We kicked off our most recent Peer Advisory Board meeting with a special presentation focused on four topics that can help business owners hone their most valuable asset: people. Our guest speakers, Scott Barth and Leeanne Super, shared their expertise about ways a multi-generational workforce, motivation, recognition, and ownership thinking play into the success of today’s businesses.
Your #1 Value Driver
For almost every business, your workforce is your #1 value driver, the heart of your company, and the one thing you can’t do without. Your most important asset, your people contribute to the growth, sustainability, and value of your business, its short-term success, and support for the eventual exit you envision.
My recent blog discusses how to assess the “people value driver” and the elements that influence its performance, so that you can develop an action plan to address any shortfalls and optimize this asset.
Our speakers took a deeper dive into how to focus on your people in ways that will benefit not only your bottom line but help nurture a culture in which your employees are more satisfied, engaged, and productive – a win-win!
Ownership Thinking
In his book, Ownership Thinking, Brad Hams defines a mindset that helps businesses unleash their potential by providing the training and tools to develop a culture of “ownership thinkers.” These are employees who think and act like owners and become active participants in their company’s financial success – versus a workforce that simply shows up for a paycheck.
The concept is based on the conviction that most employees genuinely want to engage and contribute, that they build self-esteem when they are enabled to achieve, and are more fulfilled by their work in an environment that cultivates these opportunities.
The Ownership Thinking model consists of four components:
- The Right People
- The Right Education
- The Right Measures
- The Right Incentives
Hams considered “ownership thinking” (OT) the foundation for a mentality of creating wealth, out of which grows more opportunity. Elements of the mindset and program include employee incentives, empowerment, ownership training, and opportunities for ownership. Companies that practice Hams’ OT program have consistently seen increased productivity, profitability, and employee retention by up to 200%. Learn more about this fascinating concept including developing key employees and creating a culture of ownership thinking.
Working Genius
According to Patrick Lencioni, author and creator of The Six Types of Working Genius, there is much more to truly excellent individual performance and company success than skills and knowledge – and it can’t be bought or learned.
Lencioni has identified six gifts, or talents, which are innate to individuals, regardless of their level of training or the positions they hold in a company. He refers to these as “Working Genius” qualities that are crucial to all businesses. He maintains that, without them, a company will experience gaps in the processes of ideation, activation, and implementation, and will be unable to optimize its performance and impact.
Workers will obviously be most engaged, effective, and happy in their roles when they have the opportunity to do something they do well and enjoy. Here are the six types of working genius Lencioni has identified – otherwise known as WIDGET:
- Wonder
- Invention
- Discernment
- Galvanizing
- Enablement
- Tenacity
Read more to get descriptions and details of each type of working genius, how the types complement each other, and why your business needs them. Also learn about three phases of work and how your geniuses contribute. In the second article you’ll also find information about assessments developed by Lencioni that identify which types of geniuses may be hiding within your workforce.
Multigenerational Workforce
Workplaces are experiencing a historical first – five generations now make up the workforce. There are many benefits to such a diverse workforce and the unique knowledge, expertise, work experience, life experience, and world views that come with it. But managing those differences optimally can be a conundrum for employers and managers. To make sense of the big picture, it’s important to understand the pieces of the puzzle.
Research by Purdue University defines the five generations and reveals what makes them interestingly distinctive. This article provides those fascinating details along with insights into leadership, management styles, and effective communications across these generations.
I’d welcome the opportunity to discuss your #1 value driver. Contact me for a complimentary consultation regarding any or all of these fascinating value-building aspects of your workforce.
Bob Zarlengo is a certified exit strategist and CPA. More than four decades of experience in public accounting along with expertise in financial reporting, income and estate planning, and tax compliance makes him a valued and trusted advisor to his clients.