Most people think that sales and profits are the two main things that hold a business back, but that is not the reality. The main problem is the workforce. Of course, the workforce of any business is vital because they perform the important tasks, but they are also the epitome of untapped potential. If only you could break into that potential your business would run far higher profits, but how do you do it?
Design economic incentives that everyone can benefit from
It is no secret that most people work for the money. There are a few examples out there of employees who love their job. But, they are in the minority compared to the workers who work to provide for their families. That means that a vast number of any workforce, yours included, will react better to monetary incentives that give them the chance to live far more comfortably. You could implement commission based pay rises or target based pay rise, it is up to you, but you should implement one of these strategies. Money does make the world go around after all.
Provide meaningful feedback
Too many businesses are happy with their employees just doing the bare minimum. As long as they are doing their job there isn’t a problem, right? Not necessarily because they could be doing so much more. The next time you set up progress meetings you shouldn’t be afraid to offer constructive criticism that they can work on, and that will help them improve their skills. Don’t destroy them and tell them that they are rubbish because that is soul destroying. Always remind them that they are doing a good job, but there is room for improvement because you never stop learning.
Respect your workforce
It is important that you respect the job that your workforce does and that the workforce understands that you respect them. If they don’t, there is a bigger chance they will not listen to you or only do as you instruct. If they know you have their interests at heart, they will be more inclined to be proactive and do their job to the best of their ability. All it takes is to say “well done” or take five minutes to talk to them about something other than work and connect on a different level.
Offer alternative ways to improve
As you can tell, it is all about improving as workers and individuals. Of course, that is mainly up to the person themselves, but there are things you can do, too. You should book training sessions for your employees so they can sharpen and hone their skills, which is for the good of the business. They will be more productive and efficient at their job, plus it makes you look better if they are more qualified. If you can afford to invest in six sigma certification at Simplilearn, for example, you should seriously consider it for the sake of your employees and your company.
If you can increase their productivity, the entire business will benefit as a result. But, it is important to remember that you should do it as fairly and organically as possible.