Tag Archive: predictions

Who Are Your Stars?

July 21st, 2019

In our 14 years of consulting experience and almost 30 years of working experience, we have found that 80% of executives spend the majority of their time with the 20% of employees who do not achieve results. Unfortunately, this means they don’t have time to spend with the stars who achieve 80% of the results. Do you fall into this trap as well? As executives commented in our 2019 predictions document, talent is a hot topic in today’s tight labor market. If you aren’t paying attention to your stars, they will jump ship to someone who does pay attention.

People don’t leave companies. They leave bosses!
As an executive, stop to think about what questions you are asking. Do you ask your direct reports about their stars? Could you identify the future stars of your organization? Or are you just addressing issues as they arise? Key customer issues. Board questions. Performance problems. Etc. If so, undoubtedly, you are receiving information from stars or they could be working behind the scenes, invisible to you. We find that these stars can be easily overlooked because they might not like the spotlight or they are likely to be the person to bring up unpopular topics. Does your culture support these stars or encourage them to stay hidden?

Here are ways to find your stars:

  1. Pay attention to who your leaders go to in order to get information. There is always a star behind the scenes who has the information when you need it. It is likely this person could be several layers below you and so you’ll need to pay attention.
  2. Have you asked old-timers for information or ideas lately? Ask employees who have been around a while. If they feel overlooked, they aren’t going to offer ideas and information until asked. However, when valued, you just might be surprised with some amazing results. We have had countless numbers of clients with this sort of hidden gem! Typically there is at least one person like this in every organization.
  3. Look for someone who might be unpopular in meetings because they’ll bring up issues. Frequently, there is someone who is willing to speak up about issues who becomes unpopular because the rest of the team doesn’t understand or think the issue will occur. This person is also seen as delaying the process. Sometimes, these folks are just problem employees but often they can be your stars. Stars are willing to speak up about issues, and if you listen to them, they will save you from all sorts of problems. Of course, if it was only that easy! Typically these folks might not be the best communicators, so they aren’t seen as stars by their managers. You’ll have to look hard.
  4. Look for the influencers. Although not typically in a position of power, the masses will follow them because they trust their judgment. This isn’t obvious because leaders aren’t involved. Look for who employees go to with questions or look for who they will go to if issues occur.
  5. Ask each employee about his/her ideas and/or create small group discussions. Once you gain trust, you’ll rapidly identify your stars.

Since your stars are responsible for 80% of the results and are the go-to people for any project worth doing, there is a dramatic ROI in finding your stars and embracing them. It certainly seems worth the effort of checking in on a few employees each time you walk through the office. Don’t stop and talk with your favorites or those with which you have common interests. Instead, stop at the first desk that wouldn’t part be part of your routine. Be interested and listen. We’ll bet you learn compelling ideas rapidly. Let us know how it goes and what strategies you find the most successful in finding your stars! We are always interested in this vital topic.

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Employee Performance: Do Not Ignore Your Stars

People Rule!



Do You Treat Your People as Critical Assets to Your Success?

June 24th, 2019

As several CEOs lament continually and as Steve Erickson, president of Corona Clipper, Inc. and UK Business Unit Group, said in our 2019 predictions document, talent is a hot topic in today’s tight labor market. Perhaps it is time to put a bit more thought into our talent.

As a consultant who works with organizations from a few million in annual revenue to multi-billion dollar conglomerates, it is quite clear that talent is an issue across-the-board. It doesn’t matter the industry, the size, or the ownership (private equity, publicly traded or closely-held). Talent is an issue that is top of mind of every executive interested in growth and innovation. The trick is whether you just think about talent or are willing to invest in talent. Which are you?

Certainly, those who invest are far more likely to retain top talent and develop new talent. In zero unemployment markets, there is something to be said about creating your own talent. If you aren’t focused on this topic, it is quite likely the competition will steal your talent away.

There are many ways to invest in talent:

  1. Provide mentor opportunities – If your organization looks for ways to support the growth of employees with mentors, you are bound to be more successful than the norm. In our experience, the best companies realize that people need to learn through practical application and mentoring provides this opportunity.
  2. Invest in leaders to encourage continuous coaching – aAyearly review is quite useless. Who can remember what happened that long ago and understand how to improve or build on a strength? Instead, I found that 90 day one-on-one performance conversations with a limited number of objectives do the trick. Continuous feedback and investment of time can go a long way. But let’s not expect leaders to know how to conduct these sessions if we haven’t invested in them. Remember, it trickles down hill.
  3. Provide training opportunities – Search for training topics that will supplement what your employees should understand. For example, any employee in operations and supply chain should take APICS courses to understand the fundamentals of supply chain and operations management and related principles. If nothing else, it will provide the body of knowledge and associated language.
  4. Provide experiences – In larger companies, there might be job rotations or overseas assignments.  No matter the size, there are cross-training opportunities as well as enabling visits and collaborations with customers, suppliers, systems and technology providers, consultants/experts and other partners.
  5. Allow the freedom for experimentation – To encourage new ideas and innovation, it is important to design programs that educate employees as well as provide a framework to try out new ideas. In our consulting travels, we find that employees who are allowed to test new ideas in a safe zone feel invested in.
  6. Address poor performers – Instead of ignoring your poor performers because it is an unpleasant task or you are worried about repercussions, proactively address them. Work with them to turn them around or move them out of the organization, and you’ll unleash your top talent.

Why not merely increase your engagement by investing in your already-existing talent? According to all the surveys, engagement is at horrific levels in the vast majority of organizations yet engagement is key to driving performance. It doesn’t take a rocket scientist to figure out investing in your people is not only common sense but it can do more good for your bottom line than almost anything else. The key is to not treat investment as throwing money at an issue but instead seeing it as a priority. Let us know what ideas you have to engage your most critical assets.

 

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Profit Through People

 



Boom or Recession? What is the State of the Economy?

May 6th, 2019

In the last few months, I’ve attended sessions on the global, national and regional state of the economy. Every executive, trusted advisor and colleague wants to know: Are we headed for a recession?

The bottom line answer is that there are no signs of a recession in the foreseeable future in terms of the economy. Instead of worrying, it might be just the time to take advantage of the opportunity. As Roy Paulson, president of Paulson Manufacturing said in our 2019 Predictions from Manufacturing & Logistics Executives report, “…expect to see more talk of tariffs, threats and waving of hands, all the while, those of us in exporting will be busy making deals, signing contracts and getting business done.”

Similarly, in manufacturing, there was concern over the worsening ISM (Institute for Supply Management) index even though it remained far above (54.2) the level that indicates expansion (50) yet the index rose significantly in March to 55.3, signaling great growth and stabilization. The largest contributor was from employment which had the biggest gain in 3 years. All cylinders seem to be firing.

Yet many remain concerned for the next shoe to drop due to the volatility and uncertainty of these tumultuous times. Perhaps it is time for us to get comfortable with volatility and pursue new product introductions, technology (automation, AI, IoT) for those that will add value in our businesses and experiment with innovative ideas. What better time will there be to get in front of the curve so that we can pass by the competition if/when a recession hits?

One tip to implement this week:
There are countless studies that prove that those people who remain calm, invest smartly while others panic and stay the course to what they know will add value to their business thrive. Perhaps we should take a page from their book.

Of course, stay up-to-date on the latest trends and don’t hide your head in the sand as issues arise.  Spend the 80/20 of your day looking for opportunities. What new ideas have you had lately? Have you asked your front line employees for ideas? Are you willing to invest in their education and give them the chance to fail?

When I was VP of Operations at PaperPak, I worked with a CEO who was constantly thinking about the ways for us to succeed. Gas prices rose (which we obviously couldn’t control), which had the potential to create pure havoc with our profitability (with a Board that didn’t consider gas prices a reasonable excuse). Instead of panicking, he would consult with key people throughout the organization and create opportunities to get ahead of the issue. We rose from the ashes more times than I can count because we kept focused, thinking of opportunities instead of becoming defeated by some rather significant curve balls.

Give it a try this week at the next sign of volatility and disaster. How can you turn it into an opportunity?



2019 Predictions from Manufacturing & Logistics Executives

April 22nd, 2019

Economic volatility and uncertainty are the new normal. Instead of lamenting, manufacturers have a unique opportunity. There has never been a better time to stand out from the crowd with a superior customer experience amidst the chaos. 

Not only has the Amazon Effect driven customers to expect customized product and service offerings with rapid response – creating a greater demand for local manufacturing – it has also made innovation a cultural norm. There is a trend towards near-sourcing, vertical integration and agile strategies to proactively address these elevated expectations as well as to meet customers’ insatiable need for last minute changes.

With the rise of e-commerce, increasing transportation costs and global risks, sourcing experts are re-evaluating their global supply chains. Logistics is gaining in relevancy as transportation costs increase, sustainability efforts expand and managing inventory becomes a hot topic as accelerating cash flow becomes more relevant.

Drones, robotics, IOT, artificial Intelligence, big data predictive analytics and additive manufacturing are transforming entire industries while providing the tools to create a customer-centric, resilient supply chain. However, technology alone will achieve nothing. With a differentiated strategy and the right talent, the opportunities are endless. 

We asked business owners and executives for their predictions for 2019. From aerospace and defense to food and beverage to building products, the perspectives may be different, but the outcome is the same: Opportunity Abounds. 

Find out how to navigate disruption and achieve peak performance. Download our free report here.

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2019 Predictions Report: What to Expect and Where to Focus

March 26th, 2019

I’m thrilled to launch our 2019 Predictions Report, “Manufacturing & Supply Chain in the New Normal: 2019 Predictions from Manufacturing & Logistics Executives” discussing what to expect and where to focus.

We assembled this based on these types of questions:

  • How do we increase profitability in today’s new normal environment?
  • Do we see growth or recession? Or something in the middle? What should we do?
  • There are so many technology options with the promise to transform entire industries. Should we be pursuing? Which ones?
  • Customers expect quick delivery with changes along the way (even while intransit), excellent on-time-delivery (OTD) results and more. Where should we focus?
  • Trade wars and global sourcing – what to do?!
  • How is it trending in our industry? Are there any hot buttons, like talent?

Discussions with several manufacturing and logistics executives and experts are included in the report. Feel free to pass on this link to colleagues and friends to get a free copy of the report.

With that said, since you are already on our newsletter list, here is a direct link just for our newsletter subscribers.

Thank you to our clients and colleagues who participated with their predictions and advice! Please share your feedback. We would love to gain your insights, concerns etc. We’ll incorporate into our upcoming interview and article series.