30 Apr, 2009 | by Jared Koesten
As a manager, do you conduct meaningful performance appraisals with your employees every 6 or 12 months? Do you collaborate with your employees to develop and set meaningful goals? Do your employees only receive a performance appraisal or are they a part of the process?
Many managers and employees view the performance appraisal process as an annual or semi-annual HR process in which the manager delivers feedback, often without the employee knowing what a “satisfactory” level of performance is. In reality, the performance appraisal process should be a year round collaboration in which the manager and employee are constantly communicating, adjusting based on the business, and sharing tools that enable the employee to grow and be successful. There are 5 keys to successful year round coaching and feedback.
1. Year round coaching and feedback must be just that – ongoing. Managers and employees must make an effort to ensure that they are openly communicating throughout the year about the employees work performance and areas of both strength and development. By doing so, managers and employees are always on the same page with regards to work performance, giving the employee the opportunity to learn, grow, and be successful. It also ensures that there will be no surprises during the annual or semi-annual appraisal process. continue reading »
13 Mar, 2009 | by Mike Tikkanen
Better Prospects = Better Transactions
These are chaotic times for business valuation. The old rules are changing to reflect the dramatic new reality of the markets. Companies that were hanging on won’t make it much longer, and companies that need to sell will not receive the pricing they would have eighteen months ago. Equity buyers call it the “catch a falling knife” metaphor. Business valuation has always been more of a black art than a science.
Corporate buyers with access to cash receive far better returns on their acquisition dollars during recessions. Troubled deals that would be done in good times are being liquidated, mundane companies are finding it hard to get a fair multiple, and cash is at a premium.
All this points to acquisition as a growth strategy.
Those that discipline their acquisition process will improve their return on investment. continue reading »
28 Jan, 2009 | by Evan J Miller
On every coin and every bill issued by the United States Treasury you’ll find the words “In God We Trust”. In recent years that slogan has been extended to say: “In God We Trust – All Others Bring Data”.
This clever twist is especially popular in Lean Six Sigma and Total Quality Management circles, where the data-driven decisions are the holy grail – the means to reduced costs, improved efficiencies, reduced downtime, and driving waste out of processes.
Now it seems neither of these adequately represents how business actually operates.
According to CIO.com research published by Accenture found that nearly half (40%) of major corporate decisions are based on the decision maker’s ‘gut’, not on data.
While this number (40%) surprised me, I was not at all surprised to read that the top reason (61%) these managers rely on their gut is that good data are just not available.
Recently I visited one of these businesses. Like two thirds of survey respondents, these leaders recognize the weaknesses of their data systems and they’d love to fix them.
continue reading »
7 Oct, 2005 | by Richard Vinhais
The following is a summary and assessment of an article I read from the New Zealand School of Management by Des Dearlove called “MANAGING Purpose, Process & People: The new management philosophy”.
This was a very interesting article that discussed a new management philosophy that claims will one day become dominant. It is called the purpose, process, people philosophy. It is expected to replace our current dominant philosophy, which has driven business for the past 50 years and is based on the idea that a company is purely an economic entity. The current trend indicates that there is almost a paradigm shift from financial capital to human capital, which in itself carries major repercussions under the current model. This new philosophy or trend will move beyond strategy, structure, and systems to purpose, process and peoples. It is a very different mentality that really brings value to an individuals net worth, which in turn puts the onus on employers to realize this value. continue reading »