The rule of thumb is if you lose an A performer, it takes you 3 years of salary to get them back. Having goals accountability and rewards for your team ensures that you keep your A performers because it’s a huge expense to get another one back.
Have you ever had a good COACH? This often occurs on an athletic team. What are the characteristics of a GOOD COACH? Encouragement, teaching, and helping to improve skills, immediate feedback, patience, to name a few.
Coaching: Brings about the highest productivity change. You will be amazed at what people will achieve when you are a good coach.
Scott, Portland, loved the coaching concepts and practice session that go with the Productivity Pyramid TM concepts that Dale Richards presented to his Vistage Key Group in Portland, Oregon.
We also discussed the 80/20 Customer Gold Program TM, Why do Customers Buy and the Contribution Margin vs. Gross Margin concepts that lead a business to 2X-4X increase in revenue, profits and value.
It is essential that supervisors be taught how to be good coaches. The natural tendency of people is to focus on the negative instead of the positive. For a person to have high self-esteem, they need 3-4 positive comments to every 1 negative. Our society is mostly based upon negative “constructive criticism”. This negative methodology results in poorer performance and individual loss of self-worth.
When criticism is needed, use a technique such as the “Sandwich” principle: Two positive comments sandwiching the constructive thought. Also, a good coach using “Active Listening” techniques. This means that “listening” is more important than “telling” or “suggesting”. Especially at first; gather the facts, listen to understand the situation BEFORE suggestions are given. Work as a team to suggest and improve performance. This must be trained and practiced.
If this: Goals – Coaching – Accountability – Reward system is implemented employee productivity and company profits will soar.
Learn more about Business Valuation Principles by Dale S Richards https://successbiznow.com/books/business-valuation-principles-by-dale-richards/