Archive for February, 2009
Friday, February 27th, 2009
Benchmarking is the comparison of core process performance with other components of an organization (internal benchmarking) or with leading organizations (external benchmarking). Benchmarking is a key tool for performance improvement because it provides “real world” models and reference points for setting ambitious improvement goals. Benchmarking helps to (1) identify the gaps between the organization’s process performance and that of leading organizations, and (2) understand how these leaders have changed their structures, work processes, and lines of business to improve performance dramatically. When used in conjunction with performance measurement, benchmarking provides a powerful means of establishing a compelling business case for change.
An organization can benchmark in six distinct ways.
1. Internal Benchmarking (self-examination) is the analysis of existing practices within various departments or divisions of the organization, looking for best performance as well as identifying baseline activities and drivers. Drivers are the causes of work: the triggers that set in motion series of actions, or activities, that will respond to the requests or demands of the stockholders.
In doing internal benchmarking, management is looking downward, examining itself first before looking for outside information. Significant improvements are often made during the internal analysis stage of the benchmarking process. Value-added activities are identified and non-value-adding steps are removed from the process. Internal benchmarking is the first step because it provides the framework for comparing existing internal practices with external benchmark data. Internal benchmarking focuses on specific value chains or sequences of driver-activity combinations.
2. Competitive Benchmarking (limited to one industry) looks outward to identify how direct competitors are performing. Knowing the strengths and weaknesses of the competitors provides a good input for strategic and corrective actions.
3. Industry Benchmarking (looks at industry trends) extends beyond the one-to-one comparison of competitive benchmarking to look for trends. It is still limited in the number of innovations and new ideas it can uncover because everyone is following the other. At best, it can help establish the performance baseline or can give an incremental gain. It gives a short-run solution and a quick fix to an existing problem. However, it does not support quantum leaps or breakthroughs in performance since the comparison is limited to one industry.
4. Best-in-class Benchmarking (looks at multiple industries) goes beyond a single industry to look for new, innovative practices, no matter what their source. This is the ultimate goal of the benchmarking process. It supports quantum leaps in performance and gives a long-run competitive advantage.
5. Process Benchmarking (looks at key work processes) centers on specific processes such as distribution, order entry, or employee training. This type of benchmarking identifies the most effective practices in companies that perform similar functions, no matter in what industry.
6. Strategic Benchmarking (focuses on market success) examines how companies compete and seeks the winning strategies that have led to competitive advantage and market success.
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Thursday, February 26th, 2009
We often define success as achievement. We believe that if we achieve, we’ll be successful. Yet, even when we do achieve, we feel unfulfilled. I believe that the definition of success as achievement is limiting.
When you develop your vision for success, be sure to include the four elements achievement, significance, legacy, and satisfaction.
Success is a combination of achievement, significance, legacy, and satisfaction.
Achievement is what you accomplish in your career or business, usually as measured by your job title, promotions, accolades, and business bottom line. It may also be measured by such things as how many employees or customers you have, the percent growth of your department or business, movement into new markets or countries, or development of new product lines.
Significance is the sense of meaning you get from the work that you do. Does it have personal importance to you? Do you feel that you have a reason to be in business? It boils down to why you are passionate about your work and business.
Legacy is the contribution that you make to the world. It is the mark you will leave. It is how you make things better for your children’s
generation. As people move through life, a sense of legacy becomes increasingly essential.
Satisfaction is the enjoyment that you get each and every day from your work. Do you get up in the morning and look forward to at least some (and preferably most) of the activities you’ll do that day? Do you get energized by your daily activities, interactions, and responsibilities? If you’re a business owner, recognize that you will be working both in and on your business, so you must enjoy the role that you create for yourself.
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Wednesday, February 25th, 2009
Preventing Quick Quits
Remember to extend the handshake. Too often we choose the right people but fail to support them as they assume their new roles. Maybe that’s why so many
people leave within the first year on the job.
Some report that turnover within the first six months is 50 percent or more. In retail, this figure can climb to over 70 percent.
Orientation and ongoing support are key pieces of the selection process and will increase the odds of your new hires’ success, contribution to and tenure on the team. New hires come to an organization fully charged, excited about their new adventure and filled with energy and potential. By effectively tapping into that energy, knowledge, and wisdom right from the start, an organization can maximize the new employee’s potential, extend the handshake, and maximize that energy well past the first year.
We know that many quick quits can be prevented. There is a direct correlation between shortened tenure and actions you do, or do not, take.
Discuss about Relationships
Help them build relationships, and they’re more likely to stay. In your early, ongoing conversations, you might ask questions like these:
? What kind of support or direction do you need from me that you aren’t getting? What are you getting that you don’t want?
? How are you getting along with your other team members? What introductions would you like me to make? Are you finding people to go to lunch with? Are you finding people to go to when you need help?
Discuss about the Job
They joined your organization because you offered work they love to do. Are they doing it? If the job doesn’t measure up to what you promised, find ways to
close the gap. These questions should help:
? How does the job measure up to what we promised so far? Where are we on or off? How might we course-correct?
? What other interests would you like to explore, either now or over time?
Discuss about the Organization
The people you carefully recruited and selected are now onboard. Are they wondering who or what they’ve joined? Early on, ask questions like these:
? How does the work pace and schedule work for you? Is there anything we need to adjust?
? How is our organization the same or different from your last employer? What do you miss most? Least?
? How can I help you get more of what you want from this workplace? We want you to be happy here!
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