How To Prepare An ROI Calculation

How To Prepare An ROI Calculation

A very experienced technical sales professional told me something very interesting. Nearly all business-to-business sales attempt to replace an existing solution. He said: “Companies buy solutions that produce the same outputs for a lower price or produce more outputs for the same price.”

What Is A Return On Investment (ROI) Calculation?

Return on investment (ROI) concept

ROI calculations are thought experiments to show your audience what will happen if they switch from their existing solution to the proposed new solution. It’s used in the sales process to stimulate discussion.

As a conversation starter, the calculation doesn’t have to be totally accurate. Where you don’t have the full figures, you can make assumptions. They must be based on some sort of reality such as industry benchmarks, for example.

Be conservative in your estimates. If a customer says you have underestimated the savings they will make, then they are selling themselves the product.

Here is a step-by-step guide to how to prepare an ROI calculation, using savings made with a voice biometric authentication system as an example.

Step 1: Define The Experiment

Man on laptop working customer service

Decide what effect switching to the new solution will have. Consider the financial value of the cost reduction or increase in productivity. The voice biometric system won’t make any money itself. It will eliminate the need for agents to ask the customer security questions, so reducing call lengths by approximately 1 minute.

Step 2: Define The Current (Control) State

Time, percentage, money, return on investment, ROI concept

Scientific experiments often have a control. In drug trials, two rats are injected with the target pathogen. One is injected with the drug, while the other isn’t. This second rat is the “control.” It demonstrates what happens if the drug isn’t used.

The basic scenario of the ROI calculation does the same thing.

Assume our contact center has 100 agents on the phones. Each agent handles 100 calls a day and each call is approximately 3 minutes long. Agents are paid USD 10.00 per hour. The agents work 7 hours a day (Breaks are unpaid), 47 weeks per year not including holidays and sickness. Cost per call = USD 70.00 / 100 calls = USD 0.70 per call.

Step 3: Define The Effect Of The Experiment

Salesperson listens to help a customer

Now we define what happens, from the financial perspective, when we use the new solution. In our example, removing the security questions will reduce the call length by 1 minute. Calls are now 2 minutes long instead of 3, so agents can make 150 calls in the time they handled 100 calls. The new cost per call will be USD 70.00 / 150 calls = USD 0.46 per call.

Step 4: Define The Savings

ROI, return on investment concept

We have defined the financial situation before adopting the product and after adopting the product. Now we calculate the savings by deducting one from the other. Before product adoption, the cost per call is USD 0.70 per call. After product adoption, the cost per call is USD 0.46 per call. The savings will therefore be USD 0.24 per call.

Step 5: Introduce The Solution Cost To Calculate The True Savings

Woman salesperson talks to a customer on the phone

​The solution itself has a cost. We must factor this into the savings calculation to see if it’s worth buying.

Traditionally, on-premises software was sold with a single license fee and a small annual maintenance fee as a follow-up. Nowadays, software is more likely to be sold under a monthly or quarterly subscription fee or, if it is cloud-based, as a consumption charge. It’s important to express savings in the same time frame as the solution costs.

To keep things simple, let’s assume that our product is priced as a monthly subscription based on the number of named users. The subscription fee is USD 150.00 per agent per month.

An agent handles 150 calls per day for 21 days per month (assuming we lose 2 working days per month to holidays and sickness) which comes to 3, 150 calls per month. Monthly savings will therefore be USD 0.24 per call x 3,150 calls = USD 756.00 per agent per month.

Net savings is the monthly savings minus the subscription fee. USD 756.00 – USD 150 = USD 606 per month. Multiply that by the 100 agents working in the contact center, and you have a total monthly saving of USD 60,600 per month. Multiply that by 12, and you have a savings of USD 727,000 per year.

Skull Busters

Return on investment (ROI) concept

Sometimes customers will tell you they want to do something like “improve CSAT.” The financial benefits are not always obvious. In my experience, the best way to address this is to ask the customers themselves what such improvements will mean financially.

If they can’t tell you this, then they may not really know why they are buying the product.

If they tell you every 1% improvement in NPS scores will lead to a USD half million increase in revenues, build that into your numbers.

If you think the savings look too optimistic, present your more “realistic” figure. Explain that you want to err on the side of caution. Your customer will be reassured by your transparency and prudence.

Presentation

Businesswoman looks at charts and graphs

Your “ally” in the customer’s company may ask you for the ROI calculation to help her persuade the board that buying your solution is a good idea. Provide her with an easy-to-understand presentation with explanatory notes explaining what the facts are and where they come from, what the assumptions are and what they are based on, and what the calculations are and how they were calculated.

She may need to present the calculation without your help.

Wrap-Up

Are you trying to prepare an ROI calculation? Let me know if you need any help!

Further reading…

Try reading this article about building your business case. It might help you flesh out your calculations with some narrative.

Should I Quit My Job? How To Make The Decision (Simple)

Should I Quit My Job? How To Make The Decision (Simple)

“Should I quit my job?” is a question that more and more professionals are asking themselves these days. But with so many people moving between companies, it can be hard to determine what is a good reason for leaving (and what isn’t). This guide will help you figure out if you should quit your job, […]

The post Should I Quit My Job? How To Make The Decision (Simple) appeared first on Career Sherpa.

How Salary Transparency Can Backfire On Job Seekers

How Salary Transparency Can Backfire On Job Seekers

Several U. S. says now require companies towards post their rates about every job posting, in addition to there’s legislation out right now there that may mandate salary visibility for all the models. If you arrive across salary transparency throughout your job search, which you need to understand…

Businesses Might Not Post As numerous Jobs AnymoreÂ

@j. t. odonnell Replying to @n2musique How salary transparency may backfire… #paytransparency #careertok #jobs #careers #jobtok #salarytransparency #salarynegotiation #salarytransparentstreet ♬ original sound — J. T. O’Donnell

In the situation that salary transparency is usually mandated within the U. T., I’ve been told simply by employers that they’re merely likely to stop posting work.

Wonder just how that’s possible?

It’s simple. Instead involving posting jobs, companies may proactively seek talent. This particular means you will require to possess a massive specialist network at least realize how to network. Your own network is your internet worth. About 80% connected with jobs are already obtained via referral. But when job postings go aside, the only way you will learn about great careers as if you know just what employers you want that will work with (create an job interview bucket list to assist with this).

A positive job search depends on knowing which usually companies you would like to work regarding and reaching out so that you can people that work at individuals companies. Then those individuals introduce you to employing managers and also you get a new job interview. Which can not require giving you will any pay ranges.

Once you find out how to do this stuff you can actually work out a higher salary regardless of precisely what they told you this salary range was. Plus if it doesn’t job, have the self-confidence to help you leave and find some sort of better opportunity. This just about all comes with knowledge. A possibility rocket science. It’s certainly not nuclear physics. But it can also not something these people taught you how to perform in school. It’s concerning as being a better job hunter by knowing how to make sure you be discerning to get what exactly you want and are worthy of within your career.

Need more assist with your job lookup?

I would love it if most people subscribed to Work It Daily’s Event Subscription ! I actually anticipate answering all with your career questions around our next live celebration!

The Overwhelming Need For Storytelling In Business

The Overwhelming Need For Storytelling In Business

My work at the National Football League in Officiating Administration allowed me the opportunity to collect, analyze, and report data. Looking back at my career, I realized I was telling a compelling story.

For example, when I completed the annual budget, I summarized that budget into a one-page document showing last year’s budget at the top of the page. In the middle of the paper, I outlined all the current changes leading to the total current budget total at the bottom of the page. I call this my budget walk. I gave this one-page budget walk to my manager so that when he discussed the department’s budget with his superiors, his discussion was a 30,000-mile-high view—strictly summarized.

Storytelling like this helps an audience connect with you so they trust you. When you come across as human and do not force numbers their way, you’ll seem more, trustworthy—especially if the storytelling is relatable as it becomes more memorable. If the audience can see themselves as the ‘character’ in your story or realize it relates to them, they won’t forget your business easily.

Data storytelling is a way to communicate insights using data, visuals, and narrative. Plenty of data is collected and must be presented in a way that is easy to comprehend.

Stories Engage Your Audience

the power of storytelling concept

Numbers do matter, but they mean much more when built based on a story. Put yourself in the audience’s shoes. Would you want to sit there while someone throws numbers and data at you?

A Nielsen study revealed that our brains are far more engaged by storytelling than by facts alone. The brain processes images 60 times faster than words, and when we read data, only the language parts of our brain work on decoding the meaning. But when we read stories, every part of the brain we’d use if we experienced the story also becomes activated.

Data analysts extract patterns in data. By adding storytelling skills, they can convey information about the data that helps decision-making. The benefit of the analyst being the storyteller is that they are the person who knows the context around the data. As engaging as stories can be for organizations, the best ones are those that evoke emotional reactions. If you tell a story that people genuinely connect with and relate to, they’ll likely believe in you. Some of the best storytelling in business comes from mistakes, failures, and past business struggles.

How To Create Stories

Man on laptop creates story

1. Begin with a pen-and-paper approach

a) Visually engaging presentations will inspire your audience

b) Scripting down your ideas and flow before you start structuring your story is essential to your final product

2. Dig deeper to identify the sole purpose of your story

a) Identify closely what the idea of your story is. Ask yourself, “What am I giving with this story?” It’s never the story alone but what the story can do to make decisions better. What you’re displaying is the idea of better decision-making or analytics.

b) Develop a personal “passion statement.” Tell your prospects why you are genuinely excited about working with them in one sentence. Your passion statement will be remembered long.

c) The most critical thing you can do to improve your analytics is to have a story to tell. The flow you can generate can have much friction in your result.

3. Use powerful headings

a) Create your heading, a one-sentence statement for your story, visual, or analysis. The most effective headlines are concise, specific, and offer a personal benefit.

b) Remember, your heading is a statement that offers your audience a vision of a better understanding. It’s not about you. It’s about them.

4. Design a roadmap

a) Create a list of all the key points you want your audience to know about your story, visual, or analysis.

b) Categorize the list until you are left with only three major message points. This group of three will provide the verbal roadmap for your story.

c) Under each of your three key messages, add supporting evidence to enhance the narrative. These could include some or all of the following: personal stories, facts, examples, analogies, etc.

5. Conclude with brevity

a) Now that you have put forward all the points of your story, your conclusion should be short and powerful. In my report, I mentioned 3-4 liner summaries to conclude why to buy a particular stock.

5-Point Plan That Helps Deliver A Strong Impact

storytelling in business concept

A five-point plan that helps deliver a strong impact is:

1. Deliver a story or statement that arouses the audience’s interest.

2. Pose a problem or question that must be solved or answered.

3. Offer a solution to the problem you raised.

4. Describe specific benefits of adopting the course of action outlined in your solution.

5. State a call to action.

Lastly, marketing campaigns must avoid cheap tactics and focus on storytelling. Honey Bunches of Oats pulled on the heartstrings by inviting actual employees to participate in the campaign and share their endearing qualities. You can sense the passion in their stories, making the business more memorable.


Summary Sunday: Issue #495

Summary Sunday: Issue #495

A smart job search starts by understanding what you want, recruiting and hiring trends, and workplace trends. That’s why I round up articles each week that address these topics. In this week’s summary, you’ll find articles and resources about: Sharing is caring. Please feel free to share with those who will benefit. Also, follow these […]

The post Summary Sunday: Issue #495 appeared first on Career Sherpa.

Dealing With Uncertainty: 3 Stand-Out Capabilities You Need In Every Team

Dealing With Uncertainty: 3 Stand-Out Capabilities You Need In Every Team

One of the biggest issues in managing large, complex, or high-profile pieces of work including change and transformation projects is that you have to continually be on the lookout for, what I will call, half-baked problems or early warning signals that indicate challenges may be on their way—this while simultaneously leading, building, and delivering what is in your remit right now.

If you are a change project leader or tasked with leading and delivering big change in all or a part of your organisation, while balancing your many (read many!) day-to-day activities, you must also balance monitoring for early warning signals.

What do I mean by early warning signals?

As an example, any activity, new piece of information, or behaviour from a senior stakeholder that catches your attention because the information is at odds, surprising, or inconsistent with your current understanding of the context (and details) of your transformation work.

For instance, if there is a sudden change in senior leadership in the organization, pay momentary attention and ask yourself, ‘What does this mean for the transformation work in my remit?’ The answer decides if there is impact, no impact, or a need for action by you, such as continuing to monitor closely.

Early warning signals are one of the best sources of information on potential problems, risks and threats to your work’s success. Signals are indications of potential, unexpected change that might hit your work, project or complex activities. You need to monitor the horizon continuously to know what might be coming ‘down the barrel at you.’

What To Do?

Team meets at work

So, what to do when you are so busy with your day job to also fit in this extra layer of horizon scanning or monitoring?

If you are able to and your budget allows, surrounding yourself with a team of capable colleagues will help you build additional capacity to get the work done and to help monitor these half-baked problems and early warning signs.

It’s important to work out how to monitor what might be coming at you and your project because being prepared will mean you will likely nail anywhere up to 9/10 problems and mean you will rarely be caught off guard.

While not 100% fail-safe, monitoring the horizon for early warning signs of what might be coming means you stay more in control of your project overall and are able to reassure your stakeholders and sponsor of the same as well.

Stand-Out Capabilities You Want In Your Team

Team members discuss a problem during a work meeting

In my experiences in the trenches working on distressed or big complex projects in multiple industries, where uncertainty rules, there are three recurring stand-out capabilities in people I have worked with that can make a difference to your success including pre-empting half-baked problems. You may want to read more about distressed projects and teams by reading my blog post “6-Point Checklist For Taking Over A ‘Distressed’ Project & Team” here.

The stand-out people are those with the motivation to do a good job, are able to join the dots in the project without full information, and are great at pivoting in uncertainty.

You might be surprised that I don’t mention, out of the gate, stand-out skills like knowledge or experience. In truth and in my own experience these are not the most important, at least initially. Skills and experiences can often be acquired including during high-pressure, big, complex, project work. I know because I had a brand new team start with me as part of the Brexit Transfer—choosing people who were not the most experienced but were motivated, could join the dots, and were able to pivot quickly and regularly.

So, let’s go through each of the three stand-out capabilities in a bit more detail:

Stand-Out Capability #1 – Motivated

stay motivated, motivation concept

What I am talking about here is what drives the person in their day job. Some are driven to do their day job and others are driven by doing more than their day job without being asked. These people are what I would call natural-born problem solvers who are driven beyond just doing their day-to-day activities.

Nothing is externally imposed on creating this person’s motivation; rather the motivation comes from a place deep within the individual. They are driven beyond usual incentives rather they are driven by a higher-order goal that is beyond a paycheck (although this is important). I would best describe these people as going the extra mile without being asked to.
This is not necessarily about asking people to constantly go the extra mile. Your job as a leader is to make sure things remain as balanced as possible within the team and effort, but having the attitude tells you something about the sort of person you could potentially have as a colleague and on your team. And when you are restricted by size of the team, you have a small, tight-knit team, and in truth, there is little room for people who are not prepared to go the extra mile.

Stand-Out Capability #2 – Able To Join Dots

connect the dots geometric concept

People who join dots (connect information that doesn’t look like it connects but eventually you see it does) are able to join together information from different sources to build a clearer picture of something that is yet to reveal itself completely (like a half-baked problem or material risk that is yet to gain momentum).

This skill is invaluable in helping to pre-empt and deal with problems that are yet to ‘grow legs,’ that is problems that could become much bigger.

Colleagues with the ability to join the dots are able to see what may be almost invisible to most others. These are people who can work comfortably even without full information and yet have a sense of what to scan, what to ask ‘why’ about, what to watch out for, and how to act if things change, that is more or pivot quickly. They are able to see the small silver balls of mercury and are able to look and sometimes find the energy that may push each individual silver ball into a larger pool of silver mercury—that is a problem with legs in our analogy.

So, this capability to join the dots will always surpass knowledge and experience in my book. Of course, it would be ideal to have both types of colleagues in your team—those that are new, with fresh eyes on a problem, and those who might be more experienced and knowledgeable. This would then, however, require all to get on as a team to build trust to share information freely otherwise having all this knowledge and ability won’t bring out a great result. This bit, managing a team well, is up to you as manager or leader. By the way, skills can be trained but attitudes like motivation and an inner drive to understand and do a great job are not so easily trained or found.

Hence why I would always go with motivation over skills when selecting a team.

Stand-Out Capability #3 – Able To Pivot

pivot, strategy change concept

I define pivoting as an ability to turn or rotate fast. Pivoting is like watching velvet that moves. The feel of velvet is soft and sophisticated for some, and this is what I mean by pivoting in this context. People who can pivot are essentially able to effortlessly move from one task to another, from one piece of work to another, without any angst or stress. Velvety. Rather they appear as soon as they are needed even though they may have been very busy already.

Final word

As motivation is the hardest to recruit for and identify in your colleagues, the best way to find out what motivates a person is to ask them: ‘What are the top five things that motivate you?’ You will find that while money or financial reward is in the top five, it is not necessarily number one of the top five. Interesting, right?

Another important success factor is to make sure you select people who are naturally comfortable with change. Make sure you spend time understanding if your potential team member does not like or deal well with uncertainty in the workplace or in their day job; rather they prefer stability—nothing wrong with this by the way—but this means they may not necessarily be suited to the energetic demands of pressure and uncertainty coming out of a big project.

So, keep this in mind when building or assessing your potential team members. Make sure you match a person’s personal environment preferences (busy, stable, chaotic, calm) with their preferences. These are important factors in successfully embedding someone in your team and an important factor in the project’s ultimate success.

Summary

Team members shake hands after a work meeting

As a leader or manager of large pieces of work that are surrounded by uncertainty, it is important to continually scan the horizon for emerging risks and impending problems. This is a vital capability that needs to sit alongside your many other responsibilities and skills.

It is in your best interest to surround yourself with a capable team that can provide additional capacity to you either to scan the horizon with you or for you to delegate some of your other work so you can dedicate more time to scanning, assessing, and mitigating problems that might be coming your way.

I would love to hear what you think and how you handle scanning for early warning signals in your change work and projects.


Executive Spotlight: Performance Review Dos & Don’ts

Executive Spotlight: Performance Review Dos & Don’ts

A performance review usually isn’t something employees or managers look forward to. But it’s an essential part of the business—to discuss performance and give feedback with the intention of helping the employee and the company as a whole. If you’re the one conducting the performance review, how can you ensure it’s a productive conversation?

We recently asked our executives what their performance review dos and don’ts are.

Here are their responses…

John Schembari, Senior Education Executive

Make the evaluation process as grounded as possible in evidence of practice/what is empirically observed. The use of performance rubrics that delineate and explain different levels of proficency can help to ensure that quality of work is being evaluated as opposed to personality.

If there are several individuals evaluating staff in similar roles of like function ensure that there is inter-rater reliability and, thus, equity in how performance is measured. Determine a common definition of quality performance and success across the organization. In the review, highlight both the practices that the employee should continue doing as well as those that should be refined. If possible, allow the employee an opportunity to discuss both their successes and determine how they will address practices to be refined as well as deliverables/due dates.

Don’t wait until the next review to follow up with the employee. Provide resources that address growth areas and check back on a regular basis.

John Schembari is a current K-12 teacher/school leader academic improvement coach and former school building and district administrator. He loves to draw, travel, swing dance, and read nonfiction.

Ana Smith, Talent Architect & Global Learning Strategist

Woman gets feedback on her career from her boss during a performance review

Top performance is the way in which organizations grow, evolve, and compete. The same goes for employees of all levels. Yet one key ingredient is delivering performance feedback, which for managers and leaders can feel quite difficult and filled with stress. And all of this in addition to the current inflation, burnout, and a hot talent market that has employees quitting in droves.

We know from vast research on feedback that if you don’t deliver tough, healthy feedback—if you just let people “skate by”—it has a demotivating effect on strong performers and team players.

One important trend which has taken place for the past decade or so is eliminating year-end reviews. The rationale behind year-end reviews is to understand and measure the accomplishments and quality of work from year to year.

Focusing throughout the year on having good, quality performance coaching conversations with a specific cadence is what makes the difference. If this is the approach, for the vast majority of people, the year-end review becomes just another good performance conversation—a summary of what you’ve talked about throughout the year.

Ana Smith helps people & organizations achieve their full talent potential by developing and co-creating people strategies and customized solutions, and turning them into impactful outcomes and collaborative relationships, using coaching as the “red thread.”

Michael Willis, Sports Business Operations Executive

performance review concept

A performance appraisal is an evaluation done on an employee’s job performance over a specific period of time. It is the equivalent of a report card on an employee and how their manager assessed their performance over the prior year.

A performance appraisal should motivate an employee to better performance by helping them understand why they need to move away from poor performance or toward critical objectives.

360 Feedback Evaluation

I like the 360 degrees form of appraisal where employees are evaluated by colleagues, customers, subordinates, and other connected managers. The 360 feedback allows the employees a glimpse of how others view their performance in various relationships critical to the job.

I think everyone’s work and evaluation should be aligned to 3 factors:

  1. A company’s mission
  2. A company’s goals
  3. A company’s competitors

This evaluation should factor in the company’s competitors:

  • Current competitors
  • Future competitors
  • New market entrant competitors

Michael Willis has 18+ years of experience working with accounting & sports organizations and has managed P&Ls of $10M – $125M+ with budgets of $3M-$50M+. He worked for the NFL for 22 1/2 years, mainly with the game officials working on the financial/accounting side of the business.

Melodie Turk, Learning Experience Executive

Boss meets with an employee for a performance review

Do not give surprise feedback during a performance review.

Do summarize all the accomplishments and the improvement work done throughout the year.

Many years ago I had a boss that set up quarterly development meetings with each employee. We were both expected to answer two questions about ourselves and the boss. They were: “What am I doing well? What could I improve on?” and “What are you doing well? What could you improve on?”

It’s a framework I continue to use to open up the conversation on both sides for constructive feedback that works both ways. The valuable conversation plus the frequency made it very easy to prepare for the annual performance review—and there are no surprises.

Melodie Turk is a learning experience executive with a unique background in the learning and development arena as well as change management. She is passionate about bringing change to the workplace—change that is meaningful and change that will last.

Don Schulz, Senior Operations & Commercial Real Estate Executive

career performance review concept

​In my experience in leading people and teams, the key to performance evaluations is to make them an ongoing process. They should not be a point-in-time event but rather a more regular occurrence, integrated into the normal rhythm of business. This maintains transparency and ensures there are no surprises. Use regularly scheduled one-on-ones as the primary forum for discussing it. Feedback should flow both ways between employee and manager as appropriate.

It is also worth mentioning the timeliness of this question. I just returned from a national veteran’s charity event in Florida where this exact topic came up in conversation with some veterans. While none of them expressed the least amount of joy in the administrative aspects of completing performance evaluations, all of them expressed one shared belief: the importance of regular, continuous, ongoing feedback and how it is critical to maintaining high-performing teams, effective alignment, and a collective focus on mission.

While the level of criticality in the military varies from the civilian work world, the principles still apply—people stay more properly oriented toward an organization’s collective goals, display greater engagement, and deliver better results through regular performance feedback and a more transparent understanding of their individual contributions, both positive and negative.

Don Schulz is a 25+ year commercial real estate executive & COO. On the personal side, he likes to ski, hike, golf, and run, and is an occasional homebrewer.

Kathleen Duffy, Founder, CEO, And President Of Duffy Group

measuring KPIs concept

Performance reviews should be a time of self-reflection for the employee and an opportunity to set professional goals for the upcoming year. We look at KPIs each month and have found when the employees look at them through the lens of their goals, the discussions take on a tone of continuous improvement.

Within our framework, here are examples of a few questions we ask:

  • What one or two skill areas are you going to focus on or continue to focus on to improve as a leader?
  • What will be the impact for you if you do improve in this skill?
  • What will be the impact on the company overall if you do improve in this skill?
  • What do you need to focus on doing/not doing, feeling/not feeling, to be a better leader in 202X?
  • How can I help you?

I don’t want to give the impression that we avoid tough conversations. We have them in real time and don’t wait until the performance review.

Kathleen Duffy is the founder, CEO, and president of Duffy Group. The company’s vision is to elevate recruitment research as an alternative to contingent and retained search. Since its founding, Duffy Group has been a remote workplace and a culture of work/life harmony.

Stan Hammond, IT Cyber Executive

Woman talks to her boss during her performance review

A performance review is official and engages HR. It is essential to treat your staff with respect and dignity. Two rules and/or ideas:

1. Never bring up a subject (especially negative) during the official performance review that you have not presented and discussed unofficially before the meeting.

2. Use the process to get to know your staff better and to build camaraderie. Ask about something they have accomplished this past year that you may not know about. Share positive feedback you have received from other leaders/team members. (This may take proactive work on your part to prepare for the review.)

Stan Hammond is an IT cyber executive with decades of experience leading billion-dollar corporations and government agencies, including ServiceNow, the State Department, Veterans Affairs, Charter, GKN, Baxter, Caremark, and Pfizer, with cutting-edge technology.

Lisa Perry, Global Marketing Executive

Professionals during a business meeting/performance review

Sixty-nine percent of employees say they would work harder if they felt their efforts were better recognized according to a survey by Officevibe. The truth is what makes the difference is the little things that you do throughout the year for your employees that can make an impact; from keeping track of your employee’s development, providing support to setting them up for success.

Here are five dos and don’ts of performance reviews.

  • Define Objectives & Expectations: Don’t forget to define your objectives and expectations. I’ve used SMART (specific, measurable, achievable, results-oriented, and time-bound) objectives for years. But I’ve just started to now use OKRs (objectives and key results), a collaborative goal-setting methodology used by teams and individual employees to set challenging, ambitious goals with measurable results.
  • Provide Frequent Feedback: Don’t give feedback once a year. Provide coaching conversations that people welcome on a regular basis. This will help your employees stay focused, meet their goals, and grow professionally.
  • Two-Way Discussions: Don’t make the review process one way, top down, and behavior focused. Focus the performance review on results and make it as much of a 360-degree review as possible. Employees need to feel like they’re being heard and valued. Include the boss’s assessment, employee self-appraisal, and peer reviews in a meeting in which both parties can share their observations, perspectives, and comments about job performance.
  • Provide Facts: Don’t provide vague feedback. Provide well-documented facts for both good and not-so-good results. Everything should be backed by facts.
  • Action Plan: There is no follow-up to the performance review with an action plan. Develop an action plan with set goals, areas for improvement outlined, support detailed, and deadlines to evaluate the progress. Keep it simple and positive, and express your confidence in their ability to improve.

With these tips, your review discussions with your employees will be a natural extension of the coaching that they receive. Remember, your team should be supported and listened to. Be open to receiving feedback as well.

Lisa Perry helps companies build leadership brands, driving loyal customers & delivering profitability. She does this through a process that builds brands consumers love. Her goal is to help companies develop, monetize, and grow their brands.

What are some other performance review dos and don’ts? Join the conversation inside Work It Daily’s Executive Program.

7 Ways to Use Modern Technology to Connect Students with Career Services

7 Ways to Use Modern Technology to Connect Students with Career Services

Technology has made leaps and bounds in the last few decades. Faster than you learn new hashtags and update resources for incoming students, they’re on to […]

The post 7 Ways to Use Modern Technology to Connect Students with Career Services appeared first on Blog Job Hunting Career Management Solutions | CareerShift.

5 Questions To Ask Your Employer If You Get Laid Off

5 Questions To Ask Your Employer If You Get Laid Off

When you get laid off, a lot of questions go through your head. You may ask yourself, “Why me? How will I tell my family? What will I do now?”

Layoffs happen to almost everyone. If you haven’t been laid off before, consider yourself lucky. Whether you saw the layoff coming, or were completely blindsided by it, there are a handful of things you should know before you begin looking for your next job.

Here are five questions you need to ask your employer if you get laid off:

1. When Will I Receive My Last Paycheck & How Will I Get It?

Woman asks her employer questions after getting laid off

Money will probably be one of the first things on your mind when you get laid off. You’ll want to ask your employer when and how you will get your last paycheck. They need to give this to you immediately or within your next pay cycle.

Some employers may try to stop direct deposit, so you need to make sure they have your current address if they are mailing you the check instead.

2. Will I Get Paid For Any Outstanding Vacation Or Personal Time?

Man holding phone reflects on being laid off

Chances are you’ll have outstanding vacation or personal time if you get laid off suddenly. Should you be getting compensated for that?

Your employee handbook should outline the exact policy and procedure for this type of situation, but you should also ask your employer in the event they are not paying this but are legally supposed to. That way, you can point out the extra pay you are due per your contract.

3. How Long Will My Medical Benefits Last & When Will I Be Eligible For COBRA?

Employer lays off an employee during a meeting

Health insurance coverage is another big question when you get laid off. You’ll need to ask your employer how long your medical benefits will last, and how long you have before you’ll have to pay the COBRA premiums, which are much more expensive.

Your employer should give you someone to contact about this as well.

4. Am I Eligible For Rehire If There Is A Position Available In The Future?

Stressed woman gets laid off from her job

This is the most important question to ask when you get laid off. If they say you aren’t eligible for rehire, it means they aren’t listing you as a laid-off employee. Instead, they’re listing you as fired, which could impact your ability to collect unemployment.

Trust us—this happens to people and they don’t find out until their unemployment claim gets rejected.

5. Will I Receive Outplacement Services To Help Me With My Job Search?

Outplacement services help people find new jobs after they get laid off. Most higher-level managers and executives get these career coaching services when they get laid off. Meanwhile, the average professional doesn’t usually know to ask for these services.

Studies show that people who get outplacement get hired two times faster than those who don’t. If the company says they aren’t offering outplacement, ask if they would be willing to reimburse you for a subscription to an outplacement services like Work It Daily.

Work It Daily’s outplacement services are virtual and cost a fraction of traditional outplacement. If you get laid off, you should push for outplacement because it also helps your employer avoid discrimination lawsuits.

Ask if anyone in the company is getting outplacement. If so, then you should get the same.

Getting laid off is never easy. If it happens to you, make sure you ask your employer these five questions so you can prepare yourself for the job search ahead.

Need more help with your job search after getting laid off?

We’d love it if you signed up for Work It Daily’s Event Subscription! Get your career questions answered in our next live event!

This article was originally published at an earlier date.

4 Ways To Use Gratitude To Speed Up Your Job Search

4 Ways To Use Gratitude To Speed Up Your Job Search

Are usually you stuck in some sort of longer job search compared to you expected? Have anyone been feeling a little bit drained while looking with regard to your forthcoming opportunity? Perform you wish there was clearly a good way to speed points up and get outcomes faster? If so, you’re in luck!

Everywhere we create it these days, we’re informed of the practice regarding gratitude. This includes the standard of being thankful and displaying appreciation.

Right now, if you find your self stuck in between work or unhappy in the current role, you’re heading to need to discover a way to incorporate gratitude for you to give you that added push of motivation! Plus what better time to help incorporate more gratitude in to your life compared to often the holiday season approaching?

In this coaching, you’ll learn how towards:

  • Include gratitude into your job search (in a couple of different ways)
  • Identify outdated job research strategies AND replace all of them with newer strategies that will will get you observed quicker
  • Be noticeable as a well-branded applicant who are able to demonstrate their distinctive value before recruiters in addition to hiring managers

Join the CEO, J. T. O’Donnell, and Director to teach Development & Coaching, Christina Burgio, for this survive event on Wednesday, The fall of 16th at 12 pm hours ET.

CAN’T ATTEND SURVIVE? That’s ok. You will have access to your recording and the workbook after the session!

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Top 10 People You Must Have In Your Network To Find A Job

Top 10 People You Must Have In Your Network To Find A Job

So, you know it is important to have the two Qs as you build out your network: quality and quantity. But have you considered the importance of having a well-rounded network?

In this labor market, having a strong network is critical to your career success. There are plenty of tips and articles on where to find people, how and when to connect with them, and even what you need to say to attract and maintain your network. This article focuses on who should be in your network.

Here are the top 10 people that should be in your network, no matter if you’re looking for a job or happy in your current position—because every job is temporary!

Who Should Be Part Of Your Network?

There are 10 types of people you should have in your network:

  1. The mentor
  2. The coach
  3. The industry insider
  4. The trendsetter
  5. The connector
  6. The idealist
  7. The realist
  8. The visionary
  9. The partner
  10. The wanna-be

1. The Mentor

Mentor talks to someone in his network

This is the person who has reached the level of success you aspire to have. You can learn from their successes as well as their mistakes. Heed their wisdom and experience. This relationship offers a unique perspective because they have known you through several peaks and valleys in your life and watched you evolve.

2. The Coach

Man talks with people in his network

The coach is someone who comes in at different times in your life. They help with critical decisions and transitions and offer an objective perspective with no strings attached.

3. The Industry Insider

Man shows an article to someone in his network

This is someone in your chosen field who has expert-level information or access to it. This person will keep you informed on what’s happening now and what the next big thing is. Invite them to be a sounding board for your next innovative idea.

4. The Trendsetter

Professionals network at work

This is someone outside of your chosen industry that always has the latest buzz. It can be on any topic you find interesting. The goal in having this person in your network is to look for those connections that spark innovation via the unconventional. It will also help you keep your conversations interesting.

5. The Connector

Professionals network during a meeting

This is a person who has access to people, resources, and information. As soon as they come across something related to you, they are sending you an email or picking up the phone. Connectors are great at uncovering unique ways to make connections, finding resources and opportunities most people would over look.

6. The Idealist

Woman talks with someone in her network

This is the person in your network you can dream with. No matter how “out there” your latest idea is, this is the person that will help you brainstorm ways to make it happen. Without judgment, they are focused on helping you flesh out your dreams in high definition, even if you don’t have a solid plan yet on how to make it happen.

7. The Realist

Two professionals discuss their careers

On the flip side, you still need the person who will help you keep it real. This is the person who will give you the raised eyebrow when your expectations are a little to unrealistic and need some grounding. These are not people who knock down your dreams; rather, they challenge you to actively make your dreams happen.

8. The Visionary

Woman works with two people in her network

Visionary people inspire you by their journey. They are similar to the Idealist, but the visionary can help you envision an actual plan to reach your goal. One personal encounter with this type of person can powerfully change the direction of your thinking and life.

9. The Partner

Two people network together

You need to have someone who is in a similar place and on a similar path to share with. In fact, partners do a lot of sharing. This is a person you can share the wins and woes with. Partners will also share resources, opportunities, and information.

10. The Wanna-Be

Young professional gets help from her mentor at work

This is someone you can serve as a mentor. Someone you can help shape and guide based on your experiences. One of the best ways to tell you understand something is to be able to explain it to someone else. And sometimes, one of the best motivators for pushing through obstacles and hardship is knowing someone is watching.

Obviously, you will want to have more than 10 people in your network. The trick is to make sure you are building a diverse network by adding people from different industries, backgrounds, age groups, ethnic groups, and so on that fit into the roles listed above.

Building a deep network by only including people from your current profession or business focus leaves too many stones unturned, limiting potential opportunities. Serious about building a strong professional network that can actually provide the leverage you need to make progress at work and the connections to land your dream job? Evaluate your current network and get started filling in the gaps. Happy networking!

Need more help with your career?

We’d love it if you signed up for Work It Daily’s Event Subscription! Get your career questions answered in our next live event!

This article was originally published at an earlier date.