3 Whys of Talent Management For Joy, Profit and Financial Sustainability
July 31st, 2009 Filed under: Uncategorized — Business Author
Read time 3.7 minutes. Why? Number One.
Because a business can only thrive when everyone is; (a) competent enough; and (b) motivated enough to make it thrive. Business owners and executives often say, “I don’t have time to manage people, they should know what to do.”
I say, “Really. So you’re willing to throw away $2500 per employee, lose customers and demotivate your best talent?”
When managers don’t make the time to give guidance, direction, support and focusing, nine roadblocks to profitability sink your business into the money pit:
- Speed Bumps: People make costly mistakes that they never should have.
- Pot Holes: Those same costly mistakes keep happening.
- Detours: Customers get frustrated because they too keep encountering the same mistakes.
- Flat Tires: Financial and human resources are wasted.
- Outta Gas: People do their tasks in the wrong way for days, or weeks or months before somebody cottons on to it.
OK. So you get the picture – this vehicle is bogged down, goin’ nowhere!
6. Low performers fly under the radar while your give them your money for not performing up to your expectations.
7. “B” players delude themselves — with the help of no feedback from you — into believing they are indispensible and so start demanding things that p-ss you off.
8. High performers get p-ssed off and start looking for a better place.
9. Managers do stuff that should have been delegated to someone else . . . Worse yet, WERE delegated to someone but then they are thrown back to the manager because they weren’t done right or there were critical mistakes. We simply cannot afford to NOT to manage our people.
Why? Number 2.
- Because people always perform at the level that we teach and reinforce them how to perform. They are just following the messages we are giving out. What we teach is what we get!
Don’t think you have time? Ka-Ching$$ Think about this. For every employee that I pay $25,000 or more, not counting benefits, go to the bank and take out $2500.00 of my hard-earned cash. (You can do the same calculation with an employee @ $125,000 — you take out $10,500.00).
So, if I have:
- 5 employees, that’s $12,500 per year I take out of my bank account.
- 10 = $25,000
- 20 = $50,000
- 50 = $125,000
- 100 = $250,000 annually
- 200 = $500,000
- 500 = $1,250,000 each year is leaking out of your bank account.
Now, take that money and burn it.
That’s right, burn it! What!! “This is nuts, crazy. Why would I do this?” Well, that’s what I’m doing right now, every day, month and year. I’m throwing my hard-earned cash into the garbage to be burned if I am not taking the time to manage my employees. How? Why?
Because that’s what it’s costing me for absenteeism, turnover, shrinkage, disability costs, workplace accidents, mistakes, turnover of my best talent, workers compensation, lawsuits, poorly developed competencies and low engagement.
Truth is, every person in my company, except for me of course, is at least 10% less effective than they could be.
There are many of my employees who are performing at 20, 30, 40 or even 50% of their potentials. Ka-Ching$$$$
And the sad fact is – they don’t like being that way, no matter what I may think!
Now For Brutal Fact Number Two! If my employees are not performing up to their potentials, then I am even less effective than my most ineffective employees.
Why? #3.
Because I am not leveraging me. In effect, I am saying — loud and clear — to my employees, “Its OK to waste your time and efforts. As a matter of fact, no matter how much time and effort you waste, I’ll pay you even more each year! And, on top of that, I will hire more people to do what you could be doing with less effort and more pride.”
The frontline produces the bottom line. Ignore them and you’ve got a money pit business.
To get your FREE Instant Copy of A TASTE of GENIUS — by increasing people’s Competence & Motivation go to http://www.subject2change.ca
From Dr. Jim Sellner, PhD.,DipC. — Genius Leadership & Zoomers Talent Management in the Age of Gen Y’s.
