Your company exists, thrives, grows, and competes because of its greatest assets. Want a tough pill to swallow? Those assets are your employees.
They are the passion, inspiration, and connection between your company and its customers. Products can be duplicated; technology can be copied; but the one item your competitors cannot reproduce is your employees. Why then do you invest so little in what makes your company thrive? And no, we're not talking about money...
My grandfather kept 10 coins in his front left pocket, rolling them between his fingers frequently whenever he talked with customers. The rattling often annoyed those around him but they served a significant purpose. Throughout the business day I would see him place each coin at different times in a neat row across the edge of his desk. Each circular piece represented one of his employees. Every day he found a reason to thank them for a job well-done, however small a task. As a tracker he would line the coins on his desk in a neat row for assurance that he had thanked everyone.
Once I asked him, “What happens if you can’t find a reason to thank someone for a job well-done?”
He replied, “If they are doing their job, it is not hard. If they are not, I find out why.”
Saying thank you costs very little but creates a powerful feeling of inclusion and self-worth.
Successful companies realize the expense that occurs when they do NOT invest in their team members and the enormous benefits when they do. Employees cite the two top reasons for dissatisfaction in the workplace are no opportunities for advancement and no recognition for their work. As the cost of hiring and training a new employee comes at a rate of some 30% of their compensation package, it is no wonder the most lucrative companies have little turnover. We’ve compiled a list of 5 inexpensive ways to ensure a top-dollar return on your team member investment.
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Be Grateful. Whatever system of recognition works for you, whether it be a daily thank you for cleaning up the mess on aisle ten, or praise at the corporate meeting. However you choose to deliver: recognize, recognize, recognize effort. A regular investment in praise keeps employees sharp and feeling good about their efforts. You will also find that appreciation is contagious. In time you will hear your team acknowledging the efforts of other team members.
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Be a Good Listener. Employees are the eyes, ears, and mouth of the company. They represent you and all that your company stands to gain or lose by their abilities. Have an open door policy for complaints, ideas, moral issues, movement, etc. Don’t inhibit your growth by being complacent. The foot soldiers know what does and does not work, and how to make it better. Your readiness to listen will strengthen your company and give your team the assurance you value their work.
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Set and Maintain Goals. Everyone desires advancement. Employee development through knowledge and training requires that each employee be responsible for acquiring the skills necessary for improvement. Whether it is a training/mentoring program with upper management or incentives to further education or certification, require that each team member write advancement goals and the plans to attain those goals. Don't forget to build into reviews to monitor.
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Create an Understanding of the Company Vision. Knowing how their actions and skills fit into the bigger picture of the company’s progress and growth inspires team members to take ownership in their position. If you have ever put together a 1000 piece jig saw puzzle, you know having the final product picture in your mind helps you to work more productivly. You find the ends easier and the color patterns make sense. You see where you are going with each piece and before long the puzzle is complete. The end product is your inspiration…it is your employees’ as well.
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Always Be Your Employees Advocate. Whatever the case may be, weather the storms of work and life with your employees. They need to know you will stand up and support them. Mistakes will be made. How you deal with the mistake is the determining factor for loyalty and devotion in your employee. If your employees know you are behind them, there is a greater level of honesty and networking throughout the company.
Of all your assets, if lost, your employee base would shut down your company quicker than any other. It would be impossible to function without them. Having an employee investment strategy will ensure satisfaction, efficiency and your bottom line.
Nora C.Hatchett
