- SAY:Let’s take a quick pulse on how you feel your organization as a whole is doing in this area…DO:Ask each question and comment on polling results.
- SAY :The Cycle of Employee Ownership outlines the key components that leaders pay attention to because they have the most positive impact on building skills and an attitude of ownership in the workforce.ASK (rhetorically): So how does the cycle work?SAY:By having certain beliefs, systems, and tools in place for each link in the cycle, organizations encourage ownership, accountability, and pride in supporting business objectives that lead to exceptional customer service. When leaders develop capability in each step of the cycle, frontline employees will not only “ own” the moment in their interactions with customers, but will take personal accountability of the organization’s success.
- SAY:Ownership-conscious companies make right-fit selection a priority and develop systems to ensure candidates are effectively identified, screened, and selected. They recognize that the secret to retaining talent begins with attracting the right talent. Some unique power practices include: Using behavioral interviewing. Because past performance is a predictor of future behavior, a behavioral interview is designed to uncover a candidate’s past performance in certain situations.Engaging in panel interviews. Involve multiple people from different levels and disciplines to gain diverse perspectives and expose the candidate to the collaborative nature or the company culture. Applying a Realistic Job Preview: Prior to making an actual job offer, candidates spend about an hour with a high-performing employee currently performing the role. The idea is for the candidate to see both the upside and the downside of the position they are considering so that they can make an informed decision before accepting the position.Hiring for cultural fit. Make candidates aware of what the company is about and what’s expected. Look for the values you want employees to uphold and demonstrate. Studies show that the single greatest contributor to performance failure and job dissatisfaction is lack of fit with organizational culture. If someone doesn’t align with the company’s core beliefs and values, it will be very difficult for that person not only to develop effective relationships, but to deliver on your stamp of company culture.
- SAY:Creating a sense of belonging for employees begins Day One, with an effective onboarding process. How welcome and connected new employees feel to an organization has a direct impact on individual levels of engagement and retention. But onboarding doesn’t begin and end with new-hire orientation. Onboarding is a long-term process that begins before an employee’s start date and usually continues for six months. To instill ownership and set new hires up for success, onboarding activities must address WHAT a new employee needs to KNOW and HOW a new hire ought to FEEL about joining the organization. Try these power practices: Make a great first impression. Orientation is generally the first chance new employees experience your company as an insider. If your orientation class doesn’t address all the basics adequately, if it starts late and runs over, if it’s disorganized, if the trainers are boring, or if the experience is heavy on the rules and regulation and light on inspiration, you're likely to create “hiree’s remorse.” Help them see the big picture. Understanding the big picture plays a major role in whether employees become engaged. Talking about the company’s mission and what makes it great are ways of bringing the big picture into view. Understanding how the organization works and how the various parts work together is another critical part of a new person’s success.Engage their hearts. People want to be proud of their work; they want to feel like they can make a difference Day One. Paperwork is not personal so avoid the traditional form dump. Allow for relationship building with new colleagues and seasoned employees. Consider assigning welcome mentors to each new hire so they can immediately get a feel for the personality of your organization. Involve the leadership team. Either live or via video, have key executives welcome participants and make them feel part of the company. Have them talk about the company’s culture, values, mission, and vision. Leaders can express their passion for the company, demonstrate their commitment, and share their optimism about the future. Telling stories about the company’s history and sharing key milestones are good ways for executives to participate. They should talk about why they like working for the company, why they’ve stayed so long, and what they’re proud of.
- SAY:While effective selection and onboarding processes are the first building blocks in ensuring high levels of customer satisfaction and engagement, leaders must commit to ongoing coaching and development. Successful organization recognize the importance of giving managers the tools to communicate, train, and coach employees so they are willing and able to exceed expectations at those moments of truth. They become “owners.” Here are just a few best practices from our research:Involve them in setting goals. Resist the temptation to lay it all out for them. Instead, find out what skills or behaviors an individual would like to adopt or improve, and engage in a conversation about a path for achieving the goals. Invite ideas on what specific actions they can or would like to take. Offer suggestions. The more employees are involved in setting goals, the more ownership and passion they will demonstrate. Give them the encouragement and freedom to accomplish their goals. Make goals realistic. All goals need to be achievable for the timeframe and for the individual’s capacity. Setting goals too high will only deflate the worker; setting them too low won’t motivate them to do their best work. Link to larger goals. When setting developmental goals for individuals, show them how their performance objectives are related to overall organizational objectives. If a person knows how their contributions fit into the big picture, they are more likely to establish and achieve fruitful goals. This ties back to empowerment. Monitor progress towards goals by provide frequent feed-back based on observations. Provide ongoing learning opportunities. Enable ongoing development through knowledge, empowerment, and skill building. Provide learning opportunities through hands-on experiences, technical training, and personal development through different programs that are focused on both professional and personal development.
- SAY:In a competitive environment in which organizations must be faster and leaner, provide better service quality, and be more profitable, an empowered workforce is essential. Empowerment is giving employees discretion or latitude over certain task-related activities, and then encouraging and rewarding them to exercise initiative and imagination. Empowerment of service employees requires knowledge, communication, trust, and incentives. The ability of an employee to make the proper response during the service delivery process is largely a function of the employee’s knowledge and control. Here are a few power strategies:Educate your staff on the resources and how to find them. Make tools readily accessible and teach them how to use them. Distribute job aids and checklistsEncourage risk taking and learning from mistakes. Allow employees to make decisions and try new approaches without fear of consequences. Be clear about parameters. Share the limits. Re-teach policies if they change. Point out there are “shades of grey” when it comes to assessing a situation, making recovery decisions, and taking the appropriate action. Encourage them to make their best assessment and decision. Give them the freedom. To “own” a problem, team members must have both the desire AND the authority to take action. Without a spirit of ownership, no amount of authority convinces a team member to own a problem. And without enough authority and leadership support to act, no amount of personal motivation can overcome the frustration of wanting to solve a service problem, but not being given the freedom to do so. Great service is delivered when team members are given the freedom to address and correct service complaints themselves instead of having to hand the customer off to someone else in the company.
- SAY:In addition to empowering their teams, smart leaders are in tune with what makes for an engaged workplace. Here are some of the things they pay attention to. Workplace Design: Modify the physical work environment. Job Design: Take the time to find out what drives individuals in terms of interests, talents, and career goals, and delegate project and work tasks accordingly. Assign people to work that they find satisfying; rotate job activities, apply cross-training, etc. Team Learning: Research shows that team interaction, peer-to-peer coaching, cross-functional learning, and collaboration drives productivity and job engagement. Build teams that can capitalize on the merits’ and diversity of team members’ experiences and perspectives. Meaningful Work: A primary way that leaders ensure constant and concerted engagement is to make sure the work is meaningful. People need to see results for what they do. Work becomes meaningful to employees when their leader helps them see the connection between what they do and the success of the organization, of others, or the community at large. Idea Generation: Nimble companies recognize that the best ideas for improvement come from those who are closest to the work (and the customers).Engagement-focused leadersapply systems, even campaigns, that solicit and acknowledge ideas and solutions from their team members.
- SAY:Leaders can build ownership and boost results by following good performance management principles. They can use their company’s performance appraisal programs to establish expectations. However, merely following the minimum requirements of formal programs is not enough to create the positive environment necessary for ownership and accountability.Here are some other power practices:Focus on observable behaviors. Focusing on the behaviors keeps the evaluation process objective and facilitates coaching to correct if need be. Bringing in hearsay, making generalizations or judgments, or jumping to unwarranted conclusions is both risky and unproductive. You want to help them improve, but more importantly, you want to preserve their self-worth.Tie coaching to organizational goals. Moving from a good customer experience to a great customer experience comes down to connecting individual performance goals to those of the organization. At the end of the day, all business efforts succeed or fail depending on the commitment and actions of a leadership team to really drive an organization forward to deliver on the promise made to customers. Making sure that employees see how they fit into the big picture and how they can contribute to overall success is the key to continuous improvement. Don’t gloss over the trouble areas. Discuss any problems you’ve observed with the employee’s performance. Address each problem individually and don’t bring up a new problem until you’ve thoroughly discussed the current one. When describing the performance problem, reinforce by referring to performance standards. Work together on developing an improvement plan and offer your support. Meet performance review deadlines. Make sure you know when each team member’s evaluation is due and conduct them on time. This is important for the team member, and it shows them you are interested in and committed to their development. Transition: Remember, expectations, evaluation performance, and reward must be well aligned.
- SAY:When you recognize others, you are letting them know that they -- and their efforts -- are valued. Recognition is a powerful motivator that encourages risk taking, initiative, individual growth, and of course, “ownership.” It also plays a strong role in helping organizations meet their objectives.Here are a few POWER!SERVICE best practices.Be specific and descriptive. Don't reward someone for being nice or simply being a wonderful employee. Rather, point out exactly what they did to merit the recognition -- such as completing a project, receiving a commendable client letter, etc. Recognition should reinforce the desired behavior. Tailor it to the individual. When giving recognition, customize it by understanding who you are recognizing and why. The more tailored it is for the person, the more effective the recognition will be. Be sincere. If a leader takes the time to make recognition personal and sincere, it demonstrates that they are truly aware and appreciative of stellar efforts. Make them feel like winners. SPCI Leaders have high “ownership quotients” because they make employees feel like winners when they help customers win. Leverage intrinsic rewards. Engagement-focused organizations find that sometimes the best form of recognition are intrinsic rewards such as meaningful jobs, increased responsibilities, etc. Although salaries are very important, employees feel most rewarded when they know their job is significant and they create positive results to the company. Encourage peer recognition. People like to recognize and be recognized by their peers. It further validates their accomplishments. Recognition is not just about reinforcing the behavior of the individual(s) being recognized; it also affects the behavior of others. Don't miss out on this additional benefit.
- SUMMARIZE:Here are three things you can do TODAY to boost your EQ: Foster a relationship between customers and employees that creates a powerful bond to your Brand. Demonstrate The Cycle of Ownership: When this is working, it takes on a ‘flywheel’ effect, that over time tightens your ability to attract and retain highly engaged, highly productive, and highly committed “employee owners.”Follow the POWER!SERVICEbest practice tips shared today.DO:Explain the tips are downloadable via Slideshare.Transition:Plug the Tool Kit
- SAY:The tips we shared today are just a small sampling of a comprehensive Toolkit that includes an introduction of the model and some of the outcomes that managers’ can expect to achieve by applying each of the seven steps in the cycle. The tool is called the POWER!SERVICE Cycle of Employee Ownership: A Toolkit for Managers. Each of the7 sections align with a component of the Employee Retention Cycle. Each section begins with a few case studies of best practice POWER!SERVICEcompanies have demonstrated. The case studies are followed by specific tools or techniques and are summarized with a ‘Top Ten’ list of tips for effective management of topic of that section. The online version contains a Customer Loyalty Calculator that describes the economic impact from improving customer loyalty in their business, as well as an Employee Turnover Calculator that describes the financial risks of high employee turnover.
- DO:Thank participants and explain how the presentation will be available within 12 hours via slideshare. Plug the newsletter, mention the website, the blog, monthly webinar series.