Work-life balance as a CFO Woodlands 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 CFO Woodlands from never-ending workday is damaging. It can hurt relationships, health and overall happiness.
Six Steps to a Successful Vendor Management System
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.
There's an old supply-chain saying that goes, 'A vendor gives you the best 'deal,' while a strategic partner gives you the highest quality at the lowest cost.' This adage sets the stage for this article on Strategic Supplier Relationships ('SSR') also known as Supplier Relationship Management ('SRM'). SSR is defined as a comprehensive approach to managing the interactions and communications between an enterprise and its suppliers. The goal of SSR is to effectively streamline and make more efficient the communication and interaction between an enterprise and its suppliers. This is accomplished through increased process efficiency related to the acquiring of goods and services, the managing of inventory, purchase order processing, and the management of materials. The benefits of SSR are lower costs, less administrative burden, increased productivity, and a more integrated supply-chain. With margins within the food industry being squeezed, it is ever so important to manage COGS (cost of goods sold) aggressively, thereby increasing profitability. The objective of this article is to shed some light on how SSR might reduce costs and administrative burden, while increasing margins. There are well published examples of companies using SSR to enhance the strategic relationship between buyers and suppliers. In essence, SSR can be accomplished by following these rules of engagement:
1. Carefully evaluate and choose strategic suppliers. When choosing a strategic partner, be sure to take a close look at their business, including such things as:
- Financial stability (D&B)
- Client references
- Proximity to your network
- Management depth
- Years in business
- Use of technology (EDI)
- Cultural fit
2. Develop a clear set of expectations. Before signing an agreement with a supplier, be sure there are clear rules and expectations, including specific tasks you demand them to accomplish. There must be clear roles and nothing must be left to interpretation in terms of responsibilities.
3. Define goals and performance targets. Specific key performance indicators (KPI's) must be developed and tracked to compare suppliers and keep them on track. KPI's such as on-time delivery, expected lead time, freight terms, etc. must be included in a quarterly report-card for each supplier. When setting targets for performance, use the SMART method for developing goals. Each goal must be:
4. Monitor and rank supplier performance. It's always a good idea to use a scorecard to monitor supplier performance. Additionally, ranking suppliers from best to worst and sharing this data will go a long way to improve performance (nobody wants to be at the bottom of the report).
5. Conduct annual reviews for continuous improvement. Finally, be sure to meet with your suppliers to solicit ideas on how to improve productivity, reduce administrative burden, increase the use of technology, and lower costs.
A comprehensive strategic supplier management program will result in a significant reduction in administrative burden, lower cost of goods, and ultimately, improved profitability. The first step is to establish the baseline of existing suppliers in terms of volumes, frequency, and costs. Next, develop a clear set of expectations, goals, and key performance indicators to monitor quarterly. Finally, be sure to meet with your strategic partners frequently to pick their brains about ways to improve productivity or reduce costs. Additionally, be sure you spend some time teaching your suppliers about the culture at your company and the strategic plans for growth. When taken seriously, the steps outlined in this article will not only improve supplier relationships and lower costs, but will also have a positive impact on profitability. So, remember, vendors are things of the past; strategic partners are what make a difference!
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.
Building a Customer Centric Culture
Empowering employees like CFO Woodlands 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.
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It's popular to tout customer-centricity, yet it's very difficult to consistently demonstrate. The word centric means having a specific thing as the focus of attention and efforts. Customer-centric means that concerns other than the customer's well-being are in the background while the customer stays in the foreground.
That may seem simple enough, yet reality proves the elusiveness of customer-centricity. In Accenture's Delivering the Promise study, 75% of executives viewed their customer service as above-average, while 59% of their customers reported their experience with these companies' service as somewhat to extremely dissatisfying. Likewise, in CMO Council's Customer Affinity study, half the companies said they are extremely customer-centric, but only a tenth of their customers agreed.
The building blocks of customer-centric culture are communication, skills, accountability and systems.
1. Communication. The vision and values that top management communicates, both verbally and behaviorally, set the tone and direction. What top management focuses on guides the thinking and efforts of the entire organization. The key is consistency: at every opportunity, continually communicate the necessity of making it easier and nicer for customers to get and use solutions. Consistency occurs in formal and informal meetings, written correspondence, external messages, and in every business process and every management ritual such as performance reviews, annual operating plans, performance dashboards, etc. Consistency builds trust and passion, which are necessary ingredients for true customer-centricity.
At Amazon.com, founder Jeff Bezos once began a meeting by announcing that an empty chair at the table represented the customer. Throughout the meeting, the executives were compelled to include the customer in the discussion, as if present. This became a habit - the group's way of thinking and doing.
2. Skills. Customer-centric values and vision must be supported by proficiency in related technical and soft skills. Examine competency requirements for everyone - not just customer-facing roles - relative to your customer-centric values and vision. This includes channel partners, suppliers, and other external entities. Proficiency is the vital link between strategy and execution.
At Nordstrom, employees are selected on their capabilities to anticipate and meet people's needs. They're encouraged to try new approaches to selling and customer service, with the mantra use good judgment in all situations giving them a tremendous sense that they're trusted to always do right by the customer.
3. Accountability. What gets rewarded gets done - whether the rewards are tangible or intrinsic. Interestingly, intrinsic rewards have proven to be more powerful in adjusting a group's ways of thinking and doing. Risk tolerance and penalties also determine the degree to which customer-centricity takes root. Above all, monitor cause-and-effect and also perceptions of fairness in terms of logic and equity; these elements are pivotal to success.
At Enterprise Rent-a-Car, customer sentiment is measured at the rental office level. Only employees in offices that score at or above the overall company average are eligible for promotion, raises or bonuses. At EMC, achieving the target for their leading indicator of customer sentiment, system availability, is a go/no-go determinant of the bonus for the entire company.
4. Systems. Systems-thinking means acknowledging the big picture and linkages between its components. Scrutinize your business policies and procedures and tools for their contribution or detraction from the goal of making it easier and nicer for customers to get and use solutions. Systems include formal and informal inter-department communication and interactions and handoffs, and connections outside the enterprise.
At Dell, SVP of customer service Dick Hunter asked employees to send him notes about the inconsistent and dumb things the company was doing. Combining this input with customer's verbatim comments to their call center led to significant changes in the customer experience.
Motives are at the heart of true or false customer-centricity. Customer-centricity as priority number one must permeate the entire business, and be un-challenged by other concerns as the organization's primary focus of attention and efforts. All other goals are more likely to fall into place with consistent customer-centricity.
When a CFO Woodlands 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.