Is rewarding your staff is going to negatively effect your bottom line, time to think again.
The world has changed, long before Covid 19 hit the world, businesses lost sight of what made them strong. Was it a plump bottom line, well that certainly helps? Rewarding shareholders, why is it always about the shareholders? Huge salaries, plus over inflated bonuses for a glorified paper pusher?
No, it is none of these.
The backbone, muscles, brain and brawn come from the people that work for the company. Unfortunately, corporate greed has seen strong shift from rewarding, let alone recognising the people that make a business successful, to a system of fat cheques and an office in the clouds reserved only for those at the top.
Through the 80’s, 90’s and even the early 00’s companies knew that in order to maintain momentum, keep gaining profits and have a loyal and enthusiastic workforce they needed to keep them happy. How did they do this? They threw magnificent Gala dinners, they sent their top performers on corporate retreats, they gave cash bonuses and stakes within the company itself.
Is it any wonder that there is a worldwide shift against the 1%? Work satisfaction is at an all time low. Depression is on the rise and large businesses are doing everything they can to get the last drop of sweat from each and every employee. (cough, cough AMAZON). Leaving employees unmotivated, unhappy and unwilling to return to the office.
To quote Sir Richard Branson “Take care of your employees and they will take care of your business. It’s as simple as that.”
So how does a business change? What fundamental steps can companies take so that when we all emerge from the Coronavirus pandemic they have a workforce that is hungry for success?
Firstly, it would be to change the focus away from the shareholders. Yes, they have invested into a company and want to share in the profits. That is their right. But their share should be what is left of the profits after you have rewarded your employees. There should always be budget enough for a reward program at any company. Too many times employees have heard that there “just isn’t any money for it”. The employees have given their blood, sweat and most likely tears, to ensure the company was successful, but they get nothing for it, time and time again. Shareholders will be better off with a consistently successful company, and that comes from the people that work there. So if you haven’t got a rewards program set up at your business then it’s high time you implemented one.
Secondly, it’s time to look at the top tier of the company cake. If your management are not engaging or inspiring the workforce, then they are ultimately dead wood. Leaders are just that. They are paid to lead the company in the right direction. They are there to ensure that employees are given every tool to get the job done. They are there to recognise good work and to properly reward it. If any level of management, in any company is feared, loathed or not respected, find out why. And if they don’t know the names of any of the people that report to them then they are out of touch and cannot possibly steer the ship without the support they need.
Thirdly, find the right reward program that fits your company. There are so many options available. It could be an award ceremony at a Gala dinner, a company holiday for the top level of performers or even a fun day of activities. Reward and recognition programs have been proven to increase company morale, reduce staff turn over and boost profits. It gives employees something to strive for, it makes them motivated to do more for the business and most importantly, staff that love the company they work for become brand ambassadors.
Lastly, create an amazing company culture. Almost every business has a mission and vision statement, and almost every employee knows it’s just a front. It’s a guide for ill trained management to use as a go to when speaking to employees. Rarely does it inspire or motivate. So how do can a company create a great culture? As mentioned above, it’s not just about rewarding and recognising great work, it’s also about training. Training has long been seen by corporations as a risky investment. I mean, why upskill your workers when they could leave? In general, only unhappy workers look for other employment opportunities, if you are rewarding, recognising and training your employees why would they look for other work? From the investment that the company has made it will, in turn, get a happy and more motivated workforce, who are highly skilled, will attract better talent and increase overall profits.
If any company thinks that the world will go back to the way it was pre Covid 19, they are undeniably incorrect. It’s time for businesses to change their modus operandi, because if they don’t, not only will their employees turn their backs, but so will their customers.