Economies are in a constant state of fluctuation. As the markets go up and down, business executives and managers start to worry about the impact the changes will have on their bottom line.
In anticipation of a downturn, many leaders begin to make cuts in the budget to prevent their own financial crisis.
One of the first areas on the budget cut list seems to be employee training. It makes sense, at first.
Why waste money on training when every penny is needed to keep the company afloat?
The reality, however, is that employee training should be one of the last items cut from the budget if a company wishes to successfully make it through the hard times and continue to grow once the economy goes on an upswing.
The Association for Talent Development discovered that companies with a comprehensive employee training program had over 200% higher income per employee than those without.
Those numbers are significant when an employer relates “statistical data” to what is happening in their corporation. What manager would refuse an increase in sales of over 200%?
The idea of investing in an effective training program is often overlooked as a cost-saving measure. But rather than cutting training, employers who want to thrive during an economic downturn should increase their employee development programs.
Empowering employees through professional development can help prepare your company to accommodate rapid growth when the economy improves and instills a sense of loyalty in employees who recognize that management was investing in their success.
Employee training also ensures that each employee within the organization is equipped with the skills and tools they need to contribute to the company's success.
Use the opportunity to cross train employees in new skills. Enhance their productivity with goal setting and time management programs. Offer management training programs to help management improve their skills at leading.
Many managers rely on the economic downturns to help retain employees. Who would leave a good job during a recession, after all? It’s true. Employees are less likely to seek alternative employment when the economy is shaky.
Unfortunately, this temporary reprieve from voluntary employee departures will disappear as soon as the economy starts to grow. In fact, the number of voluntary departures often skyrockets once the economy recovers as a result of what happened during the downturn.
Employees who survived downsizings may grow resentful at their increased workload and decreased salary. Pay-cuts can demoralize employees who view higher paid executives with distrust. Fear and anxiety as a result of management’s lack of communication with employees may cause employees to jump ship for what they deem is a more secure job.
The truth is, most employees indicate that one of the main reasons they leave a job is conflict with management. A strained relationship, a lack of support and dismal communication all contribute to employees wanting to look elsewhere for work.
The counterpart to a bad relationship with management, however, is that a strong relationship between the employee and management can compel an employee to stay. During times of stress, a strong sense of trust and respect will assist employees in feeling secure in their job.
Want your employees to trust you? Demonstrate your trust in them by offering them training to improve their skills. Further, an employee who has a clear sense of their importance to the company and a strong connection to management will have increased levels of engagement.
An employee who is engaged and committed to their employer will not be phased by economic swings, either up or down.
What training programs can you implement during lean times in preparation for an economic upturn?
Learn more about employee training at MY BIG IDEA, or book a one-on-one meeting with us to find the right program for your organization.
Imagine, for a moment, that you have been drafted to a sports team. You show up on the first day, excited (maybe a bit nervous), ready to jump in and join the team.
You arrive and someone gives you a tour: cafeteria, snack machines, equipment room, and introduces you to several of the key players you’ll be interacting with. You get your uniform, a key to the building and you settle in.
The next few days may be filled with meetings as you acclimate to the new team, but then it’s game time. You start playing in the games, but sometimes you’re not sure what play is being used. Once in a while, the coach calls for a new play that no one seems to understand. Sometimes you win. Sometimes you wonder if there’s a bigger picture, or if everyone on the team is even playing the same game.
The coach is busy, the other players are busy and there never seems to be time to learn the plays. At the end of the season, the coach throws a big party to celebrate the year’s accomplishments, and a new season begins. You’re happy to be part of the team, but you’re left wondering if you really have a vital part in the process.
There’s not much chance of success from a sports team that doesn’t practice. Even the most junior level programs have weekly practice sessions. College and professional teams have intensive camps with multiple daily practices scheduled, and they regularly train on plays and strategies.
In the workplace, however, employees are often given minimal training and expected to perform at a high level of success. Developing a systematic training program is fundamental for the organization that wants to see unparalleled success and performance.
A training program designed for success includes a few key elements.
Similar to the training camp starting events that signify the beginning of a sports season, begin your training program season with a kickoff event that highlights the theme of the training, informs employees about the scope of what will be covered and helps to generate excitement about the training program.
Include upper levels of management to demonstrate to the team that the training is important and has the support of the top level of employees.
Regularly scheduled training (ideally held weekly) can enhance the success rate of the program. Introduce the employees to goal setting and offer instruction in how to utilize the process as part of their training regimen.
While your company may not compete in “games,” the world of business is essentially a competition. Whether you consider it a win based on sales, number of satisfied customers or customer retention rates, use the goal setting process to track the training.
Hold regular group and individual evaluations to determine how the entire company is utilizing the training.
Annual parties, quarterly luncheons, end of year dinners are all essential to a successful systematic training program. Make a big deal of the wins and cheer on the members of the team as they continue to work toward their goals.
Don’t leave your company’s success to chance. Implement a systematic training program that can move your employees to the next level of productivity. Not sure where to begin? The goal-setting experts at My Big Idea® can help you establish the right type of program for your company.
Book a discovery call with us today
During this season of thanks, we should all sit back and reflect on what, and more importantly, for whom, we are grateful.
“Gratitude is an important and often overlooked emotion and state of mind. Gratitude causes us to focus on what’s good about our lives rather than what’s bad, shifting our outlook toward the positive.” And, those “who practice gratitude simply feel happier.”
So, when you sit around the dining room table this holiday season, take a good look at the family and friends around you. Was the last Thanksgiving dinner the last interaction with them you can remember? Have you tried to engage in any meaningful conversation? How have the last few years impacted their lives? Are the same old family tensions pervading the conversation?
It’s a time to demonstrate our support and commitment to our family, friends, colleagues, and communities.
By expressing gratitude and demonstrating empathy at work, we build a happier, healthier team. Put a lens of gratitude over everything you say, see and hear, and encourage others to do the same.
At the family table as well as in the office meeting room, you can be instrumental in easing tension and moving the conversation forward by sharing a grateful attitude with others. Observe and listen before speaking. You may very well find yourself rethinking what you have to say. When interacting with others from a place of understanding and appreciation for their point of view, the conversation is naturally more enriching for all concerned. Gratitude motivates, and when others feel they have been treated with consideration, they tend to be more compassionate and willing to share.
When you are genuine, and lead by example, you build relationships based on trust and loyalty. This is key to building a team that will drive your business forward. Just like at the family holiday table, you need to be open and honest and ask others to share information about themselves, their experiences, needs, and wants. That’s when you get a glimpse into the personal drivers of others, connecting on a human level and setting a foundation on which you can start to build stronger relationships.
Every one of us got to where we are in life with the help of others along the way, but rarely do we slow down and take the time to thank those people for the small and not-so-small ways they improve our lives. Connections in our personal and professional lives have all impacted our life’s journey, and such alliances will not only help us achieve our goals but also energize us and create considerable goodwill.
Showing gratitude doesn’t always mean graciously accepting the opinions of others when you are certain something is wrong. Sometimes, you need to ruffle a few feathers to get others to listen. A well-intentioned lively conversation could very well lead to the kind of disruption that is the catalyst needed for change. Sometimes we just need to dig in and express our opinion regardless of the potential reaction. Before doing so however, make sure you have truly listened to your family, friends, employees, customers, and others. Without actively listening, you will find it difficult to anticipate their reactions and expectations.
Making gratitude a habit means incorporating it into your day-to-day practice and that takes personal commitment. Think about what you can do and for whom you can do it every day. Gratefulness is an attitude. We need to express it and exchange it. In my experience, gratitude is the currency that builds trust and loyalty in our personal and professional relationships.
Especially in difficult times, we can and should embrace and feel gratitude for what we do have—especially our relationships. After all, in times of crisis, it’s our relationships that keep us going. Our collective prioritization of gratitude for what we have, especially our relationships, is something we all need to celebrate.
Interested in learning more about the benefits of gratitude? Check out our blog, where we explore new topics regularly.
Originally posted on Forbes.com.
When it seems like a great business deal is on the horizon and then - suddenly - that horizon disappears and we're smacked in the face with a, "Thanks, but no thanks," it can be difficult to wipe the look of surprise off our faces and end with a genuine smile of gratitude.
Just because closing a business deal wasn't in the cards for you today, doesn't mean you can't carry on tomorrow.
Here are some ideas on how to cope with losing a business deal:
If you consider all business deals to be an educational opportunity, then you're well-primed for a lifetime of success.
We don't just learn from the deals we close. The defeats teach us a thing or two about business, too.
When the deal falls flat, remember this: defeat is but an education. Gather together with your trusted colleagues, and pull out what you did well in the deal (also known as an after-action review process) and what you can improve upon for the next pitch.
When you receive the bad news, don't delete the e-mail or slam the phone down. Use it as an opportunity to flex your professional muscles and demonstrate gratitude, not frustration.
Thank the potential client for their time and encourage them to remain in contact should they ever require your services in the future. Reiterate the fact that you'd be glad to work with them at any time. Most of all, wish them (genuine) success as they move forward with their business.
Ask yourself this question. Did you really want to work with that client, anyway? Would the workload have been fulfilling? Did you connect with the people? If you can't immediately answer yes, then it's time to breathe a deep sigh of relief.
In fact, you may have dodged a bullet! What if that client became one of those "problem clients" and started to suck the life out of you? More to the point, the loss of that client - whether you truly wanted them or not - has left your plate open for the next big (and right) thing.
Whatever you do, don't strike up the band for a pity party. What will wallowing do? It won't force the client to change their mind.
The best you can do is call an internal meeting to reflect what you did well and what you can improve upon. Then, shake the dirt off your loafers, start the bidding process again, and wait for the bigger, shinier fish to swim downstream.
Want to learn more about how you can leverage a business deal even when it’s lost? Pick up a copy of The Currency of Gratitude to learn how small gestures can turn into powerful business results.
Why is it important to have gratitude for the progress you’ve made?
Highly motivated people always seem to be moving forward. They use goal-setting to map out their future and challenge themselves to achieve more.
The tendency to push forward comes naturally - psychologists call it action bias: the inclination to act in order to have control over one’s life. This instinct is necessary and results in progress being made. However, according to researchers, taking the time to stop and look back can have an astonishing positive effect on your forward motion.
Reflection is an instrumental part of making progress. When you utilize reflection effectively, it can help you develop a sense of gratitude for your journey and the successes you’ve already had.
Self-reflection allows you the opportunity to evaluate how far you’ve come. When you pause to consider where you began and compare it to where you currently are, you may be amazed at the progress you’ve made.
Reflection also allows you to make course corrections as necessary. You may notice areas where you could have reacted differently, situations that could have been avoided or problems that could have been solved more efficiently. By identifying these areas, you can learn to recognize them in the future and improve your responses.
As you reflect on your journey, it will help you develop a sense of awareness for the interactions and influences in your life. You may become aware of specific individuals or situations that played a role in helping you move forward.
The experiences that you had, both good and bad, helped to shape you into the person you are. It can change your perspective of the hard times and encourage you to push forward even when things get difficult in the future.
No one reaches success without help. As you reflect on the journey to your goals, you may notice the important part that others played in your success. They most likely include:
Friends and family who encouraged you to pursue your goals, mentors who guided you and counseled you through difficult decisions, co-workers or employees who helped you finish projects, and managers who encouraged you to take a professional leap into a new position.
This awareness should motivate you to share your success with them and thank them for their help in your achievement. In addition, it should inspire you to do the same for others.
Research suggests that gratitude can affect your mental and physical health. The hypothalamus, the region in your brain that controls body functions such as eating and sleeping, is affected by the dopamine that results from feelings of gratitude. Gratitude can increase your metabolism and decrease your stress. The result? You sleep better and feel better.
Have you developed a sense of gratitude for the progress you’ve made? Schedule time for self-reflection regularly. Pick up a copy of The Currency of Gratitude to learn more about the positive effects gratitude can have on your life.
‘Hustle culture,’ ‘burnout culture,’ ‘ grind culture.’
The mentality that one must work non-stop in pursuit of their professional goals has been glamorized in the media and through those who have already ‘made it.’
Countless leaders have expressed sentiments that extolled the virtues of pushing through - that success depends on the hours you put in and the sacrifices you’re willing to make.
If you’ve set lofty goals for yourself, you may be inclined to hustle in your quest to see success. Any time not directly working towards your goal is wasted… Right?
When you’re working towards a goal, it may feel as though any moment you aren’t actively pursuing it is wasted. This is the mindset behind a recent study which revealed that more than half (55%) of Americans are not using all their paid time off.
The ‘no need to rest’ phenomenon is not partial to North America, workaholics are found all over the world.
The thinking that drives this behavior is that - by pouring every spare moment into your goal - you are more likely to reach (or exceed) your goals. While your competitors are sleeping, you are charging ahead towards success.
In spite of the individuals who seem to survive on caffeine and adrenaline, however, studies have proven that taking the time to refuel is actually more beneficial to your success.
Your body (and your brain) have been hard-wired to need rest, and the science is beginning to be heard.
According to one study, your productivity levels go up with regular breaks. When you take a break from working on a task, even for just a few minutes, your brain can reset, reversing any negative effects of work and allowing your subconscious to solve problems you may have been experiencing.
As individuals become more aware of the harmful effects of pushing through work without a break, organizations are beginning to take notice.
The idea of allowing people to refuel is gaining momentum, and has been adopted by companies looking to boost productivity and increase employee wellness. Giving individuals the opportunity to shut off the incessant push of productivity has proven to be beneficial, for both the individual and the organization.
Individuals who stay “on” all the time are more likely to experience depression, burnout and anxiety. When you don’t give yourself adequate time to rest and refuel, eventually your brain and your body will give out. The constant push can have detrimental health effects, negatively affect personal relationships and cause you to become disillusioned with your goals.
For most people, the idea of taking extended amounts of time to refuel seems out of reach. If you’re not sure where to get started on refueling, start small.
Here are three tips to get started:
Do you feel like you’re stuck in a rut? It may be time to refuel.
Interested in learning more about refueling? Check out our blog, where we explore new topics regularly.