Issue link: https://industrialmanagement.epubxp.com/i/249982
And by combining financial resources, the public/private team can afford to complete developments, thus providing new business opportunities for the private developer and useful services and new tax revenues to the community. Private enterprises can play an important role in fostering these relationships, which inevitably provide new opportunities for both the private developer and the public agency. And for companies interested in fostering these relationships, the time is right. The state of the economy is serving as a catalyst for encouraging some developers and municipalities to work together. Rethinking client outreach Client outreach is always a vital consideration for companies. After five years of a stagnant economy, today it is more essential than ever. Many enterprises have seen their clients undergo significant turnover, even losing longtime client contacts. Identifying new advocates within client organizations can be a daunting and sometimes intimidating challenge. Companies need to take a strategic approach to rebuilding relationships. This starts with relearning your client's organizational chart. Who are the leaders in key departments? How do they influence hiring and retention issues that could affect your business relationship? Then look within your own organization. Who on your staff has existing relationships with your client's new key players? Once you've identified those key players and your people who have relationships with them, you can start relying on your people to rebuild your relationships within the client organization. It's important not to sit back and hope for the best. Relationships don't sprout organically; they must be nurtured until they are solid, and then they must be maintained to make sure that the ongoing relationship is strong and productive. 30 Industrial Management Looking within Of course, not all of today's challenges and opportunities revolve around clients and new business development. One of the most important aspects of running a company is employee relations. Nothing is more important than recruiting and retaining the right people, and this is particularly important when the economy is gaining steam and professionals are beginning to have more employment options. For the past five years, businesses have enjoyed a buyer's market when it comes to hiring. But it won't be long before leaders once again find themselves competing for talent in a seller's market. So, how can a company make itself more attractive to talented recruits while, at the same time, holding onto its own stars? It's not always a question of salary and benefits. Though those are important, a company's culture is just as important. People want to work where they feel like they are valued and where their work is meaningful. Executives and managers should work consciously to build a culture that fosters employees' professional dreams and promotes their values. Admittedly, this can be difficult for established corporations where the traditional professional growth strategy expects younger professionals to keep quiet and learn. Most of us learned our craft slowly over many years, and now that we are in leadership positions it can be difficult to acknowledge that there may be a better way to foster professional growth. But the best way to develop the leaders of tomorrow is to encourage them to shine today. Enterprises should give their young stars opportunities to take on more responsibility and help develop a companywide vision. If your young professionals are as good as you think (and hope) they are, your business will benefit when they take on new responsibilities. Company values are just as important. One of the most exciting By combining financial resources, the public/ private team can afford to complete developments. trends of recent years has been a movement to support organizations and causes that promote the general well-being of society while, at the same time, making an important statement about the values of the sponsors. Supporting groups like Engineers Without Borders and Habitat For Humanity obviously make an important impact on the lives of the less fortunate, but at the same time it tells staff that the company cares about others and is committed to doing good works. This is an important element of any enterprise's effort to attract and retain the best people. At the same time, valuesdriven work also tends to catch the attention of clients and prospective clients who share these values, and they tend to be the best clients. Finally, internship programs always have been and continue to be among the best ways to develop relationships with future stars. However, if internships are going to serve as effective feeders for future leaders, they need to be meaningful. All too often, interns are treated as gophers rather than as useful members of a team who are there to learn and contribute. If interns have a good experience, not only will they be more likely to consider your company when it's time to pursue their profession, but they will be more likely to recommend you to classmates. Moving your enterprise into the future The past few years have been challenging for business, but things are looking up. Companies that are creative about the ways they attract and retain clients and employees can give themselves an important competitive edge and position themselves to lead the industry as the economy gains steam. v