Making changes at the top of your company in an effort to shake things up can often backfire on businesses, new research suggests.
While some companies think making changes to top management is a way to limit complacency and improve firm performance, research by University of Kansas School of Business professors shows those moves don't always have the intended results.
James Guthrie, one of the study's authors and a human resource management professor, said although turnover in the highest levels of management can sometimes produce positive results for firms, too much turnover damages the performance of the company.
"Even within management research, there is this idea out there that top management teams get too complacent, too committed to the status quo, and therefore shaking things up will improve performance," Guthrie said in a statement. "And there is a certain extent to which that is true."
However, when making such changes, companies don't always factor in the unstated knowledge the departing executives take with them, such as social connections, industry relationships and organizational knowledge.
"The implication is that turnover not only erodes performance by depleting organizational skill banks but, perhaps more dramatically, [also] by altering the social structure and fabric of an organization," the study's authors wrote in the research.
For the study, researchers examined the relationship between top-management-team turnover and firm performance from 367 firms representing 134 industries. Researchers took into account a number of industry and firm characteristics, including a company's own performance history.
The study's authors discovered that as rates of top management turnover increase, firm performance tends to suffer. Guthrie said as turnover increases, not only does productivity go down, but it can also lead to insecurity in other parts of a firm.
"What's equally important is what happens to the people left behind when a top executive leaves," he said.
Guthrie said when deciding whether or not to make a change at the top, companies don't always understand the value of a person's firm-specific experience.
"Certainly you need to change top executives when they're not performing well or skill sets are obsolete, but I think a lot of firms take this too far," Guthrie said. "Companies often underestimate the value of employee retention."
The study's authors said their research should serve as a cautionary tale for businesses.
"Don't necessarily think that if you're in a volatile industry, changing people at the top will improve things," Guthrie said.
The study was co-authored by KU professor Jay Lee, University of Nebraska-Kearney associate professor Jake Messersmith and Towson University assistant professor Yong-Yeon Ji.
The 40-hour workweek appears to be a thing of the past for most Americans, a new study finds.
Today's full-time U.S. employees work an average of 47 hours per week — nearly a full workday longer than the traditional 8-hour, five-day workweek, according to the Gallup study.
Overall, more than half of full-time employees work more than 40 hours per week, and just 8 percent work fewer than 40 hours each week, the study found.
Putting in long hours each week is even more common among salaried workers. The study revealed that salaried employees work an average of 5 hours more per week than their counterparts who are paid hourly. Additionally, 25 percent of salaried employees are working at least 60 hours a week, which translates to five 12-hour days a week.
"While workers earning a salary may enjoy greater income than their counterparts who are paid hourly, they do pay a price in lost personal time, Lydia Saad, a senior editor for Gallup, wrote on the research firm's website.
The research discovered that the traditional 40-hour workweek hasn't been the norm for more than a decade. Despite a slight dip to 45 hours a week 10 years ago, the number of hours U.S. employees work each week has remained pretty consistent over the past 14 years.
However, the long workweeks don't appear to be harming personal well-being, the study found. Saad noted that having an engaging job and workplace have more of an impact on employee well-being than long workweeks do.
"Highly engaged workers who log well over 40 hours will still have better overall well-being than actively disengaged workers who clock out at 40 hours," Saad wrote. "In other words, hours worked matters, but it's not all that matters."
The study was based on telephone interviews with 1,032 U.S. adults age 18 and older.
The G Watch R gets its name from its round face. Credit: LG
LG's new smartwatch sports a round face and a sleek metal design. That sets the G Watch R apart from many devices in the current crop of smartwatches, which sport chunky plastic designs. Like any good smartwatch, it can pull in notifications from your Android smartphone to ensure you never miss an alert during the workday. The G Watch R, a follow-up to the original LG G Watch, also packs the power of Android Wear, and sports one of the bigger batteries seen in a smartwatch. LG hasn't announced exact pricing and release details for the device, but it's expected to launch this month. For now, read on for three features that might make it good for work.
Design
The G Watch R gets its name from its striking round face, which stands out in a landscape of rectangular smartwatches. Alongside from the upcoming Moto 360 smartwatch from Motorola, it's the first Android smartwatch to debut with a circular face. That's a plus for business users who want a watch they can take seriously, since the G Watch R has plenty of style to match its functionality.
Android Wear
The G Watch R is powered by Android Wear, Google's new mobile OS designed for smartwatches. Android Wear lets you link your watch to your smartphone via Bluetooth and receive all of your alerts right on your wrist. And the platform integrates with Google Now, a personal assistant app that's designed to know what you need before you even ask for it. Android Wear watches can notify you of heavy traffic on your typical commute route, weather alerts, flight delays and more.
Battery
Good battery life is an important quality in any good smartwatch, but few of the devices can last a full two days before they need a recharge. The G Watch R might last a bit longer than its predecessor, though, since LG is offering a slightly beefier 410 mAh battery, compared with the original G Watch's 400 mAh battery. We haven't had a chance to test the G Watch R's battery life just yet, but it's possible you'll be able to make it through a second workday before plugging it in.
Landing the job you want can sometimes be difficult. It gets even harder when it's been months or even years since your last full-time job. While employment gaps won't automatically make hiring managers toss out your résumé, they are more likely to do so if there's not something worthwhile filling those gaps.
"The 'totally unemployed' applicant is usually given no more effort than it takes the hiring manager to toss the application into the 'not worth reviewing' pile," said Richard Alman, principal and chief career and employment strategist of career website owner and operator Recruiter Media Corporation. "It is imperative to do some work to show the potential company you apply with how you 'walk,' not just how you 'talk.'"
If you want to get back into the job force, but haven't worked in a while, a few tactics can make your application more appealing to hiring managers. Here are seven actions you can take while you're unemployed to improve your chances of getting a job.
Volunteer
Hiring managers love to see volunteer work on a résumé, because it shows that you've taken smart, credible steps to prove that you're a valuable worker, even without a full-time job, Alman said. But you can gain more than just skills and experience for your résumé. Volunteer work is great for you and your local community, too.
"Consider doing volunteer work to help you feel accomplished and productive," said Stacia Pierce, CEO of Ultimate Lifestyle Enterprises and a mentor for female entrepreneurs. "Unemployment can wear on your self-esteem. Volunteering helps you maintain a sense of value and purpose, and helping others is an instantaneous mood booster."
Attend local events
Every job hunter knows that networking is one of the most effective strategies for finding career opportunities. Most towns and communities have organizations that hold monthly or weekly events that are great for connecting with other professionals in your area.
"Find out when and where the events are, and be there," Alman told Business News Daily. "You will meet people from local businesses that are friendly and interested in their communities."
When you go to these events, Alman recommended handing out a personal calling card with your name, email address and phone number to business owners and decision makers, just in case they're looking for help now or in the future.
Get a part-time job
A part-time job during your period of unemployment can provide you with a steady source of income, as well as something useful to add to your résumé. While the job skills required for this type of position may not seem relevant to your desired career, there's always a way to translate them into the language hiring managers want to hear.
"When it's time to explain the gaps in employment, put on your résumé all of your work experience, plus transferable skills that a company may seek," Pierce said. "For example, if you've been working as a part-time cashier, you should [list] your experience working with the public, handling cash, working in a fast-paced environment, critical thinking in high-pressure situations, etc. In your interview, talk about achievements and how your practical work experience qualifies you for the job."
Start your own business
As an alternative to a part-time job, it may make more sense to become your own boss while you look for a salaried position. Pierce advised starting a business as a consultant, freelancer, virtual assistant, etc. to keep your existing skills and expertise sharp.
"Instead of looking for a job, search for work," Pierce said. "The feeling of actively pursuing your next paycheck will make you more competitive and give you better insight on what it means to be the boss. Working project-based positions also gives companies a chance to get to know your work ethic before offering you something more permanent."
Take classes
No matter how long ago you graduated, you can always go back to school and learn something new. While you may not necessarily need or want to pursue a whole new degree, taking a class at your local community college or an online university can make you really stand out to an employer.
"Obtaining fresh education with a degree, certificate or any other evidence of a successful completion will be potentially valuable as an addition to your application," Alman said. "Having up-to-date knowledge in a particular field may set you apart from many of the other applicants seeking the same job. Additionally, the individuals you will meet while taking the course can be great networking contacts."
Brand yourself on social media
Recruiters are increasingly turning to social media to find qualified candidates, so why not be ready when they come across your profile?Think about what your prospective employer might be looking for in a candidate, and craft your LinkedIn, Twitter and other public profiles to highlight those attributes.
"Give a visual display of your résumé with a personal touch," Pierce said. "For example, post a selfie of you working on a project with an enticing caption. Your timeline should make people want to know you more and work with you. Mention your social media channels on your résumé or in the interview as a source to learn more about who you are and what you are capable of."
Work at finding a job every day
It's a cliché, but it's true: Finding a job is a full-time job in itself. Pierce recommended acting as if you were already working by creating a daily schedule of job-hunting tasks for yourself.
"Imagine if you were working from home, and plan your day as such," she said. "For example, get up early, make calls, send out résumés and respond to emails. Take a lunch break, and then in the afternoon, follow up on any leads. Right before dinner, listen to positive audio programs or read a good book. It's important that you maintain a consistent schedule."
"A winning career strategy is very similar to the winning Halloween strategy," Alman added. "Those people who sit at home thinking they will have opportunities delivered to them are going to have far worse results than those who go out and knock on every door they can."
It can happen to any business of any size: A customer isn't happy with your product or service and decides to express his or her displeasure, and once this happens, it's pretty tough to win that customer back.
"It's a real challenge [to earn back] trust and loyalty where a disappointed customer is concerned," said Danny Rippon, chief solutions officer at customer engagement solutions provider Thunderhead.com. "The ideal scenario is to avoid disappointing customers in the first place, [but sometimes] there are gaps in what customers expect and what companies are able to deliver."
According to recent research by Thunderhead, 1 in 5 customers will stop trusting a company after one bad experience, and 25 percent will switch brands completely. Moreover, nearly one-third of customers will share a bad experience on social media or other public forum, which could potentially reach hundreds of thousands of other consumers.
As Rippon said, it's always better to avoid disappointments whenever possible, but the occasional negative experience is more or less unavoidable. So what does it take to persuade a customer to give you another chance? Personalized, targeted engagement is the best place to start.
"The key thing you need to do to win back customers is to put the value back into the relationship," Rippon told Business News Daily. "Sometimes things can go wrong even with your best intentions. As long as you ensure that all communication is timely, relevant and personalized to the individual who had the negative experience, you should still be able to recover the situation."
Thunderhead's research found that waiting too long or sending out platitudes when addressing an upset customer will only make matters worse. The vast majority of customers (93 percent) indicated that they wouldn't change their opinion about a company if it didn't act quickly enough to remedy a bad experience, and 82 percent said they were disappointed by companies who take a "one-size-fits-all" approach to customer service.
Rippon said that valuable customer relationships are only possible when departmental siloes are taken down, and the customer is truly placed at the center of your business. When a customer has a bad experience with one department of your company, and you respond based only on that isolated incident, you're failing to take that customer's individual journey with your company into account.
"Remove the organizational barriers that prevent offering value-based interactions," Rippon said. "Being relevant and having a customer engagement strategy [should be] a broad-level mandate."
Using the person's overall experience with your brand can help you offer a more meaningful response and/or solution. For example, the information you serve to a customer who has done research on your website or made a purchase in the past is very different from the content you'd give to someone who's visiting your website for the first time.
"It's about having value all the time," Rippon said. "If you add value for a customer, they'll rarely leave you."
