Boost company productivity in 2017
‘Improving my company’s productivity’ is definitely one of the most popular New Year’s resolutions among entrepreneurs. Unfortunately, only a small part of them actually decides to change something in their company’s management. Improving your company’s productivity requires you to examine your employee management practices and determine whether your team is working at the full productive capacity.
The Gallup survey showed that more than 70% of US employees are not engaged on a daily level and that there’s only 13% of fully-engaged employees worldwide. In this article we’re going to share several practical suggestions that will help you to improve employee engagement and equip your team into a more productive mindset.
Well-tailored incentives plan
The company’s management usually focuses on senior-level incentives. At the same time, they neglect lower level employees and don’t provide them with the substantive and motivating benefit plans. Economic incentives should cover all levels of company’s organization. The purpose of incentive system is to effectively motivate employees to achieve their short- and long-term goals. Since incentives plans can be costly, they need to be carefully structured. That’s why many entrepreneurs use employee benefits software that helps them to establish and run an effective benefit plans and HR function.
Managers need to provide a meaningful feedback to their subordinates on a regular basis. This is one of the most basic skills that encourages employees to work more and helps them to stay on the same page with the upper company management. The feedback doesn’t always need to be positive. On the contrary, managers need to correct their subordinates whenever that’s necessary, but they need to do it thoughtfully and without undermining the employees’ abilities and motivation.
Adequate management training
Most companies invest huge funds in leadership training, but they often avoid providing adequate training for supervisors and ‘middle management’. The result of this is that managers usually receive training opportunities in the later stages of their career, instead in the early stages, when they are founding their management skills. Companies should provide equal training opportunities for all management levels. Not all managers need to be MBAs. Low-level employees have a lot of field experience and some of them are great management material. They’ll drastically improve company’s productivity if they receive an adequate training and advancement opportunities.
Company’s senior leadership and the shareholders themselves need to set examples for employees. Managers are being judged from the day one and if they fail to set the right examples, their team will go astray. They need to make employees proud to be the part of the same team and they can do it by being productive, thoughtful and organized
The best leaders are not emotionally stingy and they provide praise and recognition for every employee who have deserved it. In some cases the recognition is much more powerful than financial incentives. Employees expect that their work will be recognized and the recognition tells them that they have good career opportunities within the company. Some leaders took employee recognition to another level. They order managers from other departments to greet dedicated employees and congratulate them on their excellent work. These practices can drastically improve the productivity of lower-level employees and even the upper managers, who receive big financial rewards for their work feel better when they realize that their effort is recognized and appreciated.
The productivity increase is in the interest of all company’s stakeholders. Increased productivity brings higher financial rewards and more recognition for employees’ effort. It’s also very important for positioning the company on the market and making it more competitive. For these reasons every entrepreneur should try to achieve this resolution in 2017.