The long-term success of any company is heavily dependent on its workforce. This is not something managers and owners dare to dispute conceptually, yet they often prioritize the hard numbers such as the cost of labor, and fail to realize all the ways in which a motivated employee benefits the company as a whole.
Well, workers should not fall victim to the plague of downsizing and restructuring, which gives raise to rumor-filed paranoia and dissatisfaction. Employee loyalty cultivates positive financial outcomes and improves your bottom line.
Strive to think in the long-term and factor in various cost savings of increased efficiencies. Moreover, bear in mind that companies that conduct downsizing struggle to maintain customer satisfaction. This is especially true for organizations with labor-intensive customer service. There is also a forgotten link between motivation and productivity.
Namely, the studies have confirmed that loyalty-based notions actually precede the financial and market performance of the company. The payoff for those who improve the human factor is evident, and the benefits are relevant from a practical, managerial perspective.
A paycheck at the end of the month may keep employees from jumping ship, but it cannot fill them with enthusiasm and spur peak performance. As a general rule of thumb, the employees are as loyal to the company as they believe the company is to them.
So, it is a two-way street, not some pyramid of rigid hierarchies. Thus, open the lines of communication and soak in the employee feedback, an invaluable managerial pool of insights. With a boom in the market of communication technology, it should not be too hard to find a software platform tailored to your specific business needs.
Tools of the trade
Evaluation is one of the mainsprings of loyalty generation, and commitment to serve customers deserves to be awarded and hailed. After all, a large portion of the company’s branded image originates from the products workers make and services they deliver.
Owners and managers need to aggregate employee data into groups that are related to some crucial business aspects like turnover, revenue and customer loyalty. For example, for retail businesses, the store-level analysis is the most prudent way to go about this business.
There is a plethora of tools one can use to reward workers. Taps on the shoulder do not cut it, but the rewards need not all be financial. Throw in a nice office party to celebrate business or professional achievement, take employees out for a dinner or a movie, treat them with gift cards for Christmas, and give them a day off on important dates.
Furthermore, a company must provide the necessary tools and training for workers to improve their skills and performance. Let them grow personally and take new tasks. Ultimately, everyone should feel like a meaningful part of a larger structure, not just like another small cog in a corporate, profit-generating machine.
Research has found that many workers, especially Millennials, crave to work in a company that provides a fulfilling work experience and not just some satisfying financial incentives. They also want to see bosses that lead by example, not with an iron fist. So, assess how managerial and leadership style affect the motivation, and remember that changes run deep and must be reflect the distinctive company culture.
By the power of the workforce
Getting the financial house in order may be important, but it should not be carried out over worker’s back. Growing out of a difficult situation is much easier when you have an army of eager employees to clear the way ahead. Look beyond short-term difficulties and harness the power of motivation as a main driving force behind work performance. It is high time to put the workers back in the focus, and when they are at their best, there is no challenge that can stand in the way of a dazzling success.