Three Ways To Differentiate Your Service Business
The one factor your competition can't easily duplicate is your employees. Referred to as "Cultural Capital" by leading management experts, a service firm's employees represent vast untapped potential and the strongest variable to achieving impressive financial performance long term. Here are three key trends:
Trend #1: Focus On Employee Fulfillment - Corporate performance and financial success is strongly correlated to employee fulfillment. Research conducted by The Wilson Learning Corporation involving 25,000 employees, documented that up to 39% of the variability in corporate performance is attributable to the personal fulfillment of employees. There are many aspects to employee fulfillment. A few include how your employees feel about the competitiveness of their compensation and benefits, their work environment, and the degree to which their work environment is one of cooperation, team work, open communication and appreciation.
Trend #2: Developing The Leadership Skills and Emotional Intelligence of Managers - Employee fulfillment is strongly correlated with the leadership skills and emotional intelligence of managers. Up to 69% of the variability in employee fulfillment is attributable to the leadership qualities and interpersonal skills of every manager and supervisor. Recent research by Dr. Dan Goleman has shown that emotional intelligence is twice as important for outstanding performance as technical skills or intelligence. Some of the more important emotional intelligence skills include: effective interpersonal communication, giving and receiving feedback, handling conflicts and conflict resolution, facilitating responsibility and accountability and empowering and coaching employees. In banking, it is common to find people who have been promoted into positions of leadership due to their technical expertise and years of experience, yet who lack the leadership and emotional intelligence skills needed to maximize employee performance. John P. Kotter, in his book What Leaders Really Do, states "that most organizations lack the leadership they need often by as much as 200% to 400%.
Trend #3: Development of an Adaptive Culture That Fosters and Supports Creativity and Innovation - History shows us that the most successful species on the planet have been those groups that have been able to continuously adapt to their changing environment. Since corporate cultures closely reflect the personalities of the Chief Executive, Senior Management Team and /or the Company Founder, a shift in culture necessitates a shift in the personality of the leader and the leadership team. Simply said, organizations don't change, people change. As leaders, we must be on high alert to quickly spot and eliminate the behaviors and conditions that contribute to excessive employee turnover and that kill team-work, morale, productivity, creativity and innovation. Those include territorial behavior, excessive control, excessive bureaucracy, micro-management, power struggles, grandiose egos, intimidation, and employees feeling unappreciated and unacknowledged. Research shows that employees respond well to a corporate culture void of these situations and are up to 127% more productive and creative when they work in a healthy, supportive environment.
The Undeniable Linkage Between People and Profits
In their book Corporate Culture and Performance, authors Kotter and Heskett document that companies with strong adaptive cultures that emphasize leadership development and employee fulfillment, outperform other companies by a significant margin. On average, these companies grew 4 times faster, had stock prices that grew 12 times faster and profit performance that was 750 times higher than companies focused on other more traditional corporate objectives. In the words of famed AlliedSignal CEO, Larry Bossidy "at the end of the day, you bet on people, not on strategies."
******************************************************************
© 2007 Ray Adler, All rights reserved. You are free to use this material in whole or in part in print, on a web site or in an email newsletter, as long as you include complete attribution, including live web site link. Please also notify me at ray@btitraining.com where the material will appear.
The attribution should read: "By Ray Adler of Bank Training International, Inc.. Please visit Ray's Web site at http://www.btitraining.com/tips.html for additional articles and resources."
Related Tags: banking, bank, training, customer, customer loyalty, loyalty, employee, customer experience
Ray Adler, founder of Bank Training International, Inc., works with banks across the nation to upgrade their sales cultures while retaining their community bank values and commitment to personalized customer service. For information on bank sales cultures and differentiation visit http://www.btitraining.com/tips.html
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- The No. 1 Rule For Projecting Confidence - Speak With Authority
One of the most important characteristics a person can project in a business setting - or any situat - After the Autumn Checkout European Debt Crisis and U.S. Brewing Rebound
In the commotion caused by the Fed on interest rates come to an end, the "disastrous" for the euro a - Advantages Of Arcade Game Rentals
There are many different advantages to arcade game rentals. Most people need something to release th - A General Primer on Truck Cargo Nets
In modern highways it is quite rare to see truck cargo nets in action, this is because they are usua - The United States Will Burst More Severe Financial Crisis
Not long ago, suddenly announced that the central bank to raise interest rates, the interest rate hi - Niche Marketing Profits - 3 Easy Steps to Finding a Profitable Niche Market Income in 10 Minutes
Like most beginners I was having a very difficult time trying to find a niche market to earn extra m - The Importance of Hospitality Management Consulting Firms Toronto
Businesses and the managers that help guide any business are in a constant state of improvement and - New Keynesian Theory Label
2010 winner of the Nobel Prize in Economics three theories have been labeled as "New Keynesian" labe - Federal Reserve Pouring Money QE2 Unpredictable Fortune
U.S. economist Milton Friedman proposed a "throw the cash from a helicopter" view, while the practic - Fiscal Consolidation Should no Longer Delay
British Chancellor of the Exchequer George Osborne today announced fiscal consolidation policy, shoc
Most viewed articles in this category:
- Common Financial Problems to Avoid
One must first change their habits and not procrastinate. American Consultants Inc at offers key fi - How a Bad Hire Can Hurt Your Business
What's worse - hiring the wrong person or not hiring anyone at all? Companies can become almost des - Joel Comm Is Dr. Adsense
What is Adsense? If you are new to making money online and net marketing, you may not know what Ads - 5 Steps For A Dynamic Wealth System Online
Recipe: Opportunity + knowledge + Dynamic Wealth System + Your Action = Massive Success!!! Step 1 - How To Stop Foreclosure
Losing your house to a foreclosure can be very scary. There are times when circumstances are ou - How to Always Pitch A Strike
As business owners, we are always working on new ways to convince people to become customers, client - Membrane Diffuser Solutions for Wastewater Treatment Systems
In the aeration basin of a typical wastewater treatment plant there are both organic and inorganic m - Another Year Hating Your Job or Loving Life?
Copyright © 2007 Mary Foley I've come to the conclusion that to be successful - really successf - Dyestuff Industry In India And China
World demand for dyes and organic pigments to touch $10.6 billion in 2008According to a study on dye - Cma-cgm Case : the Series of Lawsuits Continues in Syria, Lebanon, Egypt, France, England and the United States
Damietta company case : The series of lawsuits continues in Syria, Lebanon, Egypt, France, England a