The Building Business Value newsletter has one purpose - to assist midmarket business leaders in their never-ending quest to build better companies. Whether you are the CEO of your own company, a senior manager of a business unit, or a leader in a company that serves those in the mid market, you will find something in each newsletter to help you serve your stakeholders. Each month we will cover a variety of topics, all focused on leading in the mid market.
We are very conscious that you spend much of your day buried in e-mail, so it is with your permission that we send this newsletter your way.
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4 Ideas to Crank up the Accountability in Your Workplace
Do Your Employees Take Ownership of Their Actions?
| Turn Up the Accountability, Please! Some companies just seem to have accountability. Did their employees swallow some sort of accountability pill when they were hired? What are these companies doing to create the environment where all employees take ownership of their actions?
Beyond creating the environment of trust, the leadership can take four specific actions to help create additional accountability within your company:
* Overuse the word "accountability." Include it in all of your meetings. Define it as it applies to your company. Discuss accountability in your corporate newsletter. Refer to people as being accountable for their areas of responsibility. "Accountability" is a very powerful word, and the more employees begin to use it, the more they will understand its meaning. Create an accountability award. One company,Tenacity Solutions from Reston, Virginia, gives out an employee-driven quarterly "Cat in the Hat" award that stresses results, collaboration, and accountability.
Read More ... |
Peer Advisory Boards & Business Coaching Services
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| Does Employee Recognition Work?
Does it Matter?
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In a word ... YES, but a better question may be "does it matter"?
The answer is still YES and for what most of us would view as obvious reasons. Towers Watson published a study in 2008 that suggested that companies with a highly engaged employee population turned in significantly better financial performance (a 5.75% difference in operating margins and a 3.44% difference in net profit margins) than did low-engagement workplaces.
Serious increases in engagement came about, according to the Towers Watson study, when employee recognition was a normal part of the corporate culture. If you define engagement as an employees understanding of their role, a passion to perform that role and a willingness to put in extra effort, you can see how important recognition becomes, especially in a down economy.
Even in workplaces where opportunity and concern for employee's well-being was considered low, recognition can have a dramatic impact on engagement (a 60% increase according to the study). In workplaces that are a bit more enlightened and where employees feel there is a concern for their well-being and opportunity for advancement exists, recognition can increase engagement by 20%.
There are literally an unlimited number of ways to recognize someone. Start with a hand-shake, a hand written note, or a thankful e-mail. It's not just a sound business practice, it's the right thing to do! |
As a business operator, I have been in a position to lead a company during troubled times. Concerns over the direction of the company, sleepless nights worrying about debt and cash flow, high anxiety over closing a deal or a transaction - the challenges seem endless. But I've also experienced the highs of leadership - the real joy of meeting client needs, the fulfillment of shaping a team, and the satisfaction of watching a vision become a reality. As tough as it can be, there is really nothing quite like being a leader in the midmarket.
It is my sincere desire that this newsletter will support leaders in the midmarket as they navigate their way to building stronger, more valuable companies. I welcome your comments.
Sincerely,
Marty
Martin O'Neill
Corsum Consulting, LLC
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A resource full of smart ideas to help educate and inspire decision-makers.
Each issue includes features, interviews, case studies, columns and other departments designed to help this region's CEOs face the daily challenge of running a business.
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The Alternative Board
| The Alternative Board provides a free business newsletter, Tips from the Top®. This business management newsletter will provide you with articles and tips with the knowledge you need to operate a profitable business. Tips from the Top® is written for those at the top by those as the top- business owners, presidents and CEOs.
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| | Marty O'Neill | Marty O'Neill founded Corsum Consulting, which focuses on one goal: helping companies build business value. He is a frequent speaker and consultant on leadership, corporate culture and building business value and is the author of The Power of an Internal Franchise (Third Bridge Press),
Building Business Value (Third Bridge Press) and the co-author of Act Like an Owner (Wiley). As a business operator, Marty started and sold a company, positioned another for an LBO, and helped a third sell for a significant premium. Marty lives on the Magothy River in Maryland with his wife and three children.
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 | | Luke Garwood | |
Luke Garwood has owned and operated technology-based businesses for the past 21 years. He has professional experience in leading Information Technology (IT), Systems Integration, and Construction companies. His specialization is in operational excellence. He has been heavily involved in start-up and high-growth companies for most of his career. He has extensive experience in the overall development and delivery of technology-based solutions, services, and products to the commercial, federal, state, and non-profit sectors. Luke has performed many functions across the companies he has been involved with to include general operations, service delivery, product management, sales, marketing, strategic planning, leadership development and vendor management.
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"To waken interest and kindle enthusiasm is the sure way to teach easily and successfully."
~ Tryon Edwards
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