“I am convinced that nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not on strategies.”—Lawrence Bossidy, former COO of GE.
1. Place a high value on finding and keeping talent.
Talent is the driving force behind successful businesses. While it may be difficult to determine the value of each employee, every one of them directly impacts the bottom line—for better or for worse. It’s easy for business owners to become too distanced from their people and to view them as commodities that can be easily replaced. I like to think of employees as assets. The right assets, if managed correctly, create value. Just like a technology patent, a proprietary process, or a strong brand, talented people are true assets to an organization.
Understand the real cost of losing great people.
Incurring the costs of hiring and training a new employee is just one of the ways you’ll pay when someone leaves your company. Other potential negatives include the loss of that employee’s contribution, damage to customer and vendor relationships, and the loss of organizational knowledge or intellectual property. Understanding just how much an exodus could affect your organization may help you spend more time and money on talent retention. It’s much easier to keep a great employee than to find another one, and companies should have a strategic plan for employee retention.
Develop a strategic plan to motivate and retain employees.
I’ve seen many companies develop a recipe of benefits and incentives that make an employee feel the company can help them achieve their personal and professional goals. For some, traditional motivators such as time off, healthcare benefits, and flexibility of scheduling are enough. Businesses should also keep the value of human capital in mind when making healthcare choices in the coming months and years. There are a lot of potential hidden costs and opportunities that must be a factor in deciding what healthcare options to provide or not provide to your employees.
Even small investments in your employees and your culture can have an enormous effect on employee morale. Never underestimate.
LS and MJ: You could learn from this. You keep treating everyone this poorly, you will continue to lose good people and the ones that are here will not perform for you. Quit running the company by fear and disrespect. Morale is way down.
1. Place a high value on finding and keeping talent.
Talent is the driving force behind successful businesses. While it may be difficult to determine the value of each employee, every one of them directly impacts the bottom line—for better or for worse. It’s easy for business owners to become too distanced from their people and to view them as commodities that can be easily replaced. I like to think of employees as assets. The right assets, if managed correctly, create value. Just like a technology patent, a proprietary process, or a strong brand, talented people are true assets to an organization.
Understand the real cost of losing great people.
Incurring the costs of hiring and training a new employee is just one of the ways you’ll pay when someone leaves your company. Other potential negatives include the loss of that employee’s contribution, damage to customer and vendor relationships, and the loss of organizational knowledge or intellectual property. Understanding just how much an exodus could affect your organization may help you spend more time and money on talent retention. It’s much easier to keep a great employee than to find another one, and companies should have a strategic plan for employee retention.
Develop a strategic plan to motivate and retain employees.
I’ve seen many companies develop a recipe of benefits and incentives that make an employee feel the company can help them achieve their personal and professional goals. For some, traditional motivators such as time off, healthcare benefits, and flexibility of scheduling are enough. Businesses should also keep the value of human capital in mind when making healthcare choices in the coming months and years. There are a lot of potential hidden costs and opportunities that must be a factor in deciding what healthcare options to provide or not provide to your employees.
Even small investments in your employees and your culture can have an enormous effect on employee morale. Never underestimate.
LS and MJ: You could learn from this. You keep treating everyone this poorly, you will continue to lose good people and the ones that are here will not perform for you. Quit running the company by fear and disrespect. Morale is way down.