Work-life balance as a Finance Snr Manager is a term used for the idea that an individual needs time for both work and other aspects of life (personal interests, family and leisure activities).
Our schedules are getting busier than ever before, which often causes our work or our personal lives to suffer. The compounding stress of Finance Snr Manager from never-ending workday is damaging. It can hurt relationships, health and overall happiness.
Hypothalamus - Role in Motivation and Behaviour
The best work-life balance is different for each of us because we all have different lives and different priorities. Work-life balance doesn’t mean an equal balance. There is no perfect balance you should be striving for. At the core of work-life balance is meaningful daily Achievement and Enjoyment.
When employees feel a greater sense of control and ownership over their own lives, they tend to have better relationship with management and tend to feel more motivated and less stressed out at work, which in turn increases company productivity and reduces conflicts.
Companies that encourage work-life balance have become very attractive to workers. These companies also tend to enjoy higher employee retention rates and more loyalty. Promoting balance is beneficial to both employees and companies.
The absolute most important aspect of customer retention is culture. Culture is the way things are thought about, talked about, and done. If TRUST is the basis for any long-term relationship, then a culture of trust is essential to customer retention. Two great examples are Kimpton - a boutique hotel chain, and Cisco Systems.
Kimpton has been named the number one place to work in 9 of the 17 cities where it operates. Market Metrix Hospitality Index or MMHI, has awarded top scores to Kimpton over the past few years - their scored have exceeded not only their direct competitors - but also brands such as Ritz Carlton, St Regis, and Four Seasons. Kimpton has achieved this because of their strong customer-centric culture of really knowing their customers, anticipating customers' needs with great precision, and empowering employees to meet customer expectations.
Another good example of customer-centric culture is Cisco Systems. They are proactive about solutions for every stage of the customer's lifecycle, and on their basic product web pages you can readily find contact information for customer service and tech support ... whereas many companies require customers to go through many clicks to get their contact information. Cisco has made a concerted effort to maximize their customer self-service features, so that their agents can focus on more high-value assistance, from the customers' perspective.
Walking the Talk
How many companies walk the talk by assigning an executive sponsor to customer retention? At Symantec, the Vice President of Customer Experience posts the results of their latest feedback from customers, as well as what they're doing to address that feedback. This can be one of the most powerful ways to keep your customers talking to you. Show that you really read and digest their feedback, and show that you have followed their advice in making improvements.
By closing the loop with customers, you can re-set their perceptions, so they don't feel compelled to carry around negative baggage of past experiences. They can re-set their perceptions to better meet your current realities of improved policies, business processes, and customer experiences.
Symantec takes this a step further with a feedback form on their website - enabling anyone anytime to either vent their frustrations or express appreciation for a job well done.
Two-way conversation on Twitter is best illustrated by Comcast - Frank Eliason's is director of digital care at Comcast and his profile includes his personal website and blog - as he sees customer frustrations expressed, he reaches out to them to find solutions, and in the process, many disillusioned customers have migrated to fans not only of Comcast, but to a friendship with Frank.
Going Beyond the Surface
Over-focus on customer acquisition teaches customers to switch brands. For example, the brand switching rate, called customer churn, is 40% for the mobile phone industry, compared to a 7% customer churn rate for the insurance and financial services industries. Some good advice is to quit training your customers to switch - get off the churn bandwagon.
Let's take a look at a mobile phone company that has pursued a customer retention strategy whereas its peers in the industry were focused primarily on customer acquisition. The mobile phone company Orange is owned by France Telecom, and it's a great example of departing from industry norms with a unique experiment on customer service as a brand differentiator - somewhat similar to the Saturn brand of General Motors.
Orange has pursued a strategy of customer-centricity by investing heavily in their agents' knowledge, customer communication and responsiveness. Customer service agents take a 1-month course before interacting with customers, and for their first several weeks interfacing with customers, the work environment has a high ratio of supervisors.
This is accompanied by ongoing formal quality assurance with an emphasis on precision monitoring through speech analytics. The speech analytics tool has enabled Orange to identify at-risk customers, and these customers are reached out to within 24 hours, to turn around their sentiment about the brand, and migrate them from at-risk status toward satisfied status.
80% of the customers identified as at-risk through the speech analytics were not picked up as at-risk through the agents nor other methods. The results are 20% improvement in 1st call resolution, 15% reduction in repeat calls, and 20% increase in satisfaction with customer service.
Trust is the Foundation
The lesson here is that customer retention may be best supported by operational integrity. After all, when you think about your personal relationships as well as your business relationships, you tend to stick with the folks that are really good at showing they sincerely care about you, and doing what they say they're going to do.
It boils down to trust. When you dig down to the reasons why people leave a brand for a competitor's solution, it's not so much about the competitors' offers and brand affinity -- but, rather, the reasons people switch brands is much more about product, service and value disappointments. Companies make huge investments in communicating their value proposition. Logic says a corresponding investment - at least in energy and scrutiny - should be made in making sure their value proposition is lived up to. TRUST is the best way to retain customers.
There are many ways employers can promote work-life balance in office, some of which are: company outings, offering remote working and flexible hours, providing good health coverage, encouraging employee education.
Maslows Marketing Filter
Empowering employees like Finance Snr Manager to take control over their work and home lives can have a profound impact on their job satisfaction and performance, enabling companies to achieve success. Achieving work-life balance is a daily challenge. It can be tough to make time for family, friends, community participation, spirituality, personal growth, self-care, and other personal activities, in addition to the demands of the workplace.
How should the practice of business continuity evolve to manage the threats and opportunities faced by organizations today and in the future?
Business resilience is the ability an organization has to quickly adapt to disruptions while maintaining continuous business operations and safeguarding people. The CulturalManagement provides experts to partner with your organization and develop a comprehensive emergency preparedness and disaster management program.
Procurement researches sales records and inventory levels of current stock, find foreign and domestic suppliers, and stay current on any changes in either the supply of or demand for needed products and materials.
Production and Manufacturing are closely related but are not one and the same. Manufacturing involves activities from research, design and development, production, logistics, and service provision to end of life management. Production involves the processes of making, shaping, etc., while manufacturing involves the process of getting raw materials to goods and their associated services
Purchasing managers, buyers, and purchasing agents aim to find the best merchandise at the lowest possible purchase cost.
Purchasers and buyers find the best goods or services, choose suppliers, negotiate prices, and grant contracts that ensure that the right amount of the product or service is received when it is needed.
PURCHASING AND MATERIALS ACTIVITIES
The Purchasing Manager plays a pivotal role in procurement, vendor development, and negotiation. The manager plans, organizes, directs, controls, and evaluates the purchasing activities of the company. The manager provides expertise in specifying and procuring new and replacement components, parts and equipment, and reviews technical and quality requirements for the purchase of items, spare parts, and services.
To operate cost-effectively the company requires competitive prices commensurate with the technical and service requirements, and the security required by the business.
The role is to manage and operate this process, in particular developing processes to capture and control expenditure and linking with suppliers, both current and potential, to ensure that best prices and quality is achieved.
The Purchasing Manager develops purchasing policies and procedures and controls the purchasing department budget.
* Manages day-to-day functioning of purchasing group.
* Reviews purchase orders to ensure adherence to quality and procedures.
* Ensures that re-ordering of stock is carried out on a daily basis as required to maintain adequate stock levels of parts for production.
* Understands assembly process thoroughly to ensure that the material is delivered just in time.
* Participates in the creation of forecasts, and relates those to production programs and stock required for the daily production round.
* Represents purchasing in discussions and strategies aimed at improving overall integration of purchasing, assets, and accounts payable.
* Liaise with Technical department when creating new products or in matters relating to product specification.
* Participate in the development of specifications for equipment, products, or substitute materials.
* Reviewing the technical specifications for accuracy and completeness.
* Manages the creation and maintenance of Equipment Bill of Materials.
* Overseeing the technical and QA requirements on all items (materials, components, and parts) to ensure that purchased items meet design requirements.
* Managing the shipping, handling and storage requirements on components to ensure high quality items are received and issued to the appropriate departments.
* Standardizing and managing the evaluation of replacement items for obsolete parts and component acceptability.
* Support & Coordinating with the various Departments for Procurement of Common Raw Materials & Packaging Materials.
* Coordinate with various departments for smooth functioning of departmental activity, particularly with Accounting department.
* Rate contracts/tendering /market surveys and data bank of prices for ready reckoning and instant estimations.
* Prepares, monitors and controls department business plans / budgets
Supplier Management and Vendor Sourcing and Analysis
* Undertakes Vendor Analysis & Development of new Vendors.
* Identifies early suppliers for company components, concepts, and production programs.
* Manages vendor documentation program, ensuring that a tracking system is in place and maintained.
* Works closely with potential production suppliers to ensure effective support.
* Searches on a worldwide basis for technology suppliers, technology partners, and future potential suppliers for the company and keeping up with market trends.
* Proactive and acts on initiative to maintain a supplier base and when necessary source alternative suppliers to ensure that the required material products remain in constant stock as required.
* Proactively ensures all suppliers adhere to agreed service levels and to have contingencies plans of supply for all core product ranges.
* Develops and implements appropriate long and short term strategic and tactical initiatives in order to achieve specific buying, sourcing targets.
* Supports the Product Design Group with supplier negotiations, supplier timing plans, and cost forecasts to achieve the most cost effective component delivery.
* Negotiates and executes contracts with the vendors as per requirement of quality, cost and delivery.
* Maintains data of all the prices approved as a record and keeps track of changes in prices frequently and updates.
* Reviews purchase orders to ensure adherence to quality and procedures.
* Oversees the purchase orders to Vendors and order acknowledgements from the Vendors.
* Follows up with Vendor for delivery and to get the material at the right time and required quantity at required locations.
* Follow through on outstanding back orders.
* Maintains effective record keeping on all purchase orders and supplier confirmations.
* Coordinates with accounts for payment of suppliers and resolve issues if any.
* Reviews and processes claims against suppliers.
* When necessary, to develop a sub-contractor base whether local or direct to market level and to set-up on-site, sub-contractor QA and process improvement activity.
Cost Reductions and Efficiency Improvements
* Evaluates cost and quality of goods or services.
* Monitors International Trends in Raw Material for effective negotiations.
* Continuously tries to reduce outgoing funds while not compromising on product quality.
* Obtains best prices for imports from carriers.
* Cost Cutting through negotiation with suppliers (domestic/foreign).
* Negotiation and pricing of current and new products.
* Streamlining production, identifying and eliminating inefficiencies.
* When necessary, Just-In-Time purchases to minimize inventory cost.
* Updating and revising existing purchasing procedures to introduce cost cutting measures.
* Balancing regional and global approaches.
* Accurately monitoring and forecasting stock levels.
* Researching and identifying new products and suppliers.
* Always seeking reliable vendors or suppliers to provide quality goods at reasonable prices.
* Precise monitoring of quantity and timing of deliveries.
* Ensuring relationships with existing suppliers are kept manageable and in the best interests of the business - be this through initiating commercial negotiations, implementing improvement programs and making certain quality, cost and delivery are guaranteed.
* Maximizing the supply chain efficiencies for all accountable suppliers and accounting for the in, and outbound supply chain for the business against agreed service and targets.
* Highlighting purchasing opportunities where identified.
* Managing and developing a solid relationship with suppliers to reduce costs and improve quality including on-time deliveries.
* Plans material as per the requirement of assembly processes to support improvement in the production flow.
* Overseeing continuous improvement initiatives to drive process optimization.
* Developing and managing obsolescence programs, including the strategic direction for components and materials.
* Provide leadership to the team.
* Supervise and motivate the team.
* Develop and train staff to ensure that they meet required performance standards.
* Support in execution of Service Contracts.
* Liaise with support staff as appropriate.
* Provide guidance to staff in handling employee inquiries and to ensure that matters are resolved.
* Demonstrate credibility to win the confidence and support of the top management, suppliers and partners.
* Interact with suppliers, customers, customers' agencies (Artwork Houses etc.), and agents, suppliers and prime producers supplying all group companies.
* Provide assistance to all departments as required.
* Deal effectively with executive, technical and operational and sub-contract personnel.
When a Finance Snr Manager spends the majority of its days on work-related activities and feel as if they are neglecting other important components of their lives, stress and unhappiness result. Thus, you must learn to draw a clear line between your personal and work time and set clear expectations with your colleagues.