Business can be measured through a myriad ways – profits, revenue, capital, assets, brand equity and the list can go on. But among all these, one tends to overlook the importance of one of the most significant aspects – the intangibles that are acquired in the business. Measuring intangibles should be a crucial portion of your business measurement process. Considering the key drivers of your corporate success, it is of utmost necessity to scrutinise the true impetus: your employees.
Employees are essentially the determining factors between successful and growing businesses and the ones that are not able to sustain/develop. All companies that have considerable employee engagement are seen to substantially progress in terms of achievement, size and dynamism. Employee engagement is known to drive the organization towards all positive factors in the corporate world including better customer satisfaction, better results, increased productivity and deeper market penetration.
As a manager, there are certain points that are necessary to keep your employees with you. Always remember that people do not leave ‘bad’ companies, they leave ‘bad’ bosses. First and foremost, keep in mind that recognition declines should be avoided at all times. A person appreciated works more than his capability and therefore it is necessary for every management to issue recognition at regular intervals for all employees. This also helps to build up a positive culture at workplace, which in turn drives employee engagement at office.
Secondly, make sure that you acknowledge the emotional needs of all your staffs. They must never feel that they are not part of the team at work. Encourage team work and implement the importance of listening and considering every opinion in a team. Every member should reckon that he/she is contributing well to the progress of the ongoing project. Defying should be mild with an apt explanation. As a manager, you should be expert at ‘creating from chaos’!
Delegation should be done timely and appropriately – never load up a single person. While delegating, just keep fine lines for creating and learning opportunities. Show your team that they have capability and give them space for growth. Instead of making a to-do list, sit with your team and build up a strategy, involving everyone. Next time, they will innovate further using your schemes.
Numerous of industries have greatly benefitted by including employee engagement in their business. Wells Fargo measured their employee engagement using the “happy-to-grumpy” ratio and over time they found a noteworthy relation between employee engagement and productivity as well as customer satisfaction. Best Buy found that for every 10th of a point it boosted employee engagement, its store saw a $100,000 increase in operating income annually. The Dow Chemical company’s “Human approach” technology driven recognition method enables the company to align its global workforce with company goals and values.
While measuring employee engagement, use proper metrics. In general, achievements, awards and experience are used to evaluate staff members. Change this trend, variate the metrics. Use factors such as program costs, productivity and target achievements in a period of time. These factors are more realistic and applicable to the present time. In addition, run surveys from time to time to make sure that you a satisfied, well-working team in hand!