People. People. People.
Working with business leaders and entrepreneurs, I am reminded over and over again that the most valuable asset any business has is its people. Prove me wrong.
Sure, while having the right systems and processes in place is important, it's the people who make a company successful.
Research shows that companies with a strong focus on employee engagement and company culture perform better than those without. According to a study by Gallup, companies with engaged employees outperform those without by 202%. Additionally, companies with high employee engagement report 21% higher productivity, 22% higher profitability, and 41% lower absenteeism.
Another study by Deloitte found that companies with a strong culture and high employee engagement are 4.5 times more likely to have employees who are happy with their jobs and 3.5 times more likely to have employees who are willing to go above and beyond their job duties. This level of engagement and commitment from employees can lead to increased productivity, higher customer satisfaction, and ultimately, greater profitability.
So, how can you, as a leader, integrate this understanding into your day-to-day life and business operations? Here are a few steps to consider:
Hire the Right People: Taking the time to hire the right people is crucial. A study by Leadership IQ found that 46% of newly-hired employees will fail within 18 months, mostly due to a lack of coachability, emotional intelligence, motivation, or temperament. By using behavioral interviews and clearly defining job requirements, you can find candidates who are a good fit for the role and the company culture.
Communicate Effectively: Effective communication is key to building trust and engagement with your employees. A study by ClearCompany found that 86% of employees and executives cite a lack of collaboration or ineffective communication for workplace failures. Regularly sharing updates and progress reports with your team and encouraging them to provide feedback and ideas can help build a culture of transparency and trust.
Invest in Professional Development: Providing opportunities for training and development can improve the skills of your team, increase their job satisfaction, and promote retention. A study by LinkedIn found that 94% of employees would stay with a company longer if it invested in their career development.
Foster a Positive Culture: Creating a positive and supportive work environment can go a long way in increasing employee engagement and productivity. A study by Great Place to Work found that companies on their list of Best Workplaces experienced up to three times the revenue growth of companies not on the list. Encourage teamwork, recognize and reward good performance, and promote work-life balance.
By prioritizing your people and implementing these strategies, you can create a workplace culture that values and supports your employees, resulting in increased engagement, satisfaction, and ultimately, success for your business.
If you're interested in learning more about how to implement these strategies and achieve your business goals, I invite you to book a 1-on-1 strategy session with me. Let's explore how we can work together to take your business to the next level.
