Tuesday, November 10, 2009

The Value of Meaning

In a recent article in The Financial Section of The Vancouver Sun, Growth Guru, Rick Spence shares the story of Chip Conley, CEO and founder of Joie de Vivre Hospitality, a chain of popular hotels in the Silicon Valley area of California.
(My dad, an 83 year old entrepreneur at heart, cut out the article for me and suggested I give both of these guys a call.)

In the aftermath of the dot-com crash, Conley was looking for help with his business and found inspiration in an unexpected place. After re-reading Abraham Maslow’s text he’d studied at Stanford 20 years ago (Maslow is best known for inventing the hierarchy of needs), Conley changed his business and his life as he created a system for employees, customers and investors - his own pyramid for unmet needs in his workplace. (To read the entire October 6 article, click here.)

In a nutshell, Conley states that your staff works for the money, but they stay because your company supplies their need for recognition and because their work may bring meaning to their life.

Conley also suggests that your customers stay because you fulfill expectations, desires, and fulfill unrecognized needs; you create trust and confidence for your investors and you create a pride of ownership.

The article goes on to say that although the recession hit the Bay Area, Conley’s company is gaining market share due to its’ investors’ patience, employee involvement, and customer loyalty.

Chip Conley’s latest book, Peak: How Great Companies Get their Mojo from Maslow, should be a great read.

I am off to make a couple of phone calls.

Thanks Dad!


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