Welcome to the Loyalty Factor Information Exchange, a bi-weekly service providing summaries of major publications and books on various management and customer relationship topics.
Loyalty Factor has been instrumental in helping companies:
- Increase Customer Satisfaction by 20 – 33%
- Increase Revenues by 50% in 18 months
- Increase Manufacturing Production by 200% in 18 months
- Simplifying mergers and acquisitions
Our information exchange this week highlights the recent article in Fortune, “Five Ways to Keep Employees Excited” by Verne Harnish.
Five Ways to Keep Employees Excited
In a recent article in Fortune Magazine, Verne Harnish describes five specific ways to keep employees excited. He summarizes it by saying, “Get them invested in your firm, and then eliminate the bad bosses and the red tape.”
His five ways include:
1.Give them a voice – Conduct focus groups or retreats to give them input. According to Verne, the more you give people a voice, the more they step up.
2. Clear the roadblocks – Once again, get input from your employees. According to Verne you ask them what stupid processes and obstacles are slowing their work; whether it is long meeting, endless paperwork, or incompetent colleagues and then free them from these hassles.
3. Grow better bosses – People don’t quit companies, they escape lousy managers. One recent survey showed that 65% of workers would prefer a new boss over a raise. If the team is underperforming, take a close look at who is managing that team. Do they know how to coach? Do they know how to manage? Do they know how to help people excel?
4. Take a break from austerity – Reward recognition and appreciation are key for individuals to excel at their work and become highly motivated and engaged within the organization. Do what you can within the boundaries of the organization to show appreciation and how much individuals are valued.
5. Make employees dreams a reality – One company highlighted in this article developed a program called “Dream On” where the company fulfilled one wish for each employee. What they found is that the employee requests were very modest and the voluntary turnover fell by over 35%.
In summary, get employees invested in your firm, eliminate the bad bosses and the red tape.
Contact Dianne Durkin of Loyalty Factor today for a consultation on how to get your employees excited!