3 Employee Management Tips to Help Your Business Thrive
The core of any business is not a profit margin, quarterly sales report or supply chain logistics – it’s the people who work every day to help a company grow. Without employees, after all, you would be a lone entrepreneur unable to manage operations on your own. With that in mind, it’s important to help employees succeed, not only for their personal well-being, but also to help your business succeed. Here are a few employee management tips that will help both you and your staff:
Mentor new employees
The relationship between an employee and a supervisor or company leader should be based not only on professionalism, but also on helping an individual foster new skills and work with their strengths. Instead of pigeonholing yourself as a CEO in name and duty, consider yourself a teacher, as well.
Think of a particularly promising new hire – you offered them the position for a reason. Perhaps they had excellent communication skills, a positive attitude or showed signs of ambition and a desire to move up in the company. Consider ways you can help that employee grow – holding weekly or monthly one on one meetings is a great start – and follow through. The more connected and valued an employee feels, the more likely they are to stay with the company in the long term. And as any entrepreneur knows, retaining high performing employees saves money and is great for business.
Lead by example
You don’t have to be perfect in every way to be a successful leader, but leading by example is one of the best ways to effectively manage employees. It’s not just about showing up on time every day – think about ways you can positively impact employees through your performance and demeanor. If you answer emails promptly, take on your fair share of work and make sacrifices to help your staff when they’re in a bind, your employees will be motivated to do the same when they can.
A positive attitude, too, can go a long way. Instead of losing your temper with an employee who has made an error, broach the subject calmly and give the employee the benefit of the doubt. Creating an atmosphere of mutual respect and trust can help increase employee engagement, creativity and overall workplace satisfaction.
Pay a competitive wage
Mentoring programs and setting a positive example can inspire employees to work their hardest every day, but those techniques will only go so far if they are being underpaid. The truth is, everyone has bills to pay and expenses to keep up with, and if an employee is being paid a low salary compared to the rest of their industry, they’re likely to look elsewhere.
Do your research on industry trends and gather information on health care and benefits packages, including employee sponsored 401(k) programs and paid time off plans. If you’re not keeping up with your competitors – especially when it comes to salary – you’re jeopardizing your business and setting yourself up to lose your most valuable team members. If you find you’re behind companies in your field, now is the time to catch up and keep up. Competitive compensation programs can boost employee morale and motivate workers to give their best performance, day in and day out. Naturally, this last tip can create challenges for small business owners who operate on a limited budget. If you’re interested in exploring your financial options, such as gaining access to small business working capital to benefit your organization, contact National Funding today.