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What Business Are You In?

Written by: Leanne Hoagland-Smith

Article Overview: Businesses go beyond the industry and the title. Learning how to value the people within each business is critical to the success of any organization. Developing your people will increase your bottom line. These 5 tips may help you get started.

What Business Are You In?

"What business are you in?" This is common question heard from local chambers to networking events throughout the country. Standard replies include manufacturing, production, retail, sales or professional services.

However, even though most companies' successes are the result of their employees' efforts, employees are not considered part of the business. The focus is the outcomes of their efforts and not the individuals producing those very same outcomes.

In the Spring of 2001, Jack Welch, now retired CEO and President of General Electric (GE) stated that GE was "in the people development business." By focusing on developing the potential of each employee, Welsh believed the outcome was a stronger, more creative and higher performing company.

If you wish for your company to become a "people development business," the following suggestions may assist you.

1. Spend more time in people development. Welch spent 75% of his time developing his people while most executives spend 25% or less time.

2. Walk the talk. Employees often hear executives talking the talk, but these very same executives fail to apply this talk to their daily behavior.

3. Hire better. Look for employees who are better than you. If progress is your objective, why would you hire someone less intelligent and with less potential?

4. Create a culture that supports your employees. The entire organization needs to understand the expectations and feel comfortable in communicating new ideas to management.

5. Trim the non-performers with care. Without a fair evaluation process that is uniformly practiced, non-performers are detrimental to the organization and the other performing employees. Termination should be handled with care and support.

These 5 tips are a the beginning for becoming a "people organization." And without your people, where would you be?

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