Did you know that the most effective business strategy of 2009 was increased supervision and management? At least, according to a new study released by Bruce Tulgan, founder of RainmakerThinking, a New Haven, Conn., think tank that focuses on generational issues.
The study found that leaders and managers were likely to pursue at least one of three strategies to survive the economic crisis, including cost-cutting; innovations other than cost-cutting (new methods of design and production); and increased supervision and management (i.e., more performance feedback).
But here's the important part: Those managers who did not pursue the third strategy proved to have the weakest financial results that year.
More supervision = more attention on employees = better morale = higher productivity. Makes sense, doesn't it? For more, you can download the study yourself at www.rainmakerthinking.com.
Here's a finding from a different study that comes as no surprise: Cash is still king when it comes to recognizing hard work. In a recent Accountemps survey, 46 percent of CFOs said that bonuses were the most effective way of telling their people they have done a good job. Time off came in second at 21 percent, having a departmental lunch or social gathering came in at 15 percent, and only 4 percent said that tickets to sporting or entertainment events were the most effective way.
So what have we learned here? Supervising and supporting your team will ultimately boost your bottom line, and when you see an employee working hard, reward them with cold, hard cash. In a world that is constantly changing, it's nice to know that some things stay the same.
Got a survey or some numbers you want to share about workplace or generational issues, especially in accounting firms? Send them to us at email@example.com.
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