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Is Your Business a Revolving Door? 10 Ways To Keep Your Best Employees.

employees

Is Your Business a Revolving Door? 10 Ways To Keep Your Best Employees.

Employee retention and turnover are important terms to every business owner and leader. But sometimes the driving factors behind why employees leave aren’t fully grasped or addressed by leadership, and if that disconnect persists, the business suffers while some of the best employees beat a path to the door.

“Leaders know that it’s vital to attract good talent, but knowing how to keep good talent involves an important process that leaders must learn and practice,” says Steve Baker (www.greatgame.com), a business coach, vice president of The Great Game of Business Inc., and co-author with Rich Armstrong of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change.

“Making employee retention a priority for your company is essential for continual growth, success, and sustainability.”

Baker and Armstrong offer 10 tips to business leaders and managers on how they can retain their best employees. Make employees feel they’re part of something special. “In the same way that you promote the value proposition of your products and services to potential customers, you should do the same with employees, only focusing on your attributes as an employer,” Armstrong says. “Inclusivity and pride are feelings you can leverage to help them understand that working for your organization is a unique opportunity.”

Emphasize the purpose and meaning of the work. “The outstanding employees you seek to hire and retain have special talents, skills, and drive,” Baker says. “Make it clear to them that what they are doing benefits both the company and your customers in important ways.”

Ensure deserving team members are rewarded. Successful companies reward employees who go above and beyond. “Recognition, bonuses, and promotions demonstrate your respect and appreciation for hard-working team members,” Armstrong says.

Give employees more responsibility. One of the most effective employee retention strategies is to give them greater responsibility to make a bigger difference. “This starts with financial literacy training and continues with regular updates on business statistics like profits and revenue, and details on how their efforts are moving the needle,” Baker says.

Surround employees with other talented workers. People like to be a part of teams that are built for success. “By creating groups of skilled and motivated workers,” Armstrong says, “you can tap into a competitive and cooperative partnership that will benefit the business as a whole.”

Mentor employees. “When you prioritize personal growth and development,” Baker says, “employees see that their careers are going somewhere and that their organization’s interests are aligned with their own.”

Nurture trust in leadership. All great relationships are built on trust, and the workplace is no different. “Outstanding employees will stay if they trust leadership,” Armstrong says, “and that trust grows from leaders being honest, open, and interested in their team members.”

Get employees emotionally invested. People are passionate about the things they have helped create. “The more you engage employees in the development of the organization,” Baker says, “the more emotionally invested they become and the more likely they are to stay.”

Create a positive work culture.  “If you create a drama-free environment where honesty and integrity matter, your employee retention rate will rise,” Armstrong says.

Provide competitive compensation. “None of the other retention strategies matter if you continue to underpay an employee,” Baker says. “It is important to stay on top of what constitutes fair compensation in your industry.”

“Increasing employee retention and keeping it at a high level is challenging,” says Armstrong, “but you can start by getting your people in the same game the owner is: the game of business.

“You can build a winning culture by creating a business of business people. Allowing employees to contribute to a greater good and valuing their contribution inspires loyalty and commitment. At the end of the day, it’s all about creating a winning company and a company of winners.”

____________________________________________________________

Rich Armstrong (www.greatgame.com) is the president of The Great Game of Business Inc., and co-author, with Steve Baker, of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change. This book is the how-to application of Jack Stack’s 1992 bestseller, The Great Game of Business. Armstrong and Baker co-authored the update of Stack’s book in The Great Game of Business – 20th Anniversary Edition. Armstrong has nearly 30 years of experience in improving business performance and employee engagement through the practice of open-book management and employee ownership.

Steve Baker (www.greatgame.com) is the vice president of The Great Game of Business Inc., and is a top-rated, sought-after speaker and coach on the subjects of open-book management, strategy, and execution, leadership, and employee engagement. Baker is a career marketing and branding professional and an award-winning artist.

fear

How to Take Fear Out of the Workplace During COVID-19

Fear. Uncertainty. A growing sense of panic every time the president delivers a national address about the far-reaching effects of the coronavirus.

Chatter around the workplace these days is filled with questions like: Will I get sick? Will I have a job tomorrow? Can I afford to pay my rent?

What can you do when you’re facing fear in the workplace? The good news is that you can turn to four key principles: transparency, financial discipline, trust and respect for people, and a forward-focused approachIf you want to take fear out of the workplace, consider the following steps:

Embrace transparency. “Open-book management” is the idea that everyone inside your organization will be taught to understand the numbers that drive its success. Many growing business owners can be reluctant to share the truth about the financials inside their business. But they don’t realize the kind of risks they take on by doing so. They take on the burden of keeping the business alive — solo. In many cases, CEOs and owners are forced to shut the doors of the business to the shock of their associates, who are then left to wonder if they could have done something to contribute to a different outcome.

That’s why it’s amazing what happens when you have the courage to share the news — good and bad — with your people. Treat them like adults. Get their attention directed toward what they can do to help — versus panicking. Plus, the more eyes you have on a problem, the more ideas you’ll have to solve it. It’s an automatic check-and-balance on the security of your business.

Discuss your cash position. It’s been frustrating over the past few years as we’ve watched startup companies under the guidance of universities, incubators, and even investors embrace the idea that the only way they could grow was to take on debt. Some of you may find yourselves in an over-leveraged position, but that can also be an opportunity to engage your workforce and tell them the truth about the situation. If you do find yourself in trouble, ask your associates for ideas about how they can contribute to cutting costs — and increasing cash flow to the point where you can actually cover your debt obligations. You’ll be amazed at what can happen when you teach your people the rules of the game.

Protect jobs. Attracting talent and retaining it can be tough. We don’t have a future without people. In the not-too-distant past, executives sometimes became idols when downsizing jobs became the new mantra, laying off people at a time they needed those jobs the most. Something similar could happen today. Difficult times can convince companies to resort to layoffs to survive. But it is wise to think differently. Whoever has the most talented workforce will dominate their markets as soon as 2021. The time to get your organization ready for the next upturn is today — not when it’s already arrived. By then, it may be too late.

Get ready for the upturn. As bad and as uncertain as things look today, here’s a secret: it’s actually harder to get a company ready to take advantage of an upturn than it is to prepare for a downturn. Downturns can actually be opportunities to fix things inside your business that you can’t afford to invest the time and resources in when the economy is booming. While it might seem counter-intuitive, the current down market comes as a kind of short-term relief.

It’s giving us a chance to catch up — to make investments in our people and facilities — and to prepare ourselves to capitalize on the economic uptick that we expect to hit in late-2020, early-2021. By then, our workforce should be more stable and productive — and ready to take full advantage of the available opportunities. They have every incentive to do so, because, as owners of the business, they have a true stake in the outcome.

We know how painful things are today. But there’s no reason you can’t also dare to be successful. And learning how to build a culture based on transparency, financial discipline, trust and respect for people, and a forward-focused outlook, is a great place to start removing the fear that’s pervading your workplace.

__________________________________________________________

Rich Armstrong (www.greatgame.com) is the president of The Great Game of Business Inc., and co-author, with Steve Baker, of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change. This book is the how-to application of Jack Stack’s 1992 bestseller, The Great Game of Business. Armstrong and Baker co-authored the update of Stack’s book in The Great Game of Business – 20th Anniversary Edition. Armstrong has nearly 30 years of experience in improving business performance and employee engagement through the practice of open-book management and employee ownership.

Steve Baker (www.greatgame.com) is the vice president of The Great Game of Business Inc., and is a top-rated, sought-after speaker and coach on the subjects of open-book management, strategy, and execution, leadership, and employee engagement. Baker is a career marketing and branding professional and an award-winning artist.

work

How An Integrated Life, Not A Balanced One, Is Key To Work Satisfaction.

In many businesses, a wide gulf exists between ownership and the workforce, a disconnect that can leave employees feeling undervalued and wanting to leave.
The high cost of replacing them means it’s important to find ways to retain the best performers, and studies show that transparency and education from the top can be a solution, boosting employee engagement and motivation.
And one way to achieve that transparency is to open the company’s financial books to employees and teach them the business, says Rich Armstrong (www.greatgame.com), a business coach, president of The Great Game of Business Inc., and co-author with Steve Baker of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change.
“Too often in business, we fail to show the players on our own team the big picture – the overall score of the game,” Armstrong says. “We tend to try to manage from the sidelines, focusing on individual performance. Why not teach them what winning means in business?
“But opening the books may be the first time in the employees’ lives they feel they’re being treated as adults. This type of financial transparency builds trust and mutual respect. Teaching employees the business involves them in making a difference, so as a business leader, you need to get comfortable with opening things up.”
Many business owners are hesitant to open the books to their employees. One of their concerns is giving employees access to salary information, but that isn’t advisable, says Baker, who is vice president of The Great Game of Business.
“Opening your books does not mean sharing every detail,” Baker says. “On the other hand, if people see how much the company is making and that makes them want more, that’s what you want as a business owner.”
Armstrong and Baker break down how to open the books for employees and the benefits of doing so:
Bridge the gap between perception and reality. The perception among employees that the owner is focused on self wealth can be changed, Armstrong says, by teaching employees how hard it is for most companies to make money. “Many people would be surprised to know how little even large companies make in profit from every dollar of sales,” Armstrong says. “Research shows the median bottom line in companies in 212 industries across the U.S. is 6.5 cents on every dollar of sales. But the average employee thinks their company makes six times that.”
Break it down for them. “Once you show your team how hard it is to make money, sketch out a simplified income statement for your business, showing your revenue streams and all your expenses,” Baker says. “Draw a dollar bill and show them how little the company keeps out of every dollar.”
Bring the marketplace to your people. An owner can provide clearer perspective to the employees by sharing how and what other companies in the industry are doing. “Do your homework,” Armstrong says, “and find out about your competition. If your employees know how they stack up against the field, most will respond to your appeal to move the needle. Your transparency has made them feel valued.”
Make teaching financials interesting. “The strategy is to create a business of business people,” Baker says. “But remember, you’re trying to educate your people about your business, not create a bunch of CPAs. Share, teach and involve them in the numbers they can impact. Your people rarely need to know about debits and credits or how to do an adjusting entry. But they may very well need to know how production efficiency is calculated and why receivable days matter.
Teaching the business helps everybody begin to understand what they can do, both individually and as a team, to influence bottom line financial results.”
“The purpose of opening the books is to boost the employees’ confidence in understanding the numbers and in the company itself,” Armstrong says. “Then and only then will they begin to make a connection to the numbers that measure their performance and talk intelligently about improving the business.”
_____________________________________________________________
About Rich Armstrong
Rich Armstrong (www.greatgame.com) is the president of The Great Game of Business Inc., and co-author, with Steve Baker, of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change. This book is the how-to application of Jack Stack’s 1992 bestseller, The Great Game of Business. Armstrong and Baker co-authored the update of Stack’s book in The Great Game of Business – 20th Anniversary Edition. Armstrong has nearly 30 years of experience in improving business performance and employee engagement through the practice of open-book management and employee ownership. He serves as a business coach and senior executive at SRC Holdings Corporation, one of America’s top 100 largest majority employee-owned companies. He’s also a board member for the National Center for Employee Ownership (NCEO).
About Steve Baker
Steve Baker (www.greatgame.com) is the vice president of The Great Game of Business Inc., and is a top-rated, sought-after speaker and coach on the subjects of open-book management, strategy, and execution, leadership, and employee engagement. Baker is a career marketing and branding professional and an award-winning artist.
employees

Why Teaching Employees Your Company Financials Is A Winning Formula

In many businesses, a wide gulf exists between ownership and the workforce, a disconnect that can leave employees feeling undervalued and wanting to leave.
The high cost of replacing them means it’s important to find ways to retain the best performers, and studies show that transparency and education from the top can be a solution, boosting employee engagement and motivation.
And one way to achieve that transparency is to open the company’s financial books to employees and teach them the business, says Rich Armstrong (www.greatgame.com), a business coach, president of The Great Game of Business Inc., and co-author with Steve Baker of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change.
“Too often in business, we fail to show the players on our own team the big picture – the overall score of the game,” Armstrong says. “We tend to try to manage from the sidelines, focusing on individual performance. Why not teach them what winning means in business?
“But opening the books may be the first time in the employees’ lives they feel they’re being treated as adults. This type of financial transparency builds trust and mutual respect. Teaching employees the business involves them in making a difference, so as a business leader, you need to get comfortable with opening things up.”
Many business owners are hesitant to open the books to their employees. One of their concerns is giving employees access to salary information, but that isn’t advisable, says Baker, who is vice president of The Great Game of Business.
“Opening your books does not mean sharing every detail,” Baker says. “On the other hand, if people see how much the company is making and that makes them want more, that’s what you want as a business owner.”
Armstrong and Baker break down how to open the books for employees and the benefits of doing so:
Bridge the gap between perception and reality. The perception among employees that the owner is focused on self wealth can be changed, Armstrong says, by teaching employees how hard it is for most companies to make money. “Many people would be surprised to know how little even large companies make in profit from every dollar of sales,” Armstrong says. “Research shows the median bottom line in companies in 212 industries across the U.S. is 6.5 cents on every dollar of sales. But the average employee thinks their company makes six times that.”
Break it down for them. “Once you show your team how hard it is to make money, sketch out a simplified income statement for your business, showing your revenue streams and all your expenses,” Baker says. “Draw a dollar bill and show them how little the company keeps out of every dollar.”
Bring the marketplace to your people. An owner can provide clearer perspective to the employees by sharing how and what other companies in the industry are doing. “Do your homework,” Armstrong says, “and find out about your competition. If your employees know how they stack up against the field, most will respond to your appeal to move the needle. Your transparency has made them feel valued.”
Make teaching financials interesting. “The strategy is to create a business of business people,” Baker says. “But remember, you’re trying to educate your people about your business, not create a bunch of CPAs. Share, teach and involve them in the numbers they can impact. Your people rarely need to know about debits and credits or how to do an adjusting entry. But they may very well need to know how production efficiency is calculated and why receivable days matter.
Teaching the business helps everybody begin to understand what they can do, both individually and as a team, to influence bottom-line financial results.”
“The purpose of opening the books is to boost the employees’ confidence in understanding the numbers and in the company itself,” Armstrong says. “Then and only then will they begin to make a connection to the numbers that measure their performance and talk intelligently about improving the business.”
_____________________________________________________________
Rich Armstrong (www.greatgame.com) is the president of The Great Game of Business Inc., and co-author, with Steve Baker, of GET IN THE GAME: How To Create Rapid Financial Results And Lasting Cultural Change. This book is the how-to application of Jack Stack’s 1992 bestseller, The Great Game of Business. Armstrong and Baker co-authored the update of Stack’s book in The Great Game of Business – 20th Anniversary Edition. Armstrong has nearly 30 years of experience in improving business performance and employee engagement through the practice of open-book management and employee ownership. He serves as a business coach and senior executive at SRC Holdings Corporation, one of America’s top 100 largest majority employee-owned companies. He’s also a board member for the National Center for Employee Ownership (NCEO).
Steve Baker (www.greatgame.com) is the vice president of The Great Game of Business Inc., and is a top-rated, sought-after speaker and coach on the subjects of open-book management, strategy, and execution, leadership, and employee engagement. Baker is a career marketing and branding professional and an award-winning artist.