Build Your Employees, They Will Build Your Business
In 2020, we should be very far from the idea that the less you pay to your employees, the better. This belief which focuses on profits maximization “at any cost” feeds on the desperation and need of employees and their families. Sadly, from gender discrimination and extreme schedules to unfair wages, this is still the mindset in many companies of all sizes.
I believe in the responsibility we have as business owners of creating good places to work. More importantly, I believe empowering employees is the best we can do from an ethical perspective. We are in a position of power to uplift those who work with us and some of the families of our nation. Why not do it? The best part is that we can do good as well as use it as an investment in our business.
Let me ask you a deep but simple question: Are your employees the kind of people that enjoy their work day and return home even to be even happier? Think about it for a moment. I don’t mean to say that everything should be joy and laughs at work but I think that we should do everything within our control to ensure our employees feel appreciated, rewarded, and challenged.
An appreciated employee will treat your business as if it were their own. Employees that have a voice are more likely to innovate within the organization, to be honest, and use company resources reasonably. Do you see how listening to your employees turns out to be an investment? If you don’t take the time to sit with them and get to know them and if you don’t stop micromanaging it’s likely to be counterproductive long term. They will likely leave, and they may even soon become your competition.
A rewarded employee will stay for a longer period of time. They will work harder and show gratitude. In the end we all work to receive something. If your employees don’t see a return on the time and energy they are investing, they will also quit. In 2020, compensation schemes go beyond the paycheck, and the most competitive companies are changing the rules of the game. If the only thing you offer is a fixed salary and social security, you should give it a second thought as the probability of your competition having a more appealing offer is highly likely.
A challenged employee will find fulfillment at work. Assign tasks and projects that require your employees to grow and expand their skill sets. Once again, cut the micromanagement and see the potential of every person: interns, managers, and directors. Learning to reasonably challenge your employees is an area that requires thought, but today is the best day to get started.
I hope you get the best out of these suggestions, and don’t hesitate to reach out if you need help.
Best,
Austin
Austin Wright is the founder of The California Beach Co and franchisee to multiple Anytime Fitness Centers. He has a passion for entrepreneurship, real estate and health & fitness. Austin and his teams believe in delivering quality and value, creating best-in-class products, great relationships, and higher retention along the way.