Thank you for listening to The Champion Forum Podcast with Jeff Hancher! In today’s edition of Hanch’s How-To’s, I’m discussing two recent conversations I had with business owners. One was struggling with a sudden increase in turnover, as many people are during the Great Resignation. Another was struggling with their perspective during a sudden rise in competition in their local market. Tune in to hear the solutions we came up with and the principles you can apply to your business.
1. The Importance of Recognition
I recently talked with a leader with a very high-tenured team. He had been with most of his people for several years. However, he had assessed that his turnover in the last 12 months was higher than it had ever been. I uncovered that his team was together for so long that he may have taken some employees for granted.
No leader can have a fully engaged team without providing praise and recognition. In this crazy talent war, where turnover is at an all-time high, leaders must make a concerted effort to provide more appreciation and feedback than ever. The longer you lead people, the more intentional you need to be.
Leadership is temporary, and we must make frequent deposits into the fuel tank of our people. Employee recognition is critical to employee happiness and customer satisfaction. Elevating employees is essential to the overall success of a business, and it doesn’t have to be grandiose. Remember, what gets recognized gets repeated. Praise also doesn’t have to be fancy. Something as simple as a thank you card can boost morale, increase productivity, and build positive relationships.
Provide Both Public and Private Praise
Private praise should be focused on their progress toward their goals and improvement in their areas of weakness.
Public praise should be used when you catch someone doing something great or when they reach a milestone.
2. Keep Your Perspective In Adversity
An owner of a business recently called me in to help them gain a competitive advantage in their marketplace. The company was growing. Profit was great. They had excellent brand awareness. Then, without warning, a competitor launched in town and began to take customers and market share. This competitor came in with great marketing and deals that the consumer could not pass up. The owner
No one asks for or welcomes adversity, but you can always find perspective to allow the hardship to work to your advantage. In this case, the owner was devastated but had a solid recovery plan. What he really needed was to realize that the very thing he dreaded was likely going to be the same thing that would make his company healthier than it had ever been.
Use these tips to help you keep perspective in adversity.
1. Take control of your mind: Ask yourself: How is this serving me?
2. Don’t move too fast: An emotional response will rarely produce anything good
3. Have a mindset of gratitude: Perspective is not focusing on what has been taken but on what remains.
4. Lean on your mentors: You are not the first leader to face adversity, and you will not be the last. Seek advice from leaders that have been there before. What did they learn? How can you benefit from their experiences? Hearing about their challenges can help put yours into perspective. Knowing they care about you can be a significant source of motivation when things get tough.
If you need to be more consistent with recognizing your employees, try putting three fifty-cent pieces into your right pocket. Every time you celebrate someone, move one of the pieces from your right pocket to your left. By the end of the day, your goal is to have all the coins in your left pocket. This approach will help you develop the habit and recognize opportunities to appreciate people.
One trick you can use to shift your perspective when facing adversity is to stop asking yourself why it is happening to you. Instead of allowing yourself to play the victim, take ownership of the experience and ask yourself what the experience is doing for you. By strictly controlling your thoughts, you can focus on what you can control and use the adversity to help you and your company grow.