Hugging can save you thousands of dollars!
He came, he talked, he hugged! And his ideas can save companies THOUSANDS of DOLLARS a year!
Jack Mitchell, author or Hug Your People, blazed into our auditorium September 9th and gave a stupendous talk!
During his introduction of one of Inc Magazine’s “Most Fascinating Entrepreneurs”, Drew Casani, director of TMAC (Texas Manufacturing Assistance Centers), quoted surprising US turnover rates as a reason to pay more solid attention to People in the manner in which Jack illustrates in his book.
In the US, from 2001-2006, the annual turnover rate for all industry sectors was an astonishing 39.6%! (According to Wikipedia) Wikipedia says: “High turnover rates often mean that employees are unhappy with work or compensation… Alternatively, low turnover may indicate the presence of employee ‘investments’ in their position,” for example, benefits and competitive salaries, in addition to positive working environments.
The average cost of replacing a lost employee is one third of their annual salary. Doesn’t it make strong financial sense to try to keep them? It’s time for American companies to calculate the negative effect of replacing employees and the impact to their bottom line!
Jack highlighted a creation of a “culture of Nice” in which everyone pays attention to how they treat each other. It begins with the interview process, moves to the date of hire and continues on from there!
Trust is “The most important principle of all” and personalized relationships should be the cornerstone of every career, according to Jack. “Check in, don’t check up” on your staff.
The “power of us all” shines through by promoting employee Pride. Companies should strive to have solid, simple and inspiring mission statements that acknowledge your employees as your greatest asset alongside your customers.
Include and Recognize your staff. Employees need to be included in company strategy and decision making whenever possible. Invite people to participate, because you can’t do it alone! And remember, “It’s more than money” when recognizing. Make rewards personal and long lasting.
And that is it! The skeleton of a blueprint to creating a Culture of Nice – which cann turn result in a more financially successful company. Pretty simple in theory. (For help with the execution of the theory - contact us at the SBDC for Enterprise Excellence, your local People Experts!)
How would your company rank if your employees evaluated YOU the Five Principles from Hug Your People?