The old “command-and-control” hierarchical model of managing work teams is gone by the wayside – for good reason. This antiquated model is being replaced by a more distributive framework. Employees want to be treated as ‘partners’ within the organization. They want to take initiative, make decisions and take responsibility for those decisions. The best part of this is, by giving your employees this power you’ll supercharge your business’s profitability and growth.
10 years ago Harvard Business Review wrote an article entitled, “Putting the Service-Profit Chain to Work”, which set out a new economics of profitability in a service business. Its concept certainly holds true today. At a very elementary level the model goes like this:
Employee engagement drives employee satisfaction Employee satisfaction drives loyalty Employee loyalty drives productivity Employee productivity drives value Value drives customer satisfaction Customer satisfaction drives customer loyalty Customer loyalty drives profitability and growth.
The take away here is simple: engage your employees and amplify your business.
How do you ensure you employees are engaged, you ask. It’s easy.
Employee engagement should be focused on business results. If employees are accountable and can see and measure the outcomes of their performance they will stay engaged through their employee journey. The best practice is to give feedback in real-time – when it matters most. At the same time you are providing feedback you should ask them for their feedback too. Use this valuable information to drive business results.
Align the employee’s goals with the business’ goals. This keeps employees aligned around what matters most to the company. It also helps your people understand how they, as individuals, contribute to the overall corporate mission.
According to the Wall Street Journal, “Awards, recognition and praise might just be the single most cost effective way to maintain a happy productive workforce.” Inspire achievement with recognition and rewards. Motivate and reinforce company culture and value by recognizing desirable behaviours. Towers Watson, a global professional services company, states that effectively recognizing performance can increase employee engagement by almost 60%. And remember engaged employees means profitability and growth.
Wouldn’t it be nice if there was one place you could go to help jump start your company’s employee engagement plan, drive more business, inspire achievement, and improve performance all the time, not just at review time? There is! Work.com aligns people and teams around organizational goals, motivates with recognition and rewards, and ensures better performance with real-time feedback.