Your Company’s Biggest Asset Isn’t What You May Think

“Employees are a company's greatest asset - they're your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel that they are an integral part of the company's mission.” - Anne M. Mulcahy

You may have heard word around the workplace, “employees don’t leave companies; they leave managers” is true. According to Gallup, 70% of employees’ motivation is influenced by their manager. An unmotivated employee will cost your company money and potentially even cause damage to the brand’s reputation and reputation is everything, particularly in business. Think about it, your employees spend the majority of their time at work. It’s important to ensure that not only are your employees spending their time wisely but are fulfilled to do so with proper management and guidelines set in place.

When there is a disconnect between an employee and their manager, there is ultimately a disconnect within the company. Open lines of communication increase engagement and approachability. Performance drives results and if employees lack motivation and drive beyond a personal level and the causal factors pertain to your business, you are doing a disservice to yourself and your company.

Employees are the greatest asset of your company. They provide the day-to-day functions and operations necessary to not only maintain the business, but more importantly help it grow and scale beyond measures. Employee engagement is rightly known as the “heartbeat” of the company. According to Qualtrics, employees with managers who recognize their results-driven performance are 5 times more likely to stay with a company. By utilizing this positive reinforcement approach, employees feel not only acknowledged but empowered. Employees also state they are 8 times more likely to stay with a company when their manager helps them delegate their workload. Continuing to recognize and support your team will make a significant difference in the long run.

Employees’ needs and wants are constantly evolving, especially with the millennial generation becoming the largest portion of the workforce. In order to attract the top talent, there are more than just “fun perks” necessary to attract and retain potential employees. Today’s people are seeking mentorship and empowerment.

Below are some powerful ways to retain your employees:

Health is wealth

Beyond physical health - particularly in today’s chaotic world, mental health is crucial. Work and personal lives attribute to our health, so there should also be an emphasis by the company to offer more than gym stipends but sanctuaries for mindfulness. Employees appreciate the personal concern for their well-being.

One solution would be to implement a wellness program for your company. Offering each employee a monthly budget for a gym membership or fitness program of their choice has been a great success within my company. With this benefit, employees take advantage of signing up for memberships to places like Soul Cycle, especially when it’s just down the street from our office. We have found that employees also team with each other and join the same membership to take classes together. This has also served as a great motivator to become better acquainted with co-workers.

Other health and well-being benefits include health insurance plans, standing desks, mental health personal days, and opportunities for working remotely. Each of these can be the reason a potential employee chooses your firm over a competitor. *add in company benefit example*

Hire mentors over managers.

Managing a team does not make one a leader. Ineffective leadership results in poor performance and a low retention rate. A manager should be available to his/her employees and serve as a mentor and a coach. Employees need to know they can come to their managers with questions, concerns, or ideas.

In a highly viewed  Ted Talk, Simon Sinek explains leaders must be more than authority figures, and that good leaders make others feel safe. He says, “When people feel safe and protected by the leadership in [an] organization, the natural reaction is to trust and cooperate."

There are many ways to make employees feel safe and secure in their role. Simply listening and providing encouraging feedback is one of the simplest. This shows an employee that their opinion matters and they are a valuable asset. Excellent communication is also key. It builds trust, eliminates fear, and ultimately improves performance.

Implement a recognition and rewards system.

Everyone wants to feel appreciated for what they do. Research shows that 78% of employees would work harder if they were better recognized, according to a Globoforce study. The two things I have found very important to the millennial generation are opportunities for career growth and appreciation.

Most employees today are captivated by than solely a paycheck. Employees today are seeking career growth, opportunistic ways to learn new skills, attend training programs, and take on additional responsibilities that fuel individual and professional growth. As a result, the company has When employees do perform in an exceptional manner, take the time to properly recognize their efforts. This can be through a formal recognition program, or a simple “thank you” in an email or a handwritten note.

The bottom line is that any company will succeed, or fail, on the efforts and performance of its employees. It is necessary to identify what employees yearn for in the companies they work and their management. Then a company must dedicate the time and resources to meet these expectations. This will greatly benefit your company. People are what set a company from the next.

PS - I'm on Instagram now! Are you? If you have any questions, send me a DM on Instagram, and I'll make sure to reply there! I'm @KaraGoldin!

Kara Goldin is the founder and CEO of San Francisco–based hint®, a healthy lifestyle brand that produces the leading unsweetened flavored water and a scented sunscreen spray that’s oxybenzone and paraben-free. Listen to her podcast, Unstoppable, where she interviews founders, entrepreneurs, and disruptors across various industries and keep up with her on Twitter, Facebook, and Instagram.

#EmployeeEngagement #Entrepreneur #HumanResources