Hartford Business Journal

www.HartfordBusiness.com May 1, 2017 • Hartford Business Journal 21 BIZ BOOKS Proven strategies, tips, techniques to build a successful company "T he Entrepreneur's Playbook – More than 100 Proven Strate- gies, Tips, and Techniques to Build a Radically Successful Business" by Leonard C. Green with Paul B. Brown (AMACOM, $21.95). Green, who was a driving force behind SoBe beverages and Blue Buffalo pet food, shares his been-there-done-that successful experiences and missteps. He debunks the "take the wheel; step on the gas; crash and learn" approach to starting a new business. In its place, Green favors a calculated-risk approach that reminds wannabe entre- preneurs that "creating a bet- ter mousetrap isn't the end of the journey; it's the beginning." The key takeaway deals with time on two fronts: "Work hard (You'll be amazed at how many people don't)" — 1. Starting a business requires working long hours, which requires a work-life choice. There aren't enough hours in a day to do what's necessary to launch a business and have a "normal" personal life. Every hour away from your launch means you're delaying that launch. Any delay can be costly – you can run out of money, help needed may not be available and your win- dow of opportunity can close. If you're single, the choice becomes easy. If you're in a relationship, not so. The best you do is explain to your spouse/partner/other why delays can lead to failure to launch, and hope that he/she agrees that the business should be the priority. Even with such agreement, there will be bumps in the road that you'll have to smooth out. 2. There's a marked dif- ference between activity and progress. Activity deals with busyness; progress deals with achievement. "If you're doing something that isn't adding value, don't do it." To maximize achievement, learn to delegate. Let your employees do what they were hired to do. Keep an open com- munications loop by asking for and listen- ing to feedback before making decisions. Also, recognize that progress isn't linear. Just because you're doing what you should be doing doesn't guarantee success. Why? You don't control everything in the process. Employee turnover/illness and actions of suppliers, investors, the marketplace, etc. may require a shift in priorities. • • • "Hello Stay Interviews, Goodbye Tal- ent Loss — A Manager's Playbook" by Beverly Kaye and Sharon Jordan-Evans (Berrett-Koehler Publishers, $17.95). When business owners look at their income statements they only see revenue and expens- es. They don't see the hidden cost of turnover. According to a recent study by Manpower Group, replacing an entry-level employee costs about $6,000; the cost of replacing a mid-level manager could reach upwards of $60,000. The costs relate to conducting a search, lost productivity as others shoulder the load and the cost of training a newbie. Then there's the morale cost that can't be measured in dollars, but which could result in more turnover. All too often, managers don't realize a valued employ- ee is looking until notice is given. Then, during the exit interview, they ask, "What can I do to keep you?" The authors believe that varia- tions of the question should have been asked and answered many times while the employee was on the job. Stay interviews are ongoing conversa- tions between the manager and employees that: 1. Provide an opportunity to find out more about what's important to employees; and, 2. Tell employees that their contribu- tions are valued. When employees know that management listens to them, they become more engaged in their work, and less likely to jump ship. Open-ended questions are the tools of the stay interview because they allow employees to express themselves. Some good ones are: "What did you learn this year about yourself?" "What can I do to support your career goals?" "What makes for a great day at work?" The bottom line: Stay interviews identify what managers need to do to keep valued employees. n Jim Pawlak is a nationally syndicated book reviewer. Jim Pawlak COMMUNITY CONNECTIONS Companies must give Millennials a 'seat at the adult's table' By Andre Santiago E very few years there are hot topics of particular interest to employers. Lately the focus has been on Millennials. As a Millennial, I find this quite frustrating. I have attended workshops where facilitators teach employers about the needs of people within this age group and about how to get the best out of them. While in theory these objectives are amaz- ing, many of these facilitators are not Millennials and use terminology that seems to segregate or silo this age group; even worse, they use language that implies that Millennials are a problem to solve. Instead of having workshop after workshop about this one target population, why not have conversations that come from an intergenerational point of view? Create opportunities to bring people of all ages to the table to share their experiences? Every generation brings something unique to the table where learning can happen from every direction and from every point of view. A question to consider: How many college graduates really know what the future holds or where their path will take them? In real- ity, probably not many — I know that I didn't. That first job or professional experience for a younger adult can help determine the direc- tion of his or her career. I graduated in 2007 with a degree in music and had no idea what type of employment I wanted or what job I was qualified to hold. I landed a job at a nonprofit organization in Hart- ford. Who could have known that interviewing for this job would change my life in a profound way? Ten years later, not only am I still with the same organization, but I am a senior leader and a "lifer." Talent retention is vital for any organiza- tion and there is a significant reason why I have chosen to stay. I was allowed to sit at the same table with leaders from all generations and to learn from them in a safe, caring environment. I look at my early career as the appetizer. I was starving for knowledge and needed to build a network. I ate up all of the information I could and was grateful that I was allowed a seat at the adult's table and not sidelined to the children's table. All of my colleagues had more experience than I did, so I watched them work and took it all in. They encour- aged me to try new things and bring my own knowledge to the table. I stayed at this orga- nization while many of my Millennial peers switched employers multiple times. This unique exposure to new observations and experiences enabled me to have a seamless transition to the salad course, also known as my late 20s. Now that I am about to dig into my entrée, I am enjoying the meal and look forward to savoring the rest of my main course and dessert as a leader in the same organization. According to Forbes, "Millennials are more likely to change jobs because they are not will- ing to stick around if they do not believe they are receiving any personal benefit or growth." The average length of time for a Millennial to stay at the same job is two years. While employers are focused on how to retain Millennials, my employers used their energy and focus to pro- vide me with rich learning opportunities, create genuine relationships and invest in my passions. In order to engage and empower their young workforce, employers need to treat their young professionals like valued mem- bers of the team and provide a safe space to learn from others at the table. If employers want Millennials to stay and invest in the organization, I encourage them to set a place at the table, share a meal and see how much more effective their organizations can be. n Andre Santiago is a senior program direc- tor at Leadership Greater Hartford. Andre Santiago ▶ ▶ There aren't enough hours in a day to do what's necessary to launch a business and have a 'normal' personal life. Every hour away from your launch means you're delaying that launch.

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