The toughest test of a business traversing an economy in crisis may be how they choose to manage one of their valuable assets, their staff. Retrenchment, cutbacks and downsizing are the bitter pills many managers are forced to swallow in these times and as much as you would like to weed out the non-performers, slackers and delinquents amongst your ranks you have to follow protocol or you will be facing a lawsuit before you know it!
The focus must therefore turn rather to a more positive approach. How do you retain the employees who are worth their weight in gold?
Each business can identify individuals who are willing to do what it takes to make your business successful against the odds. The people with vision and grit, who pick up an extra task or two, suggest time or cost cutting improvements, maintain an optimistic viewpoint and focus on the finishing line.
Enthusiasm is critical in protecting these human assets. We spend thousands on securing our business’s physical assets in insurance, security and alarms yet often neglect the vital employees who make it happen on a daily basis.
Employers and managers should ensure valued staff receives appropriate respect in an environment where achievements are acknowledged with heartfelt recognition. Research in a major listed organization has shown that the single biggest reason why people resigned was because they felt that “their contribution was not valued”. Training can also be a useful anchor in keeping good people as can cross-training which broadens their skills base for future promotion within the business. In addition to this a mentoring programme which draws prize staff closer to management in strategizing, making key decisions and analyzing results will encourage loyalty as the staff can then perceive potential for future advancement.
Ensuring that the business has clear vision, objectives which are regularly and widely communicated and clearly understood at all levels is vital. As is feedback which is another essential tool to empower loyal staff and align efforts at all levels to a united end goal. The fact is, money is important but alone it is not enough. You really want your team to buy-in to the big picture.
Invest in some of the efforts shared above and you may find even the seasoned malingerers will become enthused by the powerful energy that these new activities will manifest.
Highly committed, competent people who are confident of their value in your business are worth their weight in gold. In these challenging economic times you really can forge ahead with impressive results when a team is supported in doing what they are good at.
To find out more about a practical step-by-step programme for small businesses visit TheSmallBusinessToolbox.com now!
Tags: challenges, Leadership, performance, small business work environment, staff training, strategic plan
