Is the Recession Costing You Sleep?

According to survey results published in the Financial Times today (http://www.ft.com/cms/s/0/222c8a8a-4342-11de-b793-00144feabdc0.html), the recession is costing us not just our money, our savings, and our 401(k)'s. It is also costing us sleep. The average manager is sleeping 19 per cent less than the recommended eight hours a night. Some 40 per cent of those questioned blame the state of the economy for their lack of sleep. If you think the results of your business in this recession is going to cost you sleep, instead of tossing and turning, do the following, and you might sleep a little more and make a little more money:

1. Contact every customer who has purchased from you in the last two years. Tell them you are thankful for their business. Period. This isn't a manipulative, "salesy" conversation -- just reach out.

2. Take care of your top people. You know who they are. The people that your customers mentioned when you called them. The people that you know make you look good. You think it's bad now -- if you lost your top people, it would be worse. Thank them, recognize them, and get to know them.

3. Weed out poor performers. I know I mentioned it in a previous post, but it keeps ringing in my ear: the only thing scarier than top people leaving is bottom people staying. Again, you know who they are -- start coaching and having the conversations immediately.

4. Make sure your leadership team is cohesive. Do team members acknowledge weaknesses to one another? Do team members point out one another's unproductive behaviors? Does the team engage in healthy debate? All these are critical to your success, and success usually begins with the team leader modeling the behavior.

5. In times like these, you cannot afford a single employee who is not operating at full discretionary effort. Are your staff members doing just the minimum to get by? Or are they "going the extra mile"?

Instead of losing sleep and money, take the above steps. Then you can rest easy, knowing your customers love you, your top performers are safely in the fold, the poor performers are on notice, your leadership team is cohesive, and everyone is giving their all.

What's on the CEO's Mind?

I just returned from providing the keynote address to a group meeting of 130 CEO's. Pam Bilbrey and I discussed the concepts in our new book, "Ordinary Greatness." These CEO's were from around the country and had gathered in Savannah, GA to discuss trends, hear from speakers, and collaborate on strategies related to the difficult economic conditions.

We talked to them about the need to retain their best people, how to be sure their investment in those people was being maximized, and how to teach their leaders to spot and develop greatness everywhere in the organization.

In speaking with the CEO's in some of the sessions, at breaks, and after our presentation, it became obvious that these were the issues that were front-of-mind to those in the executive suite:

1. Survival. Most CEO's right now are most concerned about getting through this time of cutbacks, budget cutbacks, and capital crunches. There was a real feeling that if we can get through 2009, the worst of this will be behind us. I hope they are right!

2. There was a lot of concern that when things do pick up, they may lose some of their best people. Right now there has been such a focus on survival and budgets that some of the things we have to do to retain our best people have been ignored. Recognition, employee involvement in decision-making, and training have all been cut at most companies, so when competitors begin to hire again, will we lose our best people?

3. They are very concerned that some of their worst-performing employees are just hanging on because they can't find anything else. You know, there is such a thing as good turnover -- when poor performing employees leave. And that is not happening right now. As one CEO said to me, "The only thing that scares me more than my best people leaving is my worst people staying." More important than ever to be sure the hiring model the company uses ensures the right people get in the door.

4. The time for touchy-feely "do it because it feels good" people solutions is over. There must be a botom-line answer for every proposed action. I think that's why we were so well-received. The issues we discussed related to making the business more profitable by being sure that every employee is engaged and employing maximum effort. We stressed value and profitability, so I know we were speaking their language!

Manny Being Manny

Recently I was facilitating an executive offsite, and during a break, I was talking with one of the participants about our ability to begin to overlook the flaws in others the more we work with them. It is kind of "well, that's just how he is," or "I've worked with him for a long time, and I've adjusted and learned how to deal with him."

The same has often been said about baseball star Manny Ramirez (pictured). We've all probably read about his recent alleged transgression involving a banned substance (not the subject of this post). Throughout his career, Manny has displayed some bizarre behaviors, all of which have been chalked up to "Manny being Manny."

Well, we do the same thing with people that we are on teams with. We overlook some of their negative behaviors because we have become used to them. It's just "Bob being Bob" or "Jane being Jane." This attitude makes life easier in the short term perhaps, but it is devastating to the team. Here's how to avoid this destructive mindset and the inevitable fallout:

1. Acknowledge it. The more we work around someone, the more comfortable and excusing we become about their behavior. Acknowledge this and vow to work to overcome it.

2. Establish that the team will not wait for the team leader or the boss to give feedback, but that feedback will flow in all directions.

3. Set aside time in team meetings to give and receive feedback on behaviors. It's amazing that if you ask teammates to list your strengths and weaknesses, they can accurately describe you. Go around the table and share each person's strong points and also what each can do to make the team healthier. Sounds intimidating, but it's easy once you get started. It's also easier if you use an outside facilitator. What's better is that your team will be stronger.

No more "Manny being Manny." Let's stop excusing and start working together.