Cravens at NFDA: High Performance Culture Offers Advantages Over Competitors
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Creating a “high performance culture” in a company offers advantages over competitors, Gary Cravens told the National Fastener Distributors Association.
“People who like what they do work harder and those who share common values work together better,” the president of Advance Components Inc. explained.
The high performance culture includes “more openness to new ideas, and more sharing of information,” Cravens said. “It empowers our people.”
• In order to develop and implement an effective “Performance Management System,” you should “Start at the top,” Cravens emphasized. The atmosphere created at the top will begin cascading, he added.
Next develop a merit-based, transparent reward system where employees are able to influence the rewards, he advised. “Empower employees.”
• “If you have all the answers when you enter a meeting, then you are missing 80% of good ideas,” Cravens warned.
• Ask employees: “What do you need to do your job better? Get input from employees.”
• “Look at your company from the outside-in rather than inside-out.” Cravens quoted Harvard professor Ranjay Gulati.
There are four levels of customer attachment to you as a supplier: 1. Confidence, 2. Integrity, 3. Pride and 4. Passion. Cravens described the “pride” level as “I only buy from you” and the top level of “passion” as “I can’t live without you.”
• “Do you have the right people to have a high performance culture?” Cravens asked.
• Cravens summarized with two “key take-aways”: First is “success begins with your simply making the commitment to change,” and second is “There is room for improvement in every company.”
For more on Gary Cravens’ NFDA presentation, FIN Subscribers can CLICK HERE.
Web: nfda-fastener.org
Web: advancecomponents.com
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