Acknowledging and rewarding good performances improves employee satisfaction and increases the organization's productivity.
Explicit recognition must be part of the staff management strategy, as much as an adequate remuneration policy. Salary is not the only source of satisfaction for employees.
"The big problem in organizations is that most tend to confuse recognition with compensation.
Franchising is always an option for expanding a successful business model.
In theory, any business can become a franchise. However, not all activities are ideal to be developed under this model, so a good diagnostic is the first step, to check the viability of the model in each particular business activity.
In his article in Prensalibre.com, José Fernández points out 4 key aspects when analyzing the feasibility of a franchise:
When it used to be administering the financial consequences of operative decisions, it is now to help take better operative decisions to improve the financial position.
In a short time span, CFO functions have changed from overseeing costs to having absolute control over them. It is no longer sufficient to implement control and administration rules, at times when the primary objective is the very survival of the company.
What will become an international requirement in the future, is today an opportunity to stand out.
Consumers are starting to prefer companies and products that implement policies measuring their carbon fingerprint and adopt policies compensating such emissions. This tendency grows at the same speed as the growing concern for global warming.
Aside from primary business motivations like corporate social responsibility, brand awareness, marketing, access to new markets, anticipation to possible regulations, etc, reduction of greenhouse gases, together with compensation measures, has become a profitable venture in itself.
Ligia Olvera, strategic consultant, makes an extensive analysis of the subject from a Costa Rican perspective, with conclusions that are useful for all Central America.
In her analysis in the "Strategic Reflections" Blog in Elfinancierocr.com, Ligia concludes that: "Businesses commitment can not be just expressed as a PR slogan. In order to work and have a real and financial impact, Corporate Social Responsibility programs must be endorsed by the will and commitment of the CEO and the Board. In fact, many of the most successful cases were born exactly there, and then flow to lower corporate levels. These programs must come from the top, in the same way as strategies".
It's not always like that. If you have an idea that makes sense to you, get on with it, even if it's against what most people think.
Two economists see a $20 bill lying in the sidewalk. The first one says: "Ohh, a $20 bill". The second answers: "That can’t really be a $20 bill lying there, because if it were, someone would have picked it up already". So they walk on, leaving the $20 bill undisturbed.
A smart combination of marketing, promotional packages, agreements with wholesalers, and good service has allowed some hotels to “be doing well.”
Generally, it is hotels with less than 40 rooms, which don’t depend on large flows of tourists, that are less seriously affected by the crisis in regards to securing a good clientele with occupancy levels above 80%.
CentralAmericaData.COM, the leading Central American website on business, economics and finance, launches the Central American Business Network.
Simple and easy. Cost free. Just by registering, you will have access to superior tools to communicate with those who, like you, are defining the Central American economic region.
Through the Central American Business Network, you can inform Central America of the news and achievements of your company, by publishing press releases that will reach the select audience of CentralAmericaData.COM users (85.000 and growing).
Truism: management practices for businesses during times of crisis cannot be the same as those used during boom times.
Even though Panama appears to be doing a better job of dealing with the global crisis compared to other countries in the region, signs of a slowdown are clear. Commercial activity has decreased nearly 10% in the first quarter of 2009.
The economic crisis reveals the true reasons for businesses to practice corporate social responsibility.
"An intelligent business does not opt for the ethics of disinterest, an impossible thing for any modern business, but one of common interest. It does not mean abandoning the search for benefit or viability, but rather it means trying to achieve return through shared benefits.
Even during a recession, there are many intelligent management strategies that are applicable to improve business competitiveness.
Times of crisis represent an excellent period in which to refocus on what our businesses do best, attract new clients, and build for the future.
Melanie Warner analyzes this theme in an article in Bnet, detailing four fundamental steps to carry out intelligent business moves, overcoming bad times and, even, growing.
Winning customers is important, but retaining the ones that you already have is even more so.
This is why loyalty programs are so popular among marketing managers, who try to ensure that their customer will not leave them for a competing firm.
However, focusing exclusively on these programs can be harmful if you forget that what matters to the customer is not prizes, miles or points that they can accumulate through purchases, but the quality of service that the company provides.
FedEx Express is first, Kimberly Clark second, followed by Oracle Caribbean, SC Johnson, Diageo, McDonalds and Agrisal Group.
In the rankings elaborated by the Great Place to Work Institute of Central America and the Caribbean, FedEx repeated as the best company to work for within Central America and the Caribbean.
In an article in Elperiodico.com.gt, Jorge Ferrari, president of Great Place to Work Institute of Central America and the Caribbean, stated that "it is no coincidence that these companies provide excellent operating results. Their human resource development has become their secret weapon for competing in the markets."
Real Estate Development & Adventure Park Jacó, Costa Rica. Multiple Investment Opportunities Available. The Ocean Ranch eco-residential development is located...
Beverage Industry Digital Magazine established in 1942, the oldest Spanish trade journal and the only beverage trade magazine serving the Latin American beverage market. It serves soft drink bottlers, brewers, bottled water...