Insights into What Makes a Top Workplace [Infographic]
What factors make a company a top place to work? This is an important question considering the average time an employee stays in a job is only about 4.5 years, according to the Bureau of Labor Statistics. To employers this means more time and resources spent toward recruiting and training new employees. People leave jobs for a number of reasons, including poor management practices (“I can’t get along with my boss”) and lack of motivation and engagement. But there are also many practices you can implement to make them want to work for your company and be a more satisfied, productive employee. We’ve compiled key stats from the print and graphic arts industry’s top workplaces. Based on data provided by the 2014 winners of the Best Workplace in the Americas program, we can say that 69.6% recognize employees and have an average voluntary turnover rate of just over 7%. Take a look at the infographic below and see how your company compares. And if you think you have a great place to work, consider entering the 2015 Best Workplace in the Americas program. Download the infographic, HR Secrets from the Industry’s Top...
read more3 Important Shifts Affecting the Salesperson and the Selling Process
This post was contributed by Leslie Groene, Groene Consulting, and instructor of several new online Sales Courses available in Printing Industries of America’s Integrated Learning Center. It’s no secret that the role of a salesperson has changed. The Internet provides your customers with an infinite number of options making it impossible to compete on price alone. Customers are 57% through their buying process before they seek engagement with suppliers. Your customers expect more; to seal the deal, they want top-notch customer service and value-added benefits. Shift 1: Salesperson to Consultant You want your sales team to grow your existing customer base, acquire new ones, and/or win back those customers you may have lost. To do this, salespeople must build relationships and become a solutions provider, asking, “How can I become a part of their team as a consultant? How can I give them more leverage and success with their clients?” The sad truth is, there’s a lot of poor customer service out there. What did you do the last time you had a negative experience with a company? Many salespeople just aren’t aware of how their attitudes affect customers. Here’s a look at how customers respond to poor service from sales consultant, Leslie Groene: 96% of unhappy customers do not complain, they just stop doing business with you. 91% of those who don’t complain will share the negative story with at least 9 other people, 13% will tell more than 20 other people about their experience. The average unhappy customer will remember the incident for 23 years. The happy customer will talk about the pleasant experience for 18 months. For every complaint heard, the average company has 25 other customers with the same problem. Like a consultant, salespeople need to focus on improving their client’s business performance, which means they need to have the understanding and have experience to help their clients solve problems. They’re not selling a product or service; instead they’re selling value. Shift 2: Price-driven to Value Driven If you’ve ever lost a sale because a customer said, “Your prices are too high,” it’s time to shift your strategy to adding value and not focusing on a low bid. Start by building a relationship with your customer. This is not like flipping a switch. Like any relationship, it needs to be cultivated and nourished. Here are the four steps to developing a healthy, profitable relationship with your clients: Develop trust (40%)—Be consistent and follow through Identify their true needs and wants (30%)—How can you help their business grow Present a solution (20%)—Strategically engage their needs and wants Confirmation (10%)—Close the sale, gauge relationship, and proceed to next step After you’ve developed this relationship, you’re more prepared to handle objections. You must anticipate and immediately respond to objections before they escalate into a “No.” The stronger the relationship, the less likely cost will become an issue. Shift 3: Printer to Marketing Service Provider With end-to-end services now available in many print operations, there is an amazing opportunity to up sell and cross sell. Up selling is convincing a client to purchase a higher quality or quantity, and cross selling is encouraging a committed buyer to purchase complementary services, like mailing, personalization, etc. The bottom line, however, is that as their consultant, you are offering your clients these suggestions...
read more3 Important Shifts Affecting the Salesperson and the Selling Process
This post was contributed by Leslie Groene, Groene Consulting, and instructor of several new online Sales Courses available in Printing Industries of America’s Integrated Learning Center. It’s no secret that the role of a salesperson has changed. The Internet provides your customers with an infinite number of options making it impossible to compete on price alone. Customers are 57% through their buying process before they seek engagement with suppliers. Your customers expect more; to seal the deal, they want top-notch customer service and value-added benefits. Shift 1: Salesperson to Consultant You want your sales team to grow your existing customer base, acquire new ones, and/or win back those customers you may have lost. To do this, salespeople must build relationships and become a solutions provider, asking, “How can I become a part of their team as a consultant? How can I give them more leverage and success with their clients?” The sad truth is, there’s a lot of poor customer service out there. What did you do the last time you had a negative experience with a company? Many salespeople just aren’t aware of how their attitudes affect customers. Here’s a look at how customers respond to poor service from sales consultant, Leslie Groene: 96% of unhappy customers do not complain, they just stop doing business with you. 91% of those who don’t complain will share the negative story with at least 9 other people, 13% will tell more than 20 other people about their experience. The average unhappy customer will remember the incident for 23 years. The happy customer will talk about the pleasant experience for 18 months. For every complaint heard, the average company has 25 other customers with the same problem. Like a consultant, salespeople need to focus on improving their client’s business performance, which means they need to have the understanding and have experience to help their clients solve problems. They’re not selling a product or service; instead they’re selling value. Shift 2: Price-driven to Value Driven If you’ve ever lost a sale because a customer said, “Your prices are too high,” it’s time to shift your strategy to adding value and not focusing on a low bid. Start by building a relationship with your customer. This is not like flipping a switch. Like any relationship, it needs to be cultivated and nourished. Here are the four steps to developing a healthy, profitable relationship with your clients: Develop trust (40%)—Be consistent and follow through Identify their true needs and wants (30%)—How can you help their business grow Present a solution (20%)—Strategically engage their needs and wants Confirmation (10%)—Close the sale, gauge relationship, and proceed to next step After you’ve developed this relationship, you’re more prepared to handle objections. You must anticipate and immediately respond to objections before they escalate into a “No.” The stronger the relationship, the less likely cost will become an issue. Shift 3: Printer to Marketing Service Provider With end-to-end services now available in many print operations, there is an amazing opportunity to up sell and cross sell. Up selling is convincing a client to purchase a higher quality or quantity, and cross selling is encouraging a committed buyer to purchase complementary services, like mailing, personalization, etc. The bottom line, however, is that as their consultant, you are offering your clients these suggestions...
read moreThe Seven Key Printing Industry Ratios from 2014
Profit leaders—printers in the top 25% of profitability—saw profits increase to 10.3% in 2013 and the forecast looks like increasing profits into 2016, based on the 2014-15 Ratios results. Now is the time to make a decision—do you invest those extra profits into growth areas, or do you save for a rainy day? Here Ed Gleeson, Director, Center for Economics and Market Research and Stu Margolis, Partner, Margolis Partners, give a plain-English explanation of the Key Printing Industry Ratios you need to be aware of—to keep your business strong both in good times and in bad. Increasing profits enable companies to grow by generating capital that can be invested into additional productive capacity, hiring additional workers, and moving into new facilities. Profits can also be retained as a buffer for difficult times, and/or reward shareholders with dividends. Profits play an important role in the success in the economy and our industry. John E. Silvia, Chief Economist, Wells Fargo Securities states this regarding profits, “When viewed from the context of the business cycle, profits are a residual, or a buffer to fluctuations in the economy. Relative to real factors such as economic growth or employment, as well as inflation, wages or interest rates, profits are far more variable. As a buffer, profits fluctuate significantly over the cycle. Over time, however, profit growth tends to remain stable, indicating that the pace of profit growth is consistent with the pace of economic growth and the offsetting effects of changes in input costs and sales revenues.” At the current phase in the business cycle, printing industry profits are increasing along with capacity utilization. Profits declined slightly in 2013 compared to 2012, but according to recent readings from various sources printing industry profits are trending upwards in 2014. This increase in profitability along with signs of increasing shipments and capacity utilization make it a good time to review our top Seven Key Printing Industry Ratios. Preparing for the future First, though, let’s take a closer look at why these ratios are important. In good times (relative to the past few years) it’s important to ensure everything is in line to prepare for the eventual cyclical downturn (recession). We currently forecast economic growth to continue into 2015 and 2016, but forecasts past a two-year horizon contain many assumptions and increased variability. In other words there are too many unknowns for us to accurately forecast out past the two year mark. To view the cyclical nature of profits we plot Printing Industry Profitability vs. changes in Real Gross Domestic Product in Figure 1. When comparing printing industry profitability to changes in Real GDP we use profits as a percent of value added instead of profits as a percent of sales. GDP is measured in value added terms, so we adjust our industry profits in the same way to view how the two measures vary over time. The variability in RGDP explains 29% of print industry profits and the two measures have a positive statistically significant relationship or correlation. Figure 1 In Figure 2, we compare Printing Industry Profit Growth Rates to Real GDP growth. This figure depicts two relationships. 1) GDP growth rates and Print Profit growth rates tend to change in the same direction, and 2) Profits are far more variable than GDP Growth Rates....
read moreThe Seven Key Printing Industry Ratios from 2014
Profit leaders—printers in the top 25% of profitability—saw profits increase to 10.3% in 2013 and the forecast looks like increasing profits into 2016, based on the 2014-15 Ratios results. Now is the time to make a decision—do you invest those extra profits into growth areas, or do you save for a rainy day? Here Ed Gleeson, Director, Center for Economics and Market Research and Stu Margolis, Partner, Margolis Partners, give a plain-English explanation of the Key Printing Industry Ratios you need to be aware of—to keep your business strong both in good times and in bad. Increasing profits enable companies to grow by generating capital that can be invested into additional productive capacity, hiring additional workers, and moving into new facilities. Profits can also be retained as a buffer for difficult times, and/or reward shareholders with dividends. Profits play an important role in the success in the economy and our industry. John E. Silvia, Chief Economist, Wells Fargo Securities states this regarding profits, “When viewed from the context of the business cycle, profits are a residual, or a buffer to fluctuations in the economy. Relative to real factors such as economic growth or employment, as well as inflation, wages or interest rates, profits are far more variable. As a buffer, profits fluctuate significantly over the cycle. Over time, however, profit growth tends to remain stable, indicating that the pace of profit growth is consistent with the pace of economic growth and the offsetting effects of changes in input costs and sales revenues.” At the current phase in the business cycle, printing industry profits are increasing along with capacity utilization. Profits declined slightly in 2013 compared to 2012, but according to recent readings from various sources printing industry profits are trending upwards in 2014. This increase in profitability along with signs of increasing shipments and capacity utilization make it a good time to review our top Seven Key Printing Industry Ratios. Preparing for the future First, though, let’s take a closer look at why these ratios are important. In good times (relative to the past few years) it’s important to ensure everything is in line to prepare for the eventual cyclical downturn (recession). We currently forecast economic growth to continue into 2015 and 2016, but forecasts past a two-year horizon contain many assumptions and increased variability. In other words there are too many unknowns for us to accurately forecast out past the two year mark. To view the cyclical nature of profits we plot Printing Industry Profitability vs. changes in Real Gross Domestic Product in Figure 1. When comparing printing industry profitability to changes in Real GDP we use profits as a percent of value added instead of profits as a percent of sales. GDP is measured in value added terms, so we adjust our industry profits in the same way to view how the two measures vary over time. The variability in RGDP explains 29% of print industry profits and the two measures have a positive statistically significant relationship or correlation. Figure 1 In Figure 2, we compare Printing Industry Profit Growth Rates to Real GDP growth. This figure depicts two relationships. 1) GDP growth rates and Print Profit growth rates tend to change in the same direction, and 2) Profits are far more variable than GDP Growth Rates....
read moreBaseball and Printing: Financial Ratio Analysis
This post was contributed by Stuart W. Margolis, CPA, MT and Suzette Margolis from Margolis Partners, LLC. Together with Printing Industries of America and membership participation, Margolis Partners brings you the annual Ratios Survey. Visit www.printing.org/ratios to learn more or participate in the 2015 Ratios Survey. For most of us, ratios are not something we think of every day, at least not until springtime and the onset of baseball season. If you want to compare two Major League home-run hitters, you are likely to compare their batting averages. If one is hitting .389 and the other’s average is .236, you immediately know which is doing better, even if you don’t know precisely how a batting average is calculated. When applied to business, think of ratios as “batting averages for business”. In baseball or in business most ratios measure some form of productivity. They generally give an indication of how one result varied in relation to another. Ratios are a tool to make it easier to do an “apples to apples” comparison. In fact, the classic batting average statistic is: The number of hits made by the batter, divided by the number of times the player was at bat. (For baseball enthusiasts, those are “official at-bats,” which is total appearances at the plate minus walks, sacrifice plays, and any time the player was hit by a pitch.) The batting average is thought of as a measure of a baseball player’s productivity; it is the ratio of hits made to the total opportunities to make a hit. HITSAT BATS Other baseball ratios include Earned Run Averages, Average Pitching Strikes to Ball Ratio, and more. For some reason, they all make sense to us. Avid fans can visually see each pitch, strike out, and hit so they have a general idea of how players and team are performing. In business, it is more difficult to “see” productivity, especially productivity as compared to the competition. After all, we don’t line up and engage a competitor in an open field for the whole world to see. It makes monitoring ratios all the more critical. There are many ratios you can use to monitor productivity verses the competition. They all measure how good a job your company is doing using its assets, generating profits from each dollar of sales, turning over inventory, or whatever aspect of your company’s operation you are evaluating. For your business, ratios are nothing more than simple comparisons between specific pieces of information pulled from your company’s balance sheet and income statement. You can use ratio analysis to examine the current performance of your company in comparison to past periods of time, from the prior quarter to years ago. Frequently, this can help you identify problems that need to be fixed. Even better, it can direct your attention to potential problems that can be avoided. In addition, you can use ratios to compare the performance of your company against that of your competitors or other members of your industry. Remember the ratios you will be calculating are intended simply to show broad trends and thus to help you with your decision-making. They need only to be accurate enough to be useful to you. Don’t get bogged down calculating ratios to more than one or two decimal places. General trends and striking disparities...
read moreBaseball and Printing: Financial Ratio Analysis
This post was contributed by Stuart W. Margolis, CPA, MT and Suzette Margolis from Margolis Partners, LLC. Together with Printing Industries of America and membership participation, Margolis Partners brings you the annual Ratios Survey. Visit www.printing.org/ratios to learn more or participate in the 2015 Ratios Survey. For most of us, ratios are not something we think of every day, at least not until springtime and the onset of baseball season. If you want to compare two Major League home-run hitters, you are likely to compare their batting averages. If one is hitting .389 and the other’s average is .236, you immediately know which is doing better, even if you don’t know precisely how a batting average is calculated. When applied to business, think of ratios as “batting averages for business”. In baseball or in business most ratios measure some form of productivity. They generally give an indication of how one result varied in relation to another. Ratios are a tool to make it easier to do an “apples to apples” comparison. In fact, the classic batting average statistic is: The number of hits made by the batter, divided by the number of times the player was at bat. (For baseball enthusiasts, those are “official at-bats,” which is total appearances at the plate minus walks, sacrifice plays, and any time the player was hit by a pitch.) The batting average is thought of as a measure of a baseball player’s productivity; it is the ratio of hits made to the total opportunities to make a hit. HITSAT BATS Other baseball ratios include Earned Run Averages, Average Pitching Strikes to Ball Ratio, and more. For some reason, they all make sense to us. Avid fans can visually see each pitch, strike out, and hit so they have a general idea of how players and team are performing. In business, it is more difficult to “see” productivity, especially productivity as compared to the competition. After all, we don’t line up and engage a competitor in an open field for the whole world to see. It makes monitoring ratios all the more critical. There are many ratios you can use to monitor productivity verses the competition. They all measure how good a job your company is doing using its assets, generating profits from each dollar of sales, turning over inventory, or whatever aspect of your company’s operation you are evaluating. For your business, ratios are nothing more than simple comparisons between specific pieces of information pulled from your company’s balance sheet and income statement. You can use ratio analysis to examine the current performance of your company in comparison to past periods of time, from the prior quarter to years ago. Frequently, this can help you identify problems that need to be fixed. Even better, it can direct your attention to potential problems that can be avoided. In addition, you can use ratios to compare the performance of your company against that of your competitors or other members of your industry. Remember the ratios you will be calculating are intended simply to show broad trends and thus to help you with your decision-making. They need only to be accurate enough to be useful to you. Don’t get bogged down calculating ratios to more than one or two decimal places. General trends and striking disparities...
read moreEducation Awards: An In-depth Interview with One Outstanding Educator
If you think outstanding teachers deserve education awards, this story is for you. When Ben Franklin said, “Tell me and I forget, teach me and I may remember, involve me and I learn,” he may well have been talking about Professor Dan Wilson, D.I.T., of Illinois State University. Dan is the Academic winner of the 2014 Education Awards of Excellence given to an individual who has pioneered a distinguished education service, program, project, or other accomplishment in graphic communications. Nominated for this renowned award by peers as well as students, Dan has impacted many lives. His dedicated work, both in and out of the classroom, has no doubt contributed to more students getting involved in the industry. We caught up with Dan to talk about his exciting career and how he’s paving the way for tomorrow’s graphic arts professionals. Why did you decide to become a graphic arts educator? I started out working in production running a lithographic press to help with college costs. Both of my parents were teachers, so when an opportunity came along to earn a graduate degree and teach a graphic arts class as a graduate assistantship, I jumped on it. Many people who have played a role in my development as an educator, but none more so than my early mentors, Dr. Ronald Glogovsky and Dr. Ervin A. Dennis. I worked for both of these gentleman as a graduate assistant, and they opened the door for me to move forward in my career as an educator. What has been the most fulfilling part of your job? A functioning graphic communications program is a complex thing and requires a dedicated, hard-working team. I am deeply appreciative for the many great educators that I’ve had the honor of teaming with over the years. My many current students and alumni of Illinois State University and the other colleges I have worked for—their development and successes in our great industry is what my career gratification is really all about. Tell us about the organizations you are involved in outside of the classroom. Right now I chair the accreditation committee for the Accrediting Council for Collegiate Graphic Communications (ACCGC). We accredit community college and university-level graphic communications degree programs across the nation. As accreditation chair, I am responsible for assembling the audit teams, coordinating reports, and assuring that our standards for accreditation are up to date. I’m also chair of the Great Lakes Graphics Association Education (GLGA) Task Force. Our main work focus has been getting a new scholarship program off the ground. The Illinois Graphic Communications Scholarship Program (IGCSP) is in its second year and providing funds to over a dozen print-oriented graphic communications students. You’ve written several industry training publications, including The New PrintScape: A Crash Course in Graphic Communications 3rd Edition. Do you plan to author any more books? I had also authored the PIApress Bindery Training Curriculum, which is now more than 12 years old. There has been some talk of updating and converting that training program into an online learning format. That will likely be my next project. One of your students who nominated you for this award said, “The two most important traits that Dr. Wilson possesses are his passion for the graphics industry and his dedication to his students. Nobody ever fell asleep...
read moreEducation Awards: An In-depth Interview with One Outstanding Educator
If you think outstanding teachers deserve education awards, this story is for you. When Ben Franklin said, “Tell me and I forget, teach me and I may remember, involve me and I learn,” he may well have been talking about Professor Dan Wilson, D.I.T., of Illinois State University. Dan is the Academic winner of the 2014 Education Awards of Excellence given to an individual who has pioneered a distinguished education service, program, project, or other accomplishment in graphic communications. Nominated for this renowned award by peers as well as students, Dan has impacted many lives. His dedicated work, both in and out of the classroom, has no doubt contributed to more students getting involved in the industry. We caught up with Dan to talk about his exciting career and how he’s paving the way for tomorrow’s graphic arts professionals. Why did you decide to become a graphic arts educator? I started out working in production running a lithographic press to help with college costs. Both of my parents were teachers, so when an opportunity came along to earn a graduate degree and teach a graphic arts class as a graduate assistantship, I jumped on it. Many people who have played a role in my development as an educator, but none more so than my early mentors, Dr. Ronald Glogovsky and Dr. Ervin A. Dennis. I worked for both of these gentleman as a graduate assistant, and they opened the door for me to move forward in my career as an educator. What has been the most fulfilling part of your job? A functioning graphic communications program is a complex thing and requires a dedicated, hard-working team. I am deeply appreciative for the many great educators that I’ve had the honor of teaming with over the years. My many current students and alumni of Illinois State University and the other colleges I have worked for—their development and successes in our great industry is what my career gratification is really all about. Tell us about the organizations you are involved in outside of the classroom. Right now I chair the accreditation committee for the Accrediting Council for Collegiate Graphic Communications (ACCGC). We accredit community college and university-level graphic communications degree programs across the nation. As accreditation chair, I am responsible for assembling the audit teams, coordinating reports, and assuring that our standards for accreditation are up to date. I’m also chair of the Great Lakes Graphics Association Education (GLGA) Task Force. Our main work focus has been getting a new scholarship program off the ground. The Illinois Graphic Communications Scholarship Program (IGCSP) is in its second year and providing funds to over a dozen print-oriented graphic communications students. You’ve written several industry training publications, including The New PrintScape: A Crash Course in Graphic Communications 3rd Edition. Do you plan to author any more books? I had also authored the PIApress Bindery Training Curriculum, which is now more than 12 years old. There has been some talk of updating and converting that training program into an online learning format. That will likely be my next project. One of your students who nominated you for this award said, “The two most important traits that Dr. Wilson possesses are his passion for the graphics industry and his dedication to his students. Nobody ever fell asleep...
read more2 Minutes with Valerie Price, BIA Conference Chair and Director of Business, Coyne Graphic Finishing
Binders and Printers. A match made in heaven? This year’s BIA Annual Conference, one of the most popular postpress networking and education forums, is teaming up with the 2015 Print Leadership Summit in Minneapolis May 18-19 for a synergistic event that will surely have people talking. Here Valerie Price tells us about the benefits of the NEW BIA and why their upcoming conference is a one-of-a-kind opportunity for members. Q: As the industry continues to advance, how can postpress companies stay ahead of the game? How can they retain a competitive advantage? VP: By always knowing what is happening within the printing environment, staying up to date with the leading-edge printers, and creating partnerships between print and finishing. Another best practice is educating printers on binderies and why it’s sometimes better to send their finishing to an expert rather than trying to keep everything in house. Q: The BIA rebranded in 2014. Can you tell us about the BIA’s fresh focus and the benefits it offers members? VP: Our new value proposition expands the member services. Not only can companies join the BIA directly now, but we also have our own industry-specific Ratios, training through the Integrated Learning Center, and many more unique advantages. BIA members now have access to the Human Resource listserv, moderated by PIA’s Jim Kyger, and have direct access to environmental, health, and safety resources with the help of expert Gary Jones. These are huge assets to smaller companies that do not have the resources. And that’s not all. BIA members also enjoy access to the monthly newsletter Bound for Excellence, Peer Groups, and so much more. Read the extended interview with Valerie Price, including an insider’s look at the upcoming BIA Conference, in the April issue of The Magazine (member login...
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