The Dream Manager | Matthew Kelly

Summary of: The Dream Manager
By: Matthew Kelly

Introduction

Prepare to dive into ‘The Dream Manager’ by Matthew Kelly, a book that uncovers an unconventional approach to employee retention in modern organizations. The summary shares the story of Simon, the manager of the Admiral Janitorial Company, who champions the idea of helping employees achieve their lifelong dreams as a means to retain a happy workforce. As traditional loyalty becomes scarce, companies must adapt or risk high turnover costs and dwindling morale. Learn how instituting a ‘dream program’ can transform disenchanted employees into an engaged, driven workforce and make your organization stand out amidst competition.

Retention through Personal Development

An unconventional approach to employee retention has emerged. Companies that prioritize their employees’ overall satisfaction see lower turnover rates and an improvement in morale, efficiency, and customer relationships. This approach involves understanding employees’ long-term goals and helping them achieve them.

Simon, the general manager of the Admiral Janitorial Company, noticed that the daily routine of his employees was taking a toll on their morale. The company’s high turnover rate was also concerning, causing the organization to spend heavily on recruitment and retraining. Simon proposed an idea to the owner, Greg. He suggested that by paying attention to their employees’ personal dreams and goals, the company could create a positive and sustainable work environment.

The concept of employee retention is gaining significant importance in today’s world. As baby boomers retire, the labor pool is facing a severe employment crisis. As per BusinessWeek, approximately 20% of top-level executive jobs and 25% of management jobs will soon become vacant. The shortage of high-quality skilled workers is becoming evident, and companies are trying to find ways to retain their talented workforce.

Good employees are now becoming more selective about the work environment they choose. People with specialized skills and expertise, seasoned employees, and knowledge workers leverage this growing shortage to work under conditions that are favorable to them. The companies that fail to provide their employees with a positive work environment will face repercussions such as high turnover rates, poor customer relationships, and lower efficiency.

Moreover, the cost of turnover ranges from 25% to 150% of the average employee’s annual compensation. Companies spending more on retraining and recruitment will eventually face an economic setback. Unfortunately, paying high wages is not always the answer to retaining employees. Employees today want satisfying work and life balance. Failure to deliver both can result in low morale, disenchantment, and trouble maintaining the workforce.

Employers also face other significant problems, such as dealing with hostile and disconnected employees. With the average workers being only 70% engaged, 30% of the salaries paid go down the drain. In this context, it is important for an employer to realize that people do not exist for a company; in fact, the company is created for its people.

In summary, achieving employee retention has become essential for companies. To do this, companies must prioritize their employees’ overall satisfaction by focusing on their long-term goals and desires by incorporating them into the work environment. By using this approach, companies will see lower turnover rates, an improvement in morale, efficiency, and customer relationships.

The Ultimate Key to a Thriving Company

CEOs ought to embrace the understanding that their employees are the major foundation for the success of their companies, as opposed to prioritizing the bottom line goals whilst disregarding the well-being of their workers. The attitude of a company’s workforce has a direct effect on how well a company will perform, translating to either thriving or crumbling business ventures. A dream program is used as a tool to elevate the enthusiasm and commitment of workers towards their jobs. The implementation of this tool is easy, and ceos need to consider it as a crucial aspect of achieving the ultimate objectives of their companies.

The Power of Dreams

Nothing is more important to most people than their dreams. When speaking about their hopes and aspirations, individuals become enthusiastic, and their eyes sparkle. Conversely, individuals without dreams lack energy and conviction and go through the motions on their jobs and in their lives. To counteract this, a company should consider catering to their employees’ individual dreams. An institute of a company “dream program” is suggested to make employee dreams into reality. As nobody knows the business better than those who work in the trenches every day, it’s crucial for companies to encourage their workforce to strive towards fulfilling their dreams.

The Dream Manager

The book highlights the importance of having a dream manager in developing a worthwhile dream program. A dream manager is someone who can help individuals develop realistic plans to accomplish their dreams and hold them accountable for their progress. By being a facilitator, the dream manager encourages and supports the employees towards their goals. The program is voluntary, and the employees who sign up for it seek support and welcome accountability. The dream manager not only helps in personal dreams but also assists in professional growth. The book suggests that helping employees reach their dreams can create a dynamic environment in corporate America.

Winning Employees Over

Launching a successful dream program in a company with cynical employees can be daunting. Begin by targeting type-A personalities who are most likely to work hard towards their goals. Celebrate their successes and make them a role model for their peers. Employees who feel they are making a difference and are advancing are more likely to be happy in their work. Word of mouth is a powerful tool, so don’t worry too much about promotion. As more employees realize their dreams, the program’s success will spread organically, making it necessary to hire additional dream managers.

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