Here’s our latest press release - just  out this morning - on motivating employees.  Please read on, it may alter some of your assumptions about how to retain top talent and motivate people –through this economic recession and beyond.

The Top 5 Myths About Motivating Employees

Dangerous in a recession, deadly in a recovery

MEDIA CONTACT:
Sal Vittolino
Phone: (610) 359-8773
mailto:salvitt@comcast.net

In a typical workplace, only 29 percent of employees are actively motivated and engaged in their jobs, while 71 percent are unmotivated and disengaged - either not engaged at all (54 percent) or are actively disengaged (17 percent) - according to the Gallup Management Journal’s Employee Engagement Index.

“While there has been a slight uptick in employee motivation in recent surveys, this may be only temporary because it’s based on survival. As the pendulum swings back, employers should watch out - because employees will look at their jobs and their companies differently,” said Bates.

The Top 5 myths about motivating employees, according to Bates and “Motivate Like a CEO,“ are:

Myth #1: Money is the number one way to motivate employees. “Salaries and bonuses have been the staple of motivation. Most companies relied primarily, even completely, on monetary rewards,” said Bates. “Money is only one of many factors in motivation. Yet companies have become lazy about motivating people instead of giving them what they really crave, which is recognition, praise, and the opportunity to learn.”

Myth #2: If you want to motivate people, don’t let them in on the bad news. “This is a particularly damaging myth. Bad news always gets out to employees. They hate it when you hide bad news; they consider themselves partners in the company, and they long for a chance to contribute and make a difference, especially in tough times,” said Bates. “The surest way to motivate people is to empower them even with terrible news, so they can come to terms with reality, think their way through the crisis, and contribute to creative solutions going forward,” said Bates.


Myth #3: Most employees know what motivates them. “Many people are searching for a larger purpose, and they are not finding it in their work,” said Bates. “In challenging times, employers can become a powerful source of motivation and pride among talented people. In a downturn, leaders must talk to employees and help them discover who they are and what motivates them. Spend time with them; ask them why they enjoy the work, what they enjoy most, how they want to contribute, and where they see themselves in the future,” said Bates.

Myth #4: You simply cannot motivate everyone. “This was true in boom times, when organizations were bloated and some people you hired were marginal. Those days are over,” said Bates. “Now that companies have downsized and are arguably leaner and meaner with the best talent, this is a damaging assumption. It is a leader’s responsibility to motivate employees. It’s time to stop blaming employees, and start looking to leaders to ignite the spark,” said Bates.

Myth #5: People are just grateful to have a job, and this attitude will survive the downturn. “Top talent will always have a place to go, and while they may have had less mobility during the recession, your competitors are already looking around to see who is unhappy and ready to leave,” said Bates. “Employers who keep believing their people are just grateful to have a job will be blindsided when their top talent walks out the door because they don’t have leaders who are engaging them, praising them, recognizing them, and giving them opportunities to grow.”

If you are member of the media and would like to schedule an interview or set up a time to speak with Suzanne, please contact: Sal Vitollino - salvitt@comcast.net

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Everyone loves a confident leader - yet confidence can be baseless. When is it good for a leader to show confidence, and when is it bad? And how can we tell the difference?

I took part in a podcast on this topic with Tom Collins, host of “Tom on Leadership” on Blog Talk Radio.  Check it out!  http://www.blogtalkradio.com/Tom-on-Leadership

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Executive coaching is fast becoming one of the most popular and effective ways to accelerate your professional development and move forward in your career as a leader.      

How hot is executive coaching today?  Fast Company reported a study by Dr. Brian Underhill in 2008, which found that it now reaches into the highest levels – 43% of CEOs and 71% of senior leaders report they’ve worked with a coach and 92% would use one again.  63% of organizations reported they planned to increase the use of coaching over the next five years.   

If you’ve never had a coach it may feel like a big step.  Do you really want someone spending that much time, knowing that much about your professional life, and providing a more structured path to success?  Do you have the time and energy to invest in this when you’re so busy just doing your job? 

This is a great question - but don’t make the mistake of thinking its about time and money.  It’s really a question of your priorities.  You take a big step when you have a big goal.  As Dale Carnegie once said, “The person who gets the farthest is the one who is willing to do and dare.  The sure thing boat never gets far from the shore.”

 Typically, an executive coach is hired by the organization to be your partner.  You vet the coach as well, discussing your strengths and needs for development, goals and timelines and measures of success.  Organizations should look for coaches with extensive experience and a track record of success.  While a coach is hired by the organization and accountable to them, your relationship is confidential - they are there for you.   Their job is to advise, train and guide you and act as confidante.  Because of the nature of the work, they should be authorized to keep the specific content of the coaching interactions confidential, while setting up a reporting and check in process that allows you to get feedback on your progress.

Coaching is rewarding and it is fun, when you have the right person at your side.  As you achieve your goals you feel great about where you’re going.  Right now, my sense is many professionals are feeling stuck - promotions are not as frequent in this economy, bonuses are stagnant or non existent, and they are looking for ways to hone their skills to prepare for a more robust economy ahead.  This is a great time to look into coaching.

How effective is coaching?  That depends upon the coach and you, but the statistics are pretty compelling.  A study by Right Management Consulting  in Forbes Magazine looked at 100 senior executives in Fortune 1000 companies – and found that coaching paid off almost 600% above the initial cost. 70% of the executives who received coaching estimated the return on investment at $100,000 or higher. 53% said they were more productive. 48% said they produced higher quality work and 48% said the organization was stronger and more cohesive as a result of executive coaching.    

Why are organizations turning to coaching?  Because it is effective! A 2009 Harvard Business Review Survey on the question – “do companies and executives get value from their coaches?” found clients keep coming back because “coaching works.”  48% of companies now use coaching to develop the leadership capabilities of high potential performers.

If you’re interested in learning about how coaching works, how to choose a coach and get the most from a coaching program, I have just made available a 50-minute MP3 that answers many of your questions on coaching.

If you would like to download this audio program, please contact our marketing director, Meredith O’Connor, at moconnor@bates-communications.com

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Executivessee the tide turning, too.  McKinsey reports that 22% of of executives expect their nations’ economies to be in better shape by the end of June.  The survey was conducted during the stock markets’ mid-April rally; and marks a significant increase in optimism over March data.  35% now expect an overall economic upturn by the end of 2009; slightly more expect an upturn in demand for their companies’ products or services by then.

With the data mounting that the recovery is here, its time to stop thinking survival, and start thinking strategy.

The first step is to communicate a positive message about the vision for the organization a year from today.  How can you drive the message home?

• Spend more time talking with people about what you’re trying to accomplish
• Ask them what they’re doing, and whether they think its connecting to the larger goals
• Praise them for anything they’re doing to help the company achieve its goals
• Send emails to highlight projects that are aligned with the organizatoin’s strategic goals
• Create new awards and designations that recognize team and individual contributions
• Create a big “to do” about it when people have a success in your newsletter and presentations
• Constantly relate everything you’re doing to the larger mission and purpose of your organization; people are excited when they have a purpose and will work with energy, creativity and passion when they know what they do really matters. 

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Many of you have already read my books Speak like a CEO, Secrets for Commanding Attention and Getting Results (McGraw Hill 2005), and my new book Motivate Like a CEO, Communicate Your Strategic Vision and Inspire People to Act (McGraw Hill 2009).  I hope you’ll let me know what you think, and how these have been helpful to you in advancing your career.

From time to time people ask what else they should be reading.  Today I have a recommendation.

Debra Benton’s new book, CEO Material, How to Be a Leader in Any Organization, discusses how to become highly visible and indispensable to your organization.  Debra is a respected author of  numerous books, and has worked with some of the top companies in the world.  In CEO Material, she focuses on the core skills and competencies you need to develop, and how to get noticed by those who matter.   Debra and I have had several great conversations. Our views on leadership are very much in sync.  We believe business people who rise to the top are those who can communicate a powerful message to their important audiences.

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CEO reputations are still taking a beating.  The media are looking at balance sheets, then looking at executive compensation packages, and doing a double take.     

A recent report from the Associated Press found that yes; CEOs are taking a hit from the recession — less total compensation, smaller bonuses, and some nearly worthless stock options — however their companies are already making adjustments that could mean their compensation bounces back in the near future.  

This is not sitting well with the media.  In journalism they call this a story with “legs.”  It won’t go away.  It provides constant fodder for the television and radio pundits, as well as the print and online media and the bloggers.

And here’s what’s really interesting.  They don’t differentiate between companies or CEOs.  A CEO can be doing the right thing, reducing pay and perks significantly, and he or she will still get lumped in with every other executive.

Long range, I don’t know how much CEOs are concerned about this.   It is worth considering the impact this will have on the individual CEOs ability to bring a company through the recession, drive change and take advantage of market opportunities.  A leader has to have the ultimate respect and admiration of employees, stockholders, and the media drives perceptions.

Here’s the thing.  When the average American sees that a company is profitable, hiring people, and strengthening the U.S. and global economy, they really don’t care.  And the media usually doesn’t mention it except when they put together the highest paid CEO lists.   

But when times are tough this feeds the drumbeat of negativity about CEOs in the media.

Here are the facts.

·         The median pay package for CEOs of companies in the Standard & Poor’s 500 Index fell 7 percent to $7.6 million in 2008.

·         The potential hit to their pocketbooks could be even larger if stock prices don’t rebound.

·         One clue: 90 percent of the $1.2 billion in CEO stock options granted last year are “under water,” meaning the current stock price is too low to yield a profit, the AP analysis shows.

·         However, boards are trying to cushion the blow. The AP found that some have changed the rules to make it easier for executives to qualify for bonuses. Others are doling out more stock options, which give executives the right to buy shares in the future at prices locked in today.

·         Four of every five CEOs took home a cash bonus in spite of the fact that the stock prices of the companies in the survey fell by an average 36 percent and profits fell 31 percent. 

·         And the survey found companies remain largely generous with perks.  As the AP reported, these are unfathomable to the average American worker, chauffeured cars, body guards, club memberships, financial planning services and free travel in company jets.

If you’d like to read more, click here for WCVB TV’s Project Economy.

Also don’t forget our special offer until May 15^th.  Read on to the next blog entry for details.  This is a fantastic way for you to easily to get a copy of both books for the price of one.  Just remember to copy and paste your confirmation number from Amazon.com and send it to mconnor@bates-communications.com with all of your info: name, address, title, company, phone and email so we can send it to you and reach you if we have any questions!

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