Management

Collins: Adhere to Core Values

July 13, 2010
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http://www.creditunionmagazine.com/articles/special-report-the-1-cu-conferenceAdhering to unshakeable core values is the only thing that keeps even great companies remaining great, author Jim Collins told attendees at The 1 Credit Union in Las Vegas Monday.

Monday's general session keynoter at the joint conference of the Credit Union National Association (CUNA) and World Council of Credit Unions is the author of "Good to Great" and other books.

Collins carried on the theme of credit unions' advantage by pointing to the fact that great companies remain great only when they adhere to unshakeable core principles. Thanks to their member-focus philosophy, credit unions have a natural advantage over many for-profit companies, but they can't afford to think that their philosophy will make them successful in the absence of excellent management.

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Faith in the facts characterizes the climb to success, and failure to deal with the facts breeds a fall, he said.

"Credit unions face brutal facts. They are smaller than large financial institutions which can deal with the increasing burden of regulation and take opportunities," he added.

For credit unions, a "brutal fact is that the average age of members is going up. I challenge you to confront that fact. Ask how are we going to get this next generation a part of the movement? They distrust institutions, and they require different mechanisms...but it must be done," he said.

"There is one towering, giant truth," Collins observed. "Credit unions can be trusted and they are run well. Who on earth could promise a better deal to members? But it will be up to us to communicate to the next generation if we want to survive."

Collins also outlined his five stages of decline that affect many companies, and the role leadership plays in facilitating that decline. Leaders who succeed are passionately committed to success, but that commitment must focus on the organization and its ideals. Leaders who focus on success for their own gains quickly lose ground, he explained.

The credit union philosophy helps mitigate that self interest, but requires even higher levels of commitment to achieve its goals.

5 stages of decline

Fred Dalit
August 23, 2010 5:20 am
Thank you for your article on Jim Collins. What are the 5 stages of decline of a business or company?


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Collins' five stages of decline

CUMag
August 24, 2010 9:29 am
Here's a link to a video in which Jim Collins describes the five stages of decline for businesses: http://bit.ly/baLdvF


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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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