It’s no secret that when it comes to your company, people are your biggest asset. Whether you have five or 500 employees, they all contribute something for a successful business. That is why getting the right folks from the start is essential.
But having a pool of dedicated, talented workers is NOT enough. If you want your business to celebrate its 50th year in the industry, you need to help your employees WANT to help you succeed. What does it mean? And how do you begin?
Here are four points to keep in mind.
There’s plenty of debate regarding office culture. But as a huge percentage of the workforce is now made up of millennials, attracting AND retaining this top talent involves offering them a good company culture where they can thrive.
Paying attention to this aspect of your business has two main benefits. One, it helps you see which people intend to stay with you for the long-term. A high turnover is never a good sign; plus it’s more expensive to replace employees than to keep them. Second, if employees feel like they’re a part of something big, they are inwardly motivated to do their best.
After all, it’s easier to quit a job than to quit values. So if your company culture is already filled with positive values like happiness, cooperation, and generosity, you’re already one step ahead.
Most business owners at some point are tempted to do everything on their own. This is especially true for small companies. At first, you might even be reluctant to hire another soul to handle your firm’s daily tasks. But if you don’t delegate, you’ll eventually wear yourself out.
Once you’ve hired skilled employees, the next step is to ensure they’re accountable for their tasks. The last thing you want is to go home late night after night. Wasn’t the goal of hiring people to help you run your business?
If you don’t encourage responsibility early on, your workers will always depend on you even for the smallest details. You’d soon be back to the same problem you were trying to avoid: burning out.
To create a successful business for the long haul, experts suggest making goals clear at the onset. When each team member understands WHY they need to pull their own weight, they will feel a sense of pride in their work. This in turn, results to transparency and accountability. Don’t forget to tie your WHY with your company values and culture (review point #1).
One of the reasons why even employees who love their jobs quit is because managers fail to recognize accomplishments. Never underestimate the power of a quick compliment or a word of thanks. It sounds simple enough – but you’d be surprised by how many managers fail to do this.
Whenever you acknowledge the value that employees bring to make a successful business, you’re helping to motivate them to do their best each day.
Times are changing – and so are people’s wants. Again: a huge percentage of the workforce today is composed of millennials. This generation is NOT primarily focused on money (although that’s still important). This age group is more concerned on growth, adventure, and making a difference.
That’s why aside from higher pay, workers seek help in career development from their companies. According to one survey, two-thirds of respondents (employers, HR, managers) said they will prioritize career development or training programs for employee retention. This does several things, including:
If opportunities are minimized due to downsizing of middle management, let workers transfer diagonally within the company. Offer incentives like professional seminars or leadership trainings. This keeps them passionate about their job, avoids burnout, and expands their experiences.
While planning to help your employees is essential, don’t forget to act quickly.
The more time you spend on the drawing board is another employee getting ready to leave. Collaborate with top talent in your team and see which works best. Then slowly implement. Ask for feedback, adjust, and try again. After all, time is money. You can’t wait to test your theory forever.
Don’t be afraid to fail in this endeavor. What’s important is that you’ve realized how important it is to assist employees in their dreams – so they can in turn, help you. Your business’ biggest asset is your people.
What better way to make a business successful by helping your workers succeed, too?