One of those factors was the ability to motivate or engage the people in the company in pursuing its goals.
For this isolated factor - the ability to engage the workforce - top-performing companies rated 281% higher!
Given that execution is a far greater challenge that strategy formulation, the ultimate core competency for any organization is realized when "all individuals make strategy execution their everyday job."
BOTTOMLINE: Three key steps to engaging your workforce:
- Make sure each person understands your strategy. Since research indicates that less than 5% of the typical workforce understands their organization's strategy, make sure it is clear, available and reinforced continuously.
- Get individual commitment (buy-in) to the strategy. The best way to do this is having leadership visibly engaged themselves in the strategy's execution.
- Give individuals the tools they need to execute the strategy. Individual plans, created on a quarterly basis and reviewed briefly each week gets each person more engaged.