Anne Loehr's "Generations" Blog

Entries in business (9)

Monday
Mar162009

A Manager's Million-Dollar Question

"Gen Y has created a need for a cultural overhaul that has not been this dramatic since women entered the workforce en masse," Jenny Floren, CEO of Experience said in the January 2009 article Managing Generation Y as They Change the Workforce. An industry leader who has created a critical bridge between college and the working world, she added, "We need the talent and creativity this generation brings, especially when you take into consideration the looming employment gap occurring from the outflux of retiring Boomers."

This is a tall order for today’s manager. How does a leader manage profitably in today’s economy, while also encouraging the younger generation’s talent and creativity to shine? By remembering a simple acronym WDTLL: what does that look like? When used correctly, this acronym can quickly and easily clarify roles, goals, targets and other sticky work issues.

Let’s look at three areas where WDTLL can help managers effectively get the best out of all generations in the workplace.

1. Communication
Gen Y values connection and communication. So do all the other generations in today’s workplace. The intent is the same, yet the methodology used is different. Older generations often prefer face-to-face meetings; younger generations usually prefer online communications, such as texting, social media and IM chats. No one way is right or wrong; it’s all appropriate at certain times.

So how do we work around the different communication styles? Set parameters and expectations up front by asking WDTLL? Communication looks different to different people, so set time aside before starting a project to agree on what communication looks like for this team, on this project. It may change for future teams and for different projects, but for this team, what does clear communication look like? How much text, email, face-to-face meetings are needed to create a high performing team? Once that is agreed, then track it and ensure that everyone is following the terms. Don’t be afraid to revisit the terms if it looks like the original idea may not be working. A good leader is adaptable to the changing needs of the project and economy.

2. Feedback
Feedback is a vital management tool for all generations. Feedback to a Gen Y means daily, short, focused feedback; feedback to a Boomer means longer, more thorough feedback. So again, be sure to ask WDTLL and get input from the beginning of a project. Make an agreement up front on what feedback will look like for this team, on this project, and make sure everyone can live with that. Setting this up front will save you confusion and frustration down the road.

3. Attire
Gen Y dresses differently than Boomers and X’ers. They tend to have a laid back approach to attire, and life in general. Their jeans and flip-flops seem appropriate to them; after all, what does it matter as long as the job gets done? That may be what Gen Y thinks; however, the casual attire can often offend Boomers and especially the oldest generation, Traditionalists.

Again, set clear expectations up front and make sure that your younger employees knows WDTLL? The goal of a meeting is for the listener to focus on the ideas and insights presented, not to focus on the clothes and therefore tune the ideas out. So before big meetings, be sure to ask WDTLL? What does appropriate attire look like for the client? For the manager? For the company culture? When the appropriate attire is in place, then the focus of the meeting is on the ideas and results, not on the attire.

WDTLL is the million-dollar question for all managers. When everyone knows WDTLL, then everyone can start working with a clear sense of roles, goals, styles and accepted behaviors. So start asking yourself, and your colleagues, WDTLL? You’ll see a whole new world open up!

PS-I was recently interviewed about the top 3 Gen Y behaviors that are misinterpreted by other generations. Click here to listen to this 10-minute radio show.

Tuesday
Feb242009

Straight from the Horse's Mouth

Today's article is written by a Gen Y colleague. I thought it was time you heard about Gen Y straight from the horse's mouth! Here's what Jon has to say to Boomer employers and managers:

A solid understanding of the Gen Y culture can help a potential employer hire and retain Gen Y employees. Yet connecting with Gen Y can be a difficult prospect for Boomers. Our assertive nature, coupled with being accustomed to getting what we want, separates us from previous generations.

Growing up, Gen Y repeatedly heard that we had the ability to do anything we set our mind to. While for the most part we realize that is an exaggeration, we still believe that we have the power to create and enact change when given the opportunity. We are not our parents' generation, who felt that they needed to earn their opportunities through perseverance and loyalty. We have a more in-your-face attitude, which helps us get what we want. The problem is that it can rub people the wrong way if they don't understand us. So let me try to quickly explain how we think.

When I mention that Gen Y's don't have the same methods for advancement as our parents, I don't mean we are disloyal or lazy. What I mean is that we know we have value as employees, and expect to be treated like we matter - right from the start. We have seen our parents persevere and yet have their loyalty tossed aside by a company. So it is important for Gen Y to see our employers do the little things for us. When we feel like we're an important part of our company, it then inspires us to do the little things for our employer.

In order to take advantage of the talent that Gen Y brings to the table, a company needs to make it clear that they have the best interests of employees at heart. Gen Y asks what the company can do for us, not just what we can do for the company. Making sure that there are strong employee training opportunities, good benefits and flexible hours are all great ways to make Gen Y feel secure and significant. Feeling secure and significant will certainly lead to better work ethics, loyalty and increased creativity, all of which are important for a company's bottom line.

One only needs to look at the recent presidential election to see what is possible when you believe in Gen Y. By tapping into what makes us tick, President Obama was able to achieve what seemed like a long shot only six months earlier. Imagine the heights you could reach if you are able to connect with Gen Y in a similar way.

Jon Yale-Loehr is my nephew and co-author of our soon to be published book, Managing the Unmanageable: 21 Management Topics for Succeeding with Gen Y. He is currently based in Boston.

Wednesday
Jan072009

WIIFM: Getting the Best Out of Your Employee

It's no secret that in the travel industry, focused and engaged employees are the most productive. It's also no secret that engaging employees is one of the biggest challenges a leader faces.

Many leaders intuitively know that employees are their number one asset, yet have no data to prove that it's worth their time to invest in their employees. Here's some numbers that may change your mind: Research by academics at the University of Alberta has argued that encouraging employees to rethink their jobs and get back the sense of purpose so easily lost in the day-to-day grind of meetings, projects and deadlines can significantly improve how they work. In fact, employers that successfully encouraged employees to change their mind-set in this way reported a 60 per cent improvement in attendance and a massive 75 per cent increase in staff retention.

Got that? If you help your employees find their purpose at work, not only will your bottom-line profits, productivity and morale increase, but your absenteeism may also drop, saving you more money. So how to do it? One of the most recent business books about this topic is The Dream Manager by Matthew Kelly. This simple, short book, written in the style of The One Minute Manager, gives managers tools to help employees find their purpose. I recommend the same concept with my clients, but use a slightly different approach called WIIFM, which stands for "What's In It For Me?". Although WIIFM can sound selfish, it's actually one of the best tools to motivate an employee, because if you know what an employee is hoping to get out of work, you can help your employee reach that goal. And if that employee knows that you are supporting his goals, he'll be focused and motivated to engage fully at work. Here's an example of how WIIFM can work in your office:

Malia, the director of Travel Star Unlimited, has given her top sales person, Shantay, a new product line to launch: biking in Kathmandu. Shantay knows that she will need to create a powerful team to help launch this product. So she brings Mel and Michelle to the team. In her first meeting with them, she explains the goals, objectives, timeline, roles and marketing plan. She then turns to Mel and asks, "Why are you here today? What's your WIIFM?" Mel replies, "I want to be promoted in the next 6 months. I'm hoping that working with you will help me learn the skills I need to move up in marketing. Also, since you're so close to Malia, I'm also hoping that you'll give Malia a good recommendation for me at the end of this project." Shantay notes down Mel's WIIFM. She then asks Michelle for her WIIFM, which is very different. "On the weekends, I'm a freelance travel writer. I'm hoping this project will allow me to travel to Kathmandu, or at least interview people from there for my articles." Shantay then notes down Michelle's WIIFM. Shantay then lets Mel and Michelle know that her WIIFM is to help Travel Star Unlimited receive the prestigious "Innovator of the Year" award for this product, which will give her a chance to position herself at the company as the "go-to" gal for new products.

Shantay cannot promise Mel or Michelle that their WIIFMs will be achieved. Yet she knows that helping Michelle and Mel achieve their personal goals will motivate them to focus and commit 100% to the project. Maybe she can't get Michelle to Kathmandu, but she can let Michelle be the Kathmandu contact, so Michelle meets people to interview at a later time. And while she can't promise Mel a promotion, she can be sure to teach her new skills that will eventually help her grow and develop into a new position. And Michelle and Mel can help Shantay by thinking out of the box, so that the product can be as innovative as possible.

Stating their WIIFM's helped create a team mentality, where everyone was looking out for the rest of the team. It cost nothing, yet is one of the most important motivators a leader can use. So how can you start using this tool?

1. Explain WIIFM in various meetings, so that everyone understands what it means.

2. Start asking for people's WIIFM's...both long term and short term.

3. Do your best to help your employees achieve their WIIFMs. It may be as simple as having Bernie work with Mary instead of Tom. Tom may be a good at what he does, but Mary has a special skill that will help Bernie achieve his WIIFM.

4. Assess the outcome on a regular basis to ensure that the WIIFM is being achieved. This doesn't have to be a long talk; 5 min. by the water cooler is all you need to track the progress and re-direct, if necessary.

Remember, if you help your employees find their purpose at work, not only will your bottom-line profits, productivity and morale increase, but your absenteeism may also drop, saving you more money. That's good news for anyone in today's economy! So get started now!

Wednesday
Jan072009

3 Prong Approach to Surviving the Recession

Let's face it. We'd all like Santa to wave this recession away and put new business under our tree. But the reality is that this economic downturn is not going to disappear any time soon. So what can the travel industry do to weather this storm? I recommend a 3-prong approach:

1. Focus on the business basics to survive the recession
2. Build your brand
3. Build customer loyalty

Focus on the Business Basics to Survive the Recession

"Volume hides all sins" was the favorite saying in our hotels and safari camps. What does that mean? It means that when business is strong, it's easy to overlook the small details, like food cost increases, an increase in attrition or late payments. After all, what does it matter? You're making money, right? Wrong. Since the margins are slim in the tourism industry, every penny counts. So now is the time to look at the details and focus on the business basics. For today's blog, let's look at one of the most important business building blocks: Cash is King. Here are some tips to keep your cash flow strong:

Get assertive with the Accounts Receivables; you can't afford late payments right now. So give them a call and see what can be worked out. And don't be shy about follow-up calls, if necessary. The squeaky wheel gets the grease, and right now you need the grease. You may even want to create a special discount allowing them a 1% payment reduction if they pay this week.

At the other end of the spectrum, work with your suppliers to delay your payments as much as possible. Pick up the phone and work out a win-win arrangement. If your suppliers can expect your check on a certain date, without hassle, they may be willing to let you pay 15-30 days later than normal.

One of the most important ways to monitor cash is to monitor your sales funnel regularly. Make this a company focus. Track and measure how many inquiries are being made, how many inquiries are being converted to sales, which itineraries are selling the fastest, and by which sales person. Sales is where the action is; lose focus on your pipeline and you lose focus on your business.

Be sure to monitor cash flow regularly and know your benchmark figures. If you lose a big client, or see a huge drop in sales in Q1, what are your back-up plans to find cash quickly? Create different scenarios with your team, so everyone knows what's at stake.

Delay non-essential purchases. Take a good look at your inventory and see what items can wait to be purchased. "Just in time" inventory is the name of the game right now.

Build Your Brand

However, the "just in time" concept does not apply to building your brand, which I define as the invisible bond that drives the client's buying decision. In fact, building your brand is something that should be done daily, if not weekly. If you spend time to improve your brand now, your customers will stay loyal to you no matter what the economic situation.

There are two parts of your brand: the invisible brand and the visible brand. The invisible brand is the experience or feeling in a buyer's head about your product. The visible brand is the expression of that feeling with your colors, logo and tag line. Many businesses tend to focus on the visible brand, without even considering the invisible brand. Yet the visible brand is ineffective without the foundation of the invisible brand.

For example, Volvo's invisible brand is "safety"; when people think Volvo, they think safety. What do you want people to feel, experience and believe about your invisible brand? Is it adventure? Consistency? Community? Intrepid explorer? If you're not sure, now is the time to create a dialogue with your team and find the basics of your invisible brand. In the next blog, we'll go more into how brand promises, brand values and the visible brand can help increase sales in any economy.

Build Customer Loyalty

In addition to business basics and building your brand, you need to also focus on building customer loyalty. My hotels had an 80% average occupancy, and a 50% repeat guest ratio. Before I sold those hotels, I hardly did any marketing at all, yet they were often sold out a year in advance for certain seasons. How did our team do that? We built customer loyalty one client at a time. Here are some effective ways to build customer loyalty without having to break the bank:

if you haven't already done so, create a client profile on any customer that has traveled with you more than once. The basic information to note are name, spouse name, children's names, physical description, travel likes and dislikes, preferred room, dietary favorites, travel friends and dates of travel. In addition, you want to note the little details, such as preferred part of the trip, favorite movie or favorite book. The most important part of the client profile is to use it. Ensure that every point of contact with the client has memorized the client's profile and knows these details as well as you. Then when your team starts using these details in a conversation with the client, the client will feel valued and want to travel with you again.

In addition, a customer rewards program is key to creating customer loyalty. After every visit, be sure to send clients a hand-written note, thanking them for their visit, and giving them an incentive to book again. For example, if they book within 3 months of the letter, give them a "repeater discount" or make a contribution to a mutual charity. In addition, create gifts that increase in value for every visit. With today's technology, you can create reasonably priced, personalized gifts such as personal photo albums, clothes and photo books of their trip on Shutterfly. You can also create customized gift baskets, clothes, and gear for each client. These gifts are priceless in terms of goodwill.

Finally, ensure that you contact your clients at least 6 times/year, in different ways. Emails, phone calls, newsletters, gifts, post cards, videos, focus groups, and online communities are just some of the ways to do this. The most important part of this campaign is to focus on THEM, not YOU. So don't just tell them about a new product. Tell them how the new product will help THEM explore a new part of the world safely. Don't just send an article; send an article on something that is important to that client. Always focus on THEM, not you. In return they will keep your pipeline full and buy from YOU!

So can I give you a magic wand to wave away this recession? No, but I can help you with my 3-prong approach: focus on the business basics, building your brand and building customer loyalty.

Wednesday
Jan072009

What Does Gen Y and Obama's Inaugural Speech Have in Common?

What does Gen Y and Obama's upcoming inaugural speech have in common? Gen Y Jon "Favs" Favreau, Obama's chief speechwriter. 27-year old Favs shared a house with 6 roommates in Chicago a few months ago; soon he'll be working at the White House and living in a Dupont Circle condo. How did Obama and Favs create this synergy to write the most anticipated speech in history? And what can business managers learn from this collaboration between Gen Y and the president-elect?

Set Clear Expectations
According to the Washington Post, Obama meets with Favs for an hour to outline his ideas and expectations for every speech. Favs then drafts his ideas; Obama later edits the speech. They then work on the final version together.

Although Gen Y employees value connection and communication, they do not value micro management. A Gen Y "dream boss" would outline the big picture of the project and then leave the Gen Y employee alone to do his job, with the understanding that they will have regular meetings about the project. This gives the Gen Y employee the freedom, connection and communication he craves.

A Gen Y "loser boss" would assign a project without the big picture, and then constantly micro manage the project. This not only wastes the boss' time, but it also disempowers the Gen Y employee. How do you rank on managing your Gen Y employees?

Accept Limitations
Favs and his team have to transition from all-night speech writing with pizza and Red Bull, to working with a much larger team in the White House. This is a big leap for a 27-year old; as he says "My biggest strength isn't the organization thing." So other speechwriters have volunteered to work with him to train the new hires.

Being a strong leader means focusing on the strengths and minimizing the weaknesses in each employee. Notice that Obama didn't say, "Well, you're a good speechwriter and now you need to be a good manager too". Instead he let Favs focus on what he does best, while others supported Favs in what he does not do best...the "organization thing". Does this mean that your Gen Y employees can do what they want and forget the mundane tasks? No. But it does mean that as a leader you accept your employee's limitations within reason, and then work with that employee to improve her weaknesses.

State the Facts
Favs drafted the Democratic National Convention speech but Obama thought it lacked direction, so he re-wrote it. They then worked together on Obama's version of the speech for 3 days.

Many managers are tip-toeing around Gen Y employees. This does a disservice to the employee, as well as the manager. Gen Y values direct feedback; they respect managers who give them the straight facts. So don't be afraid to say, "This isn't working" like Obama did to Favs. Then work with the Gen Y employee and show him what you're looking for, so he has a clear idea of what's expected. Otherwise, you'll end up doing more work yourself and the Gen Y employee will end up dissatisfied and unmotivated.

Respect Working Differences
Apparently Favs likes to literally move around when working, to prevent his writing from getting stale. He'll often write on his laptop at a Starbucks, in his condo, at the office, and in another Starbucks, all in one day. This may seem odd to a Baby Boomer, but it's normal for Gen Y.

Did Obama say, "Do it my way. Work in the office for 8 hours straight."? No, he understood that Gen Y likes to move when working, so he let Favs work in his own way. He didn't place restrictions on Favs; he just insisted that the job get done well.

So should you let your Gen Y employee work like Favs? Not necessarily. But remember that the results are as important as the process. So if your Gen Y employee takes more frequent breaks than you, or works different hours than you, don't panic. Just insist that the results happen on time and respect your working differences.

Let Gen Y Be Gen Y
When Favs is exhausted he reportedly does what any 27-year old would do: send prank emails, dance and play video games into the morning. He posed with a cutout of Hillary Clinton, which then got posted on Facebook. The reporters found it and started questioning his maturity level. This could have created a huge political scene, but Obama let it go. Why? I don't know for sure, but any good leader knows to let Gen Y be Gen Y. Give them some space and let them have fun.

What does this mean for you? Make the cafeteria fun with games and music, create office contests with video games and offer collaborative incentives. Gen Y likes to have fun; as long as they get the job done, then let the fun begin!

These are just five tips for working with Gen Y. Try adopting one tip for a week and see what happens. You won't be getting a call to join the White House, but you will get the best out of your Gen Y employee!