Keynote Speaker: Cy Wakeman • Presented by SpeakInc • The New Employee Value Equation

Summary

The speaker emphasizes the importance of delivering value over mere performance in organizations, especially in healthcare where payers prioritize outcomes over procedures. They argue that traditional performance metrics often misalign with value, leading to misguided rewards and a lack of focus on what truly benefits stakeholders. The talk introduces a formula for assessing value based on performance and potential, urging organizations to align employee contributions with strategic goals for sustainable success.

Takeaways

• 🎯 Organizations are shifting their focus from merely delivering services to delivering value to their stakeholders, including customers, clients, and patients.
• 💸 In healthcare, third-party payers are increasingly valuing outcomes over procedures, meaning they will only pay for services that provide proven value to the patient.
• 🔍 The correlation between performance and value is not always direct, and high performance does not necessarily equate to high value.
• 📉 Traditional performance metrics, such as按时交付和预算内完成, do not always align with the value an organization seeks to provide.
• 📈 Value is determined by an item's ability to perform as promised, its sustainability, and its total cost of ownership, which should also be considered when evaluating employee value.
• 📊 Performance ratings should be dynamic and reflect an individual's ability to meet the organization's strategic requirements, not just their personal capabilities.
• 🌟 High performers are not just those who consistently meet expectations but those who exceed them and contribute to the organization's strategic goals.
• 🚀 Potential is about an individual's readiness and ability to adapt to future challenges, continuing education, and personal evolution.
• 🌱 Change management should not be about resisting change but about preparing for it, as readiness for change is key to an individual's potential and value.
• 🏆 The speaker emphasizes the importance of self-awareness and calibration in assessing one's own performance and potential, using examples like bestseller lists and industry benchmarks.

Q & A

What is the primary focus of organizational strategies according to the speaker?

The primary focus of organizational strategies is on delivering value to stakeholders, customers, clients, and patients, rather than just delivering a lot of services or products cheaply.

Why do third-party payers in healthcare only pay for value and not just for performance?

Third-party payers in healthcare only pay for value because they want to ensure that the services provided are effective and beneficial, such as successful surgeries that prevent readmission, rather than just paying for the act of performing a surgery.

How does the speaker suggest aligning employee performance with organizational value?

The speaker suggests that each employee should deliver value in their work, and that the value they deliver collectively contributes to the overall value experienced by the customer. This alignment is crucial for the organization's success.

What is the issue the speaker identifies with current performance measurement systems?

The speaker identifies that current performance measurement systems often have no alignment with value, leading to situations where high performers are not necessarily delivering value and vice versa.

What does the speaker mean by 'performance has very little correlation to value'?

The speaker means that simply being a high performer or achieving high performance ratings does not necessarily equate to delivering value to the organization or its customers.

Why does the speaker argue that traditional performance metrics are no longer sufficient?

The speaker argues that traditional performance metrics are no longer sufficient because they focus on effort and tasks completed rather than the actual value created for the organization and its stakeholders.

What does the speaker propose as a better way to measure employee value?

The speaker proposes measuring employee value by looking at the value of their work, which includes performance, potential, and the total cost of their employment, rather than just their performance ratings.

How does the speaker define a 'five' on the performance scale?

A 'five' on the performance scale is someone who is breaking the curve, delivering exceptional results that exceed the organization's requirements and often setting new standards for others to follow.

What is the speaker's perspective on change and readiness in the context of potential?

The speaker views change as an opportunity for those who are ready and suggests that potential is about being prepared for what's next, staying relevant, and continuously learning and evolving.

Why does the speaker believe that being ready for change is crucial for employees?

The speaker believes that being ready for change is crucial because it allows employees to adapt and thrive in a dynamic work environment, which is essential for personal growth and organizational success.

What does the speaker suggest as a measure of an employee's potential?

The speaker suggests that an employee's potential can be measured by their readiness for future challenges, their eagerness to learn, and their ability to stay current with industry trends and changes.