Is Your Company Growth-Ready or a Self-Complacent Giant

Is Your Company Growth-Ready or a Self-Complacent Giant Managing company growth can be a cumbersome task for companies as it involves more than one aspect. Businesses have a century old tendency of becoming big, fat and dumb during their boom time. This self-contentment can lead to huge risks for a business as it needs a constant push and struggle to keep the organization growing. Increasing competition, escalating costs and growing focus towards establishing employee friendly workplace culture has led organizations to focus on the human component of managing growth. Needless to say it is the human capital of the organization that drives the strategic innovation, productivity, efficiency and successful achievement of goals and objectives. Never get contented with performance: As businesses have this tendency of self-complacency when things go great, they actually forget to pay attention to employee retention issues. Many organizations face troubles like inefficient operations management and plummeted margins due to loss of key corporate personnel. Thus, it is highly advised to make employee retention a strategic priority and to keep that going, it is necessary to make them feel that they are being noticed and are valued. Business owners must not content themselves with the blooming business and look out for finding more opportunities for their workforce. Are you doing enough to be the best career point for your employees? If not, then do it now!! But….. how to do it??? Here are a few fundamental tips: Track the go-getters: Keep track of every employee’s performance and make a list of the high impact performers whom you cannot afford to lose. These are your key assets and you must focus on keeping these performers occupied with right opportunities. Re-check  compensations: Ensure that your workforce is not underpaid and you offer the best compensations as per your industry standards. This doesn’t mean you need to pay highest salaries, but they must be satisfactory so as to retain your top performing workforce. Keep talking: Proper communication can surpass any barrier! All you need for a contended workforce is effective communication with the employees. It is not always possible for your HR teams and other senior professionals to have open communication with every employee, but at the minimum what companies can ensure is that that line managers and supervisors are reviewing their sub-ordinate’s performance and maintaining effective communication as a regular practice. Delight them with challenges: Top performing employees always look forward to help companies deal with difficult challenges and become valued contributors. Offer them the work that is more meaningful and challenging. They will love to do it. This will enhance the employee-employer relationship as well! Respect private space: Work/life balance has become one of the major benefits that employees demand for. As a great employer, try to respect the personal space of your employees and offer them proper opportunities to have a life out of the office. You can do that by offering them flexible work time, work from home options, sponsoring dinners and employee outings or simply just by upgrading the office cafeteria. Train your dragons: Top management executives of any organization are the main warriors and you must train them to focus on finding more growth opportunities for organization as well as for the human capital. They must know that they can never get complacent with the ongoing status and keep hunting for more. At the same time they must put in serious efforts to improve every individual’s capabilities through continuous feedback and proactive response to upcoming challenges. What they can do to achieve this is establish the PRIDE process: Positive work environment: Positive work environment can bring the efficiency of your workforce halfway. Try establishing as much positivity at the workplace as you can. Design every facility, policy, support services, etc. all according to the needs of your workforce. Review performance: Constant evaluation is the key for growth and success. Make it a regular practice to measure and evaluate every individual’s efforts towards improving performance. Keep track of employee attitudes, morale and motivation to proactively detect and identify core problem areas and establish improvement plans. Identify talent: Everyone likes to get appreciated. A simple pat on the back or just a few good words about an employee can make him feel elated and overwhelmed. This can simply make employees more motivated, engaged and dedicated towards their job roles and responsibilities. Develop  potential: Give every employee the right opportunity and space to show his/her caliber. Give them a platform to grow and enhance their capabilities and efficiency. Train them to become more competent and confident through offering them autonomy, change to share ideas, opinions and take responsibility of their decisions. Engage everyone: When a team puts efforts for the achievement of a common goal, then it is bound to outperform and excel in whatever it does. Bring that zeal and responsibility among the workforce and make every individual feel a part of your journey towards organizational goals and objectives. Keep that eagle eye: Since the article talks about preparing your human capital for achieving organizational growth, one thing that the HR department or recruiters can take care of is to keep that eagle eye during making recruitments. If you don’t have the right combination of skill set in your workforce, how can you expect them to perform extraordinarily? Make strategic hirings keeping all critical agendas in mind. To conclude, organizations in order to build them for momentous growth and success, must not get complacent with their monetary glory and keep struggling to get better every day. For this you must take care of their human capital management with a special focus on retention strategies. Plan your approach to make employees contented with you as an employer, strategically make hiring decisions and keep senior management on the toes. This is all what you need to be a stringent winner never losing the space for others to enter. Author: Prateek Sharma is the product owner of TeamWise , a HRMS Payroll Software aimed to enable companies to streamline and automate all their routine employee-related tasks.