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Advancing Your Team's Top Performers with Financial Information

Discover the benefits of sharing financial information with your team, including how it can motivate employees, build engagement and loyalty, aid problem-solving abilities, and enable succession planning. Learn what information to share, when to share it, and how to effectively present it. Presented by Steve Gallucci & Karen Hegarty, Senior Consultants, Financial Consulting Practice.

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Advancing Your Team's Top Performers with Financial Information

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  1. October 21, 2015 Advancing Your Team's Top Performers with Financial Information Presented by: Steve Gallucci & Karen Hegarty Senior Consultants, Financial Consulting Practice

  2. Introduction

  3. Overview • Sharing Financial Information: • Why share financial information • What to share • When to share • How to share • Examples

  4. Why Share Financial Information?

  5. Why Share? • Motivate your team • Build employee engagement & loyalty • Aid problem solving abilities • Enable succession planning

  6. Motivate Your Team • What motivates employees? • Compensation & benefits • Status/Position • Why do employees work for nonprofits? • Connection to the mission • To be part of the solution • These motivations present a unique opportunity

  7. Build Employee Engagement & Loyalty • Builds comradery & creates stakeholders • Creates ambassadors • Creates shared responsibility • Reduces turnover

  8. Aid Problem Solving Abilities • More heads are better than one • Varying perspectives • Culture of shared celebration

  9. Succession Planning • Informed & engaged employees • Less steep learning curve • Leverage comradery

  10. But there are risks, right? • It’s work…sometimes a lot of work • It’s uncomfortable • It’s a leap of faith • There’s not always good news • It requires setting boundaries • It doesn’t always bring out the best in people

  11. So Is It worth the Risks? Yes, if done correctly!

  12. What to Share

  13. Not All Information Is Equal • Not all information is appropriate to share • Different information for different roles • It’s not all about financial information • Shared information should be meaningful • Does it tell a story? • Is it easy to measure? • Is it easy to understand?

  14. Not All Information Is Equal • Getting to engagement • Beware the “Information Tsunami”

  15. When to Share

  16. When to Share • Different subjects, different cycles, different audiences • “Breaking News” • Be consistent!

  17. How to Share

  18. How to Share • Set the stage • Be explicit about trust • Educate the audience • Create a shared financial language • Find common touchstone metrics • Set the boundaries • Expect they’ll be tested

  19. How to Share (Continued) • Who should present? • Arias, duets, and backup singers • Be creative! • Be visual – use graphs & charts. • Keep it simple! • Invite questions • Provoke thoughts

  20. Examples

  21. Sample: Revenue Information

  22. Sample: Revenue Information #2

  23. Sample: Budget vs. Actual

  24. Sample: Budget vs. Actual (chart)

  25. Sample: Financial & Non-Financial Metrics

  26. Sample: Financial & Non-Financial Metrics (chart)

  27. Sample: Gala Expenses by Year

  28. Sample: Gala Donations by Year

  29. Sample: Employee Costs

  30. Examples of Shareable Information • YTD Revenue (may separate by type) vs. • Budget • Forecast • Prior year • Donor Information: • Total # of donors • Total # of new donors • Average gift/donor

  31. Examples of Shareable (continued) • Event performance: • Revenue • # of attendees • Net proceeds (funds left over after running the event that revert back to the Organization – consider using the shared currency. “The gala resulted in 25 scholarships!”

  32. Examples of Shareable (continued) • Program Metrics: • Population served YTD vs. prior periods • # of hotline calls fielded • # of students supported • # of locations supported • Growth in employees vs. growth in population served (efficiency of support) • Growth in fundraising employees vs. growth in donations (efficiency of fundraising efforts)

  33. Questions & Answers Karen Hegarty Senior Consultant, Financial Consulting Practice khegarty@insourceservices.com Steve Gallucci Senior Consultant, Financial Consulting Practice sgallucci@insourceservices.com Insource Services, Inc. 148 Linden St. Wellesley, MA 02482 781-235-1490

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