Managing Your Company’s Greatest Assets

iStock_000010714275XSmall[1]Your financial assets are important to you, your security, and your future, so you keep a watchful eye on your investments. You carefully develop financial plans and strategies, forecast and analyze potential growth, and even enlist the help of financial experts to ensure you manage your money effectively. You manage your financial assets carefully, because you know what they’re worth.

You understand the value and importance of your financial investments. But, are you managing your company’s greatest assets – your people – as well as you manage your finances?

Every employee, no matter their role, whether directly or indirectly, has the ability to significantly impact productivity, retention, customer satisfaction, growth, and your business’ bottom line. But, increasingly heavy workloads, rising stress levels, and lower wages have left many employees feeling undervalued at work. The Society of Human Resource Management recently reported that according to a survey released by HCL Technologies, a global offshore IT services company, U.S. workers said that while rank-and-file employees bear the greatest responsibility for ensuring the quality of their company’s products and customer service, company leaders value them least over management and customers.

It’s important that every employee – from the bottom to the top – feel valued and appreciated for the work they do. And making sure your employees know they’re valued is worth every effort. After all, a company’s largest investment is typically its employees. So, if you’re worried your employees are feeling undervalued at work here are a few key areas worth looking into.

Employees and the Organization’s Objectives
Employee satisfaction no longer rests solely on the ability to work in a stable and secure environment. Employees need to feel they have a purpose. It’s important for both the employee and the employer to have a clear understanding of how their roles contribute to the overall objectives of the organization. Make sure each member understands the integral part they play in achieving company goals and find ways to measure those contributions to the company’s values. Provide useful feedback to help them grow and develop in their current job role and beyond.

Find ways to empower your employees. Offer training. Create an environment of autonomy and creativity. Seek out their input on different projects and decisions. Get their involvement at the ground level on developing new company policies and procedures. The more involved an employee feels at your company, the more committed they’ll be to helping the company grow. Most importantly, they’ll feel and be more indispensable.

The Importance of Being Earnest
An important part of knowing your contribution matters is the acknowledgement you get from your peers and your leaders. A 2010 survey conducted by talent management software company Cornerstone OnDemand, Inc. found that apart from compensation and benefits, feeling appreciated motivates employees and makes them more likely to stay with an organization. And, in a survey by leading coaching experts White Water Strategies, nearly two thirds of respondents feel under valued by not hearing the words “thank you,” while 72% said it was important that senior staff thank them personally.

Two little words can go a long way in making your employees feel valued at work. So, take time every day to demonstrate your appreciation for the work they do in authentic, sincere, and personal ways. Be sure to acknowledge accomplishments as a group and individually. And, don’t hesitate to give public praise to an employee when it’s due. Never underestimate what a little earnest appreciation can do for employee engagement and satisfaction.

Planning for the Future
Just like you keep a watchful eye on your financials, developing plans and sound investments to get you where you want to go, it’s important to do the same with your employees. Look for areas of potential growth and set goals to attain them. Develop career paths for every employee. If compensation is an issue, determine a strategy to increase wages and continually review compensation levels in your local industry to make sure you keep up with the competition to retain the top-talent you’ve invested in.

Consider using an anonymous company survey each year to keep an eye on the needs, attitudes, and overall satisfaction of your workforce to gauge employee perceptions – like whether or not they feel the work they do is valued – and make adjustments when necessary. The more effort you put into employee satisfaction the more your employees will know that when you say people are your top priority, you mean it.

When you invest in your employees, you invest in the future of your company. If you want to grow your business, increase productivity, customer satisfaction, and your bottom line, you have to look to your employees for help. So, take time to make sure your employees know you value their contributions every day for an engaged and satisfied workforce that’s worth every penny.

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6 Responses to Managing Your Company’s Greatest Assets

  1. MONK SPARKS February 1, 2011 at 2:11 pm #

    A VERY GOOD ARTICLE. THE VALUE OF YOUR EMPLOYEES IS NEVER FULLY APPRECIATED. THE EMPLOYEE IS YOUR LIFE BLOOD. TAKE CARE OF THE TRUE ASSET THAT CAN MAKE OR BREAK A COMPANY. SATISFIED EMPLOYEES ARE REQUIRED FOR ANY COMPANY TO SURVIVE AND CONTINUE A FORWARD MOVEMENT. IF YOU ARE IN BUSINESS FAILURE TO HANDLE YOUR EMPLOYEES CORRECTLY WILL CERTAINLY RESULT IN FAILURE. AGAIN, A GREAT ARTICLE.

  2. Prosperity Agencies September 5, 2011 at 5:58 am #

    Undoubtedly, financial assets are important to any company yet the management of this greatest asset is of great importance.Thank you for sharing this information.

  3. Stephanie Wallace October 19, 2011 at 6:59 am #

    This is in fact a great article. I have always been an advocate for the employees who are in the trenches every day dealing with the customers and representing your business. If your representation is poor what does that say about you? Feel strongly about making people feel that they are just as important to you as you want your customers to think and feel that you are to them. We should all hold each other up to be strong representations.

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