The Most Common Mistakes Managers Make in an Uncertain Economy

Transcription

1 The Most Common Mistakes Managers Make in an Uncertain Economy

2 What s the Common Thread? Hyatt IHOP FedEx Microsoft CNN MTV Trader Joe s

3 Our Goals Today Discuss common mistakes managers make Highlight ways to keep employees motivated, focused and productive Share strategies with each other

4 Mistake #1: Thinking Your Staff Can t Handle the Truth Talk openly about the recession Foster mutual respect with a we re in this together mentality Say as much as you can as soon as you can

5 Sit Down With Your Team Hold a staff meeting to talk about the downturn

6 Sit Down With Your Team Don t beat around the bush

7 Sit Down With Your Team Solicit input from the group

8 Sit Down With Your Team Explain how the firm handled the last recession

9 Sit Down With Your Team Consider regular brown-bag meetings

10 Mistake #2: Keeping Your Door Closed Avoid: Keeping your office door shut Allowing calls to go straight to voice mail Letting s pile up without a response

11 Be Available Let employees know you re available for one-on-one conversations Consider sitting in on meetings you might typically skip Walk around the office to touch base with staff

12 Communication Is Key Senior executives were asked, Which one of the following has the most negative impact on employee morale? 16% 14% 33% Lack of open communication - 33% Failure to recognize achievements - 19% 17% 19% Micromanaging employees - 17% Excessive workloads for extended periods - 16% Fear of job loss - 14% None of the above - 1% Source: Robert Half survey of 150 senior executives with the nation s 1,000 largest firms

13 Beware of Office Gossip More than half of HR professionals said there has been an increase in gossip and rumors* When you don t share information, the office grapevine will fill the void Address rumours to nip them in the bud *Source: Survey of 494 human resource professionals conducted by the Society for Human Resource Management and reported in Human Resources Magazine, 02/01/09

14 Mistake #3: Feeling People Are Lucky to Have a Job Top employees have options, and you may not be able to replace your best team members You can t ignore your team s need for recognition and support Motivation directly affects productivity

15 Show Your Appreciation Positive reinforcement fuels motivation

16 Show Your Appreciation Frequently offer sincere and specific recognition

17 Motivating Top Performers Provide extra attention Talk frequently about goals & motivations Make their jobs more satisfying Communicate your message

18 Mistake #4: Eliminating Incentives Make Allow Bring recognition Distribute in employees doughnuts, cheap movie to take bagels and tickets a long or cheerful cookies lunch or leave early

19 Mistake #4: Eliminating Incentives Allow employees to take a long lunch or leave early

20 Mistake #4: Eliminating Incentives Distribute movie tickets

21 Mistake #4: Eliminating Incentives Bring in Doughnuts, bagels or cookies

22 Mistake #4: Eliminating Incentives Provide additional time off

23 Mistake #4: Eliminating Incentives Write a handwritten thank you note

24 Mistake #4: Eliminating Incentives Offer public praise in a staff meeting

25 Mistake #4: Eliminating Incentives Write an article in the company newsletter highlighting an individual s accomplishments

26 Mistake #4: Eliminating Incentives Provide flexible scheduling or telecommuting options

27 I worked with an investment bank some years back where bankers were earnings bonuses from $100,000 to $1 million a year. You know what they complained about? They didn t know if the chairman thought they were actually doing a good job, because he never spoke to them about it. David Sirota, founder of Sirota Survey Intelligence

28 Mistake #5: Assuming One Size Fits All Different employees are motivated by different things Ask employees what motivates them Allow top employees to make changes that have a positive impact on the business

29 Mistake #6: Mismanaging Your Team s Workload Many management mistakes are related to workload Employees tend to tackle things as they come in wrong approach! Effective time management is essential during a recession

30 Where Do Your Projects Fall?

31 Conducting a Time Audit Have employees conduct a time audit Where do their projects fall on the chart? Important projects Support key business goals Drive company revenues Unimportant projects Zombie projects Has-been projects Pet projects Time wasters

32 What is important is seldom urgent, and what is urgent is seldom important.

33 Burnout Red Flags Has employee output decreased? Has their quality of work suffered? Do their ideas seem uninspired? Are they less patient? Are they more tired? Are employees late to work or taking more time off? Are they too serious? Are staff members thinking about work all the time?

34 What s the Common Thread? ipod Crest White Strips Whopper sandwich

35 The Story of Zappos Previously unprofitable During dot-com bust, invested in customer service Annual revenues now more than $1 billion

36 Mistake #7: Crushing Critical Thinking Take calculated risks and break new ground Reward those who bring up concerns and provide workable solutions Make sure your staff understand business goals Don t dismiss suggestions

37 Mistake #8: Reducing Autonomy and Teamwork Cutting back on opportunities for staff to make their own decisions can backfire Gen Y workers, in particular, place a high value on autonomy Empower your team to make decisions that will improve customer service

38 Ways to Foster Autonomy Encourage reasonable risk Make recommendations Analyze mistakes Praise winning ways

39 Ways to Stifle Autonomy Criticize in public Use a do as you re told approach Sabotage or ambush employees

40 Mistake #9: Ignoring the Higher Purpose Think beyond profit Does your company make life easier, safer or more enjoyable? Is your company involved in philanthropic efforts?

41 Mistake #10: Postponing Recruiting Efforts Continue building and strengthening your staff Beware of diminishing returns if reinforcements aren t brought in Talent is available now HP hired government engineers after WWII How can we afford not to?

42 Firms That Do Well During Recessions Clearly define business goals Communicate those goals throughout the organization Streamline activities Continue to innovate Take a long-term view

43 The Most Common Mistakes Managers Make in an Uncertain Economy 2009 Robert Half International. An Equal Opportunity Employer

44 Questions and Answers