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As Seen in Multi-Unit Franchisee Report - Investing in Recruiting and Retention Programs

As Seen in Multi-Unit Franchisee Report - Investing in Recruiting and Retention Programs

Starting December 1, 2016, our industry faces potential impacts from new labor laws, one of which includes creating additional retention challenges to our already stressed talent pool in the franchise industry. The Fair Labor Standards Act (FLSA) of the U.S. Department of Labor (DOL) is making significant changes to overtime pay for employees. As outlined in the article, “New Overtime Rule Compels Problems for Franchisees,” the change means that it is going to force employers to shift the pay status of their employees from salaried to hourly.

Read the complete article on the Multi-Unit Franchisee Report website

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Case Study – Right People Drive Performance

Industry: Franchise

Company Overview: First generation, multi-unit franchise business, two partners with locations in multiple states and a diversity of brands

Challenge: First generation business owners, needing to recruit and retain key employees to build leadership bench strength. The owners have always simply hired to fill positions and were experiencing continual turnover, which was not only costing money, but also preventing the company from growing due to lack of leadership in key roles.

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2 Key Areas Impacting Your Ability to Take Your Business to the Next Level

When working with a team of business leaders, one of my first questions is "How many of you are ready to go to the next level?” Either a lot of hands go up or there is a chorus of "Absolutely." And then I ask them "How many of you know what the next level looks like?" The near to total silence is deafening. They don't know what the next level looks like; and there is some concern that somehow, it might require more work and effort.

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How Do I Build Bench Strength in My Organization?

Talk about bench strength occupies quite a bit of time in board rooms and kitchens all around the world.  I’ve read some articles that talk about the “marriage” between succession planning and successor development; and I’ve read others that talk about how hard it is to find people suited to be the next generation of leaders.  Still others present business owners and leaders with something akin to “silver bullet” coaching that can get people ready overnight.

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OPPORTUNITYISNOWHERE

Take a close look at the letters above. Now, without changing the sequence of the letters, break those twenty letters into a sentence.

If business has been tough or you don't feel passion or commitment from your people, your sentence might read "Opportunity is nowhere." You might be thinking, "What have I done with that list of business brokers? I know it's around here somewhere."

Tempting as that broker search might be, don’t jump at it. Those same twenty letters can create another sentence: "Opportunity is now here." Same twenty letters, same and yet a completely different approach to finding a solution.

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Successor Development and Talent Management: What Makes It So Hard?

Companies like to say that people are their greatest asset.  If that’s really true, why are so many organizations unprepared for facing the challenges associated with recruiting, selecting, and retaining the right people in the right seats?  

According to one COO I interviewed recently, “Talent management puts you under strain because it stops you from doing what you are rewarded for.”  This COO’s sentiment, one that I find many executives agree with, is one of the major obstacles to developing talent, family or otherwise: people simply don’t believe that’s what they’re paid to do.

Whether your business is privately held or publicly held, talent management and successor development in your organization probably share a common financial thread.  In both cases, development is expensed rather than capitalized.  Now you might be asking, “What difference does that make?”  Keep reading.

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Did Your Successor Just Leave?

Sometimes a telephone ring sounds ominous.  When I answered a call from Cliff last Wednesday, that proved to be the case.  "You're not going to believe what just happened.  Jack came into my office and told me he is leaving in two weeks!  I can't believe it - he's the person I've been counting on to be my successor! Now what do I do?"

"You start looking for another one," I replied.  "And this time, let us help you find someone who really wants to be number one of your organization and fits your culture.  Ambition may open the door.  It's commitment that keeps what's inside appealing."

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OPPORTUNITYISNOWHERE

Take a close look at the run together letters above?  Now, without changing the sequence of the letters, break those twenty letters into a sentence.

If you've had a particularly difficult day or few days, your sentence might read "Opportunity is nowhere."  That's most likely the case if you've gotten disappointing results after completing the "Where Are My People" (WAMP) analysis discussed in my previous blog post.  All of a sudden, you have no successor and things aren't looking real bright when it comes to the key managers and leaders within your organization either.  You might be thinking, "What have I done with that list of business brokers?  I know it's around here somewhere."

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How to Hire the Right People

Regardless of what business you are in, you and your business are only as good as the people that work for you. This sentiment has been shared with me consistently over the past seventeen years regardless of where I have traveled in the United States or the type of family business I have been engaged with at any given time. Recently I attended a local Association for Corporate Growth (ACG) event in Orlando titled “2012 Smart Awards” which recognizes companies in Central Florida that have distinguished themselves culturally, creatively and through the economic impact they have made in the community. Without exception, each of the CEOs that were recognized expressed gratitude and appreciation to their employees who in large part are responsible for the daily success of the company. Having the right people on your team and in the right position can be the difference between success and failure.

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Should I Hire People I Do Not Like?

Of course not.  No. Never.   Roy Reiman, publisher and philanthropist, writes and speaks about the virtues of hiring people you like and the positive impact that has on building or sustaining an accepting culture. Hiring people you do not like almost certainly leads to problems down the road, and those can be expensive in terms of energy, time and money.

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Likability or Accountability - Do You Have the Right People Driving Your Organization?

In my last two posts, Likability or Accountability: Leadership and The Right People- I discussed the idea that there are several businesses I’m currently working with that are performing and several that are not. The difference between the two is that they either have a culture of likability or a culture of accountability.  The immediate differences between the two suggested differences in leadership, people, and focus on results.

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Incentivizing Performance: It Takes More Than Money to Bring Lasting Change

The common practice in motivating adults in the work force is to create opportunities for them to increase their compensation.  We have followed that practice for untold centuries; and still, some of us are shaking our heads and wondering why “money just doesn’t seem to matter to them.”

Well, money does matter.  And, for some of us, it matters a lot!  Our work suggests that people who are confident risk takers; fast, fluent communicators; results focused; and seek change and innovation are more likely to be positively influenced by variable compensation and incentive systems.  

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The Difference Between the Best and the Right People and How They Impact Your Business

Jim Collins probably has many claims to fame.  However, he will probably be remembered most for encouraging business owners to get the right people on the bus.  He also said “in the right seat”; but many either skipped over that part of the book, have forgotten that caution, or have just never heard it.

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How to Align Incentives with Management Talent

I am a big believer that your business is only as good as the people you have working for you. When it comes to attracting and recruiting high quality, team-minded individuals, some companies do a better job than others.  Over time these individuals distinguish themselves within your organization through their positive attitude, commitment to your core values and performance. You know who these individuals are and at times you wonder how successful your business could be if only you could replicate these impact players. Alternatively, you may be thinking that this individual is so important to your business that you could least afford to lose him or her. So how do you acknowledge, affirm, motivate and retain them?

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How to Build Value in Three Forms of Capital Assets

I like to use the words capital and resources interchangeably.  So, from my perspective, there are three kinds of capital and/or resources available to us all the time.  Those three kinds of capital or resources are basically:  People; Time; and Money.

Let’s put people first, so we will begin with building the value of human capital.  There are probably several varieties available, but the more recognizable forms include Leadership Capital, Family Capital, and Culture Capital.

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Likability or Accountability - Do You Have the Right People Driving Your Organization?

In my last post, "Effective Leadership - Are Your People Loyal to You or Your Vision," I discussed the idea that there are several businesses with which I’m currently working that are performing and several that are not. The difference between the two is that they either have a culture of likability or a culture of accountability. The immediate differences between the two suggested differences in leadership, people, and focus on results.

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1618 Hits