Recently, I attended a terrific conference in Hershey of the ESOP Association, an organization dedicated to the success and growth of employee-owned companies. Much of the conversation, and many of the workshops, were focused on how we need to teach employees how to “act and behave like owners”…
You know where you’d like the company to be in 3-5 years. But who will take it there? The current leaders are getting older, and there’s not much of a “bench.” Who will take over when (not if!) key employees and leaders retire? Employees with good potential are leaving. What career path is there for employees–especially the younger ones—to stay? The owner(s) may want to sell the company. Is the buyer going to be impressed with management team that he/she will inherit? We can help you with management development and succession–that “other” side of Human Resources, often one for which an HR Department burdened with compliance, payroll, turnover and benefits work may not have bandwidth. We work with senior … Read more
Where will your company be in 3-5 years, and who will be running it? Succession planning needs to start with strategic planning. First, ask: Where do you want to be in 3-5 years? What might the world, industry, company and world look like in 3-5 years? What departments, roles and skill sets will be necessary between now and then? Who’s going to be in those roles? What will the organization’s strategies be then? So, if there was ever a question about it, training and development of your employees is not a luxury, because… …someone eventually has to replace you and your senior managers …if they learn to take on more responsibilities, you’ll get to do other things (or less of everything!) …they want to get better and … Read more
Throughout the country, legislatures are increasing the minimum wage. Some states, such as New York, have scheduled wage increases for each of the next five years, and, according to the Wall Street Journal, in July the minimum wage went up in 15 places: By the start of next year, 29 states and Washington, D.C., will have minimum wages higher than the federal level. However, creative and forward-thinking companies will want to do more than just watch their expenses go up. With planning, communication and execution, these laws can also act as a catalyst to better productivity. Raise the bar for recruiting With a higher entry-level wage, you can hire a better-quality, possibly more mature, employee. Ten years ago, one national retailer decided to … Read more
Process. Execution. Discipline. Manufacturing words, right? Yes, but they are also words that describe the way effective management should work. Just as quality manufacturing depends on a controlled and organized method, so does the management behavior that gets all of the production work done. What would happen if a plant manager or senior executive purchased a new machine and didn’t train the operators? Of course, that would be an obvious waste of the new asset; the projected and expected return on investment would not be achieved. Yet today, millions of dollars are being spent by manufacturing companies on technical and technological changes without a team of managers who can ensure sustained progress. For example: Company XYZ hires consultants so … Read more
