ReportWire

Tag: Motivation and Retention

  • Retention Starts on Day One — And It’s on Leaders, Not HR | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Research shows that 70% of new employees decide whether a job is the right fit within their first month, including 29% within the first week. Despite this, the conversation around employee retention in many companies starts far too late.

    It often begins only after people have already disengaged and are considering leaving. At that point, HR may step in to address concerns and offer perks that were previously overlooked, but by then, it’s frequently a last-ditch effort.

    These late-stage actions have their place, but the decision to stay or leave is ultimately driven by the leadership people experience every day. Employees stay when they are led well, when they are hired into teams that work, when they trust the tone and consistency of their leaders and when what the company says matches what they live.

    It is observed that 70% of the variance in team engagement, which defines the employee experience, comes from managers. However, most often, leadership treats culture and retention as HR’s function instead of taking ownership of delegating trust.

    But if you want a team that people want to stay on, leadership has to build it every day from the very first hire.

    Related: This Is the Retention Strategy You’re Probably Overlooking

    Why companies get this wrong

    I’ve worked with countless leaders who want to build great teams. But wanting that and knowing how to do it are two different things. Most of us are never really taught how to create an environment where people choose to stay and do their best work. More often, we figure it out on the fly, after years of trial and error.

    And what ultimately shapes that experience is not a formal culture program. It is the everyday signals leaders send, who they choose to hire, how teams are built and how they respond when things go well and, more importantly, when they don’t.

    These are the cues people watch as they tell them what the company values and whether they can see themselves growing here.

    It took me years of pattern-spotting to see which leadership habits improve retention. Five, in particular, have stayed with me as practical ways to do that work. They might help you as well.

    Related: Your Retention Crisis Won’t End Until You Make This Shift

    Practice 1: How you hire determines who stays

    Hiring still relies too heavily on technical skills, which is the easiest part to measure. But it’s not a lack of skills that drives people out the door; it’s a poor fit for the role or the culture.

    When employees leave, they usually explain that the job was not what they expected or that they could not see a future for themselves. Those are hiring mistakes, not performance problems. The people who last see meaning in the company’s direction and feel the team is a place where they can grow. Skills may open the door, but alignment and motivation make people stay.

    Practice 2: How you shape the team determines how it performs

    Every new hire reshapes the team you already have. The wrong hire, even a skilled one, can weaken trust and make collaboration harder.

    A strong hire can lift the team by bringing balance and energy. The difference is not always visible on day one, but over time, it shows in how the team communicates and performs. That is why, before hiring, it’s important to examine the team’s state and ask whether this person will strengthen or disrupt its rhythm.

    Practice 3: What you allow becomes the culture

    The culture is defined by what you reward and tolerate, not what you say. You can talk about collaboration in any way you want. But if managers reward individual heroics and tolerate siloed behavior, that’s your culture.

    You can include “innovation” in your values. But if people are punished for small failures or if leaders tolerate endless risk-avoidance, the real culture is fear. If you want to build a culture worth staying in, be honest about what you are rewarding and what you are letting slide.

    Related: Don’t Underestimate the Power of Company Culture — It Matters.

    Practice 4: Leadership attention drives retention

    As companies grow, the distance between leaders and the rest of the organization grows with them. If you do not close that gap with intention, trust begins to fade, no matter how strong your culture looks on paper.

    You will not hold alignment with a memo or an all-hands. What matters are the signals where you spend time, and how you show up when pressure is high.

    People watch most closely in uncertain moments and leave when the leadership they experience no longer matches what they were promised.

    Culture is held together less by proximity and more by deliberate presence. It drifts when leaders stop showing up in ways that keep people connected to the mission and one another.

    Practice 5: Your energy sets the tone

    One thing that took me years to fully appreciate is that your energy is contagious as a leader. What you project through tone, attention, body language, and behavior directly shapes how people around you feel and perform.

    Calm steadiness builds confidence, while restless energy spreads just as quickly. The people who carry your culture most strongly are usually the first to feel it. They pick up on your tone, and their reaction influences the rest of the team. When they sense balance and clarity, they magnify it.

    Therefore, before stepping into a room, decide how you want people to feel and bring that energy with you. Your tone matters as much as your decisions in moments of change or pressure. When people feel steadiness from you, they find it in themselves and give more of their best.

    Related: Keep Your Top Talent with These 3 Employee Retention Secrets

    Retention is earned or lost in leadership

    Perks and HR policies play a role, but can’t compensate for weak leadership. Retention is built in leaders’ everyday work, including who they hire, what they reward, where they show up, and the tone they set.

    If you want teams, people want to stay on; lead them in a way that makes staying the natural choice.

    Research shows that 70% of new employees decide whether a job is the right fit within their first month, including 29% within the first week. Despite this, the conversation around employee retention in many companies starts far too late.

    It often begins only after people have already disengaged and are considering leaving. At that point, HR may step in to address concerns and offer perks that were previously overlooked, but by then, it’s frequently a last-ditch effort.

    These late-stage actions have their place, but the decision to stay or leave is ultimately driven by the leadership people experience every day. Employees stay when they are led well, when they are hired into teams that work, when they trust the tone and consistency of their leaders and when what the company says matches what they live.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    [ad_2]

    Bidhan Baruah

    Source link

  • Here’s the Real Reason Your Employees Are Checked Out — And the Missing Link That Could Fix It | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Only 21% of employees are engaged at work, according to a global Gallup study. That means most people are physically present but emotionally checked out, simply going through the motions.

    It’s easy to blame burnout or post-pandemic fatigue. But a big part of the problem lies in how organizations communicate — how they welcome new hires, train employees, run meetings and celebrate success (or fail to).

    Think about it:

    • We create lengthy culture decks without explaining why those values matter.
    • We overwhelm new hires with info dumps labeled as “training.”
    • We run meetings on autopilot.
    • We throw around buzzwords like “empowerment” and “alignment” without making people feel truly seen or connected.

    And then we wonder why engagement is so low.

    The truth? Engagement starts with connection — and connection starts with better communication.

    That’s where storytelling comes in.

    Storytelling isn’t just for marketing or TED Talks. It’s one of the most powerful ways to build trust, share values and spark genuine human connection. If you’re not weaving a story throughout the employee journey, you’re missing one of your strongest levers for engagement.

    Related: Quiet Quitting Is Dividing the Workforce. Here’s How to Bring Everyone Back Together.

    Where storytelling makes a difference

    1. Recruiting: Share the story, not just the specs
    Recruiting shouldn’t feel like filling out a resume checklist. Instead of leading with pay and perks, lead with why your company exists. What problem are you solving? What inspired you to start? When candidates hear authentic stories — especially from founders or early team members — they don’t just see a job. They see a mission they want to join.

    2. Onboarding: Make it stick through a story
    Most onboarding feels like drinking from a firehose — policies, procedures, manuals — that quickly get forgotten. But stories are up to 22 times more memorable than facts alone, according to research. Wrap your onboarding content in stories: how your product changed a customer’s life, challenges that shaped your culture, lessons learned along the way. Think of onboarding as the opening chapter in an employee’s personal work story — make it compelling so they want to keep reading.

    3. Engagement: Keep the story going
    New hires start excited, but that enthusiasm often fades when storytelling stops after onboarding. Engagement isn’t a one-time event; it’s a rhythm. Make storytelling part of your team culture. In meetings, invite people to share wins, challenges, or moments they felt connected to their work. Sharing stories builds empathy, energy, and belonging — even over Zoom.

    4. Recognition: Celebrate with heart
    “Great job” is nice, but “Great job, and here’s why it mattered” is powerful. Recognition tied to stories shows the whole team what behaviors and values are truly important to the company. It shows what “great” looks like, making appreciation tangible and meaningful. For example: “James stayed late to fix a customer issue, followed up the next day and turned frustration into loyalty. That’s living our value of going the extra mile.”

    Related: Are You Recognizing Your Employees? If Not, They’re Twice as Likely to Quit

    Engagement is built one story at a time

    Humans are wired for story. It’s how we understand the world, remember lessons and connect with each other.

    If only 21% of employees are engaged, maybe it’s time to stop relying solely on policies, programs and PowerPoints — and start speaking to the human side of people.

    Storytelling isn’t fluff or extra. It’s a strategic communication tool that transforms how employees relate to their work, their teammates and your mission.

    So whether you’re hiring, training, managing or recognizing — start with a story.

    Your people will thank you for it.

    Only 21% of employees are engaged at work, according to a global Gallup study. That means most people are physically present but emotionally checked out, simply going through the motions.

    It’s easy to blame burnout or post-pandemic fatigue. But a big part of the problem lies in how organizations communicate — how they welcome new hires, train employees, run meetings and celebrate success (or fail to).

    Think about it:

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    [ad_2]

    LaQuita Cleare

    Source link

  • Unlock the Strategy to Building a Thriving and Scalable Sales Team | Entrepreneur

    Unlock the Strategy to Building a Thriving and Scalable Sales Team | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Success in sales isn’t just about meeting quotas. It’s about fostering a culture where teams thrive, customers are delighted and growth is sustainable. Yet, many organizations struggle to strike the right balance between scaling their sales operations while ensuring the happiness and effectiveness of their teams.

    So, how do organizations cultivate happy, scalable sales teams and strike the right balance for success? Some core elements contribute to a fulfilling and successful sales environment.

    Related: Don’t Scale Your Sales Team Until You’ve Done These 4 Things

    Defining “happy” in sales processes

    All too often, when we meet with prospects, we encounter salespeople who feel overwhelmed by the pressures of their roles. The stress of meeting quotas and generating leads can take a toll on their well-being and effectiveness. Salespeople without clear direction and support from leadership cannot succeed. They may struggle to navigate these challenges effectively without guidance. Happiness in sales extends beyond hitting targets and growing the bottom line. Here are some of the competencies we’ve seen in happy, successful sales teams:

    Individual/team effort and efficiency: How much effort does it take to get the deal done? Minimizing manual tasks and streamlining processes can help alleviate stress and improve productivity across the organization.

    Transparency and support: Are sales reps given the direction and support they need to succeed and maintain traction? Obtaining clear guidance and resources from leadership is crucial to growth.

    Sales cycle length: Is the sales cycle overly prolonged and unnecessarily complicated? By shortening the cycle through efficient processes and effective lead management, companies can reduce stress and increase success rates.

    Leadership satisfaction: Are leaders equipped with the insights they need to make informed decisions? Having visibility into the sales pipeline and performance metrics is essential for effective planning and resource allocation.

    Related: 4 Ways to Stop Getting Distracted and Start Hitting Goals

    Addressing common sales pain points

    We work across a very wide range of industries, everything from manufacturing, distribution, SaaS, finance, healthcare, environmental, professional services and a long list of many others. My company has visibility into multi-departmental and cross-departmental alignment (teams from 1 to 500-plus people), and let it be known — no two sales processes are the same, even when it is within the same industry targeting the same personas. The irony is regardless of size, there is this misconception that because an organization is large, they have everything organized, mapped out and process-driven. Simply put, that’s not always true. Think of it this way: more people, more moving parts, more risk — more room for error.

    We see sales teams structure across territories, business development representatives (BDRs) versus account executives, and sales teams focused on channel versus direct, all of which influence the sales process, hand-off and efficiency for the likelihood to close. One of the best parts is because we are exposed to so many business models and processes, we get to see the best of the best and also easily identify how to improve someone’s process through automation.

    When we get down to the root of the issue, many sales teams face common challenges that hinder their ability to reach their full potential. The most common ones we see are:

    Sales and marketing misalignment: Miscommunication and friction between sales and marketing teams can lead to missed opportunities and finger-pointing, and no one wants that. Open dialogue and collaboration are key to bridging this gap.

    Lack of transparency and reporting: Without robust reporting systems, sales teams may struggle to track progress and identify areas for improvement or clear trajectories for closing deals faster. Transparency in reporting fosters accountability and enables data-driven decision-making on both the marketing and sales sides.

    Resistance to automation: Some sales teams resist adopting automation tools for fear of added complexity or a belief that it will replace human interaction. However, automation can streamline processes, free up time for more meaningful interactions with customers and focus on things a machine cannot do, like close the deal.

    Strategies for scaling sales success

    It saddens me to see talented individuals facing such challenges because they are good salespeople. There is something special about sales. I love their ability to connect with others, come from a place of help in the sales process, and sell collaboratively as a team. They have a super special people-focused gift, and I love to see them flourish and thrive in their roles.

    The concept of success is to remove any frustrating friction points or manual tasks that suck the life out of that salesperson’s main focus, closing the deal. They are measured and paid for this. If you want to lose a great salesperson, watch them continue to miss quotas, become frustrated because they aren’t reaching their financial targets and leave to go to another organization. Things like updating properties in a CRM, manually adding a new lead, sending a reminder email without automation, follow-up documentation, enrolling them in your marketing materials, and so, so many other things that quite frankly distract and wear down a salesperson.

    I’ve seen thriving salespeople succeed in one organization with structure and move to another and miss quotas monthly because they were not given access to the same tools. To build a happy, scalable sales team, organizations should consider the following strategies to keep everyone focused on the big picture —happiness.

    1. Start with setting clear goals: As an organization, defining clear, measurable goals and regularly communicating them to the team is by far the most common misstep we see in organizations. Many times, it can seem like two organizations are functioning within one organization if this is not followed. Teams should break down larger objectives into smaller, actionable steps to keep everyone aligned and on track.
    2. Openly embrace technology: Teams and individuals should leverage automation tools and CRM platforms to streamline processes, improve efficiency and enhance visibility into the sales pipeline. This is not designed to replace humans but to augment activity.
    3. Encourage cross-departmental collaboration: Foster a culture of collaborative team selling between sales and marketing teams. By encouraging open communication, knowledge sharing, and alignment on goals and objectives, organizations can reach goals faster, with less stress and greater rewards. Some examples include adding infrastructure that encourages shared reporting, dashboards, and weekly alignment meetings across teams.
    4. Invest in continual training and development: Organizations should provide ongoing training and development opportunities to empower sales reps with the skills and knowledge they need to succeed. These can be done through internal resources or a third party. Training should not be one-and-done.
    5. Prioritize personal well-being: It’s crucial to recognize the importance of work-life balance and prioritize the well-being of sales team members. Companies can do this by celebrating successes, providing support and offering resources for managing stress and maintaining mental health. It goes a long way in finding happiness inside and outside of work.

    Remember, building happy, scalable sales teams requires a combination of clearly defined goals, effective ongoing communication, technological innovation and a supportive, open culture. Organizations that face addressing common pain points head-on and implementing proactive strategies can create an environment where sales teams thrive, customers are delighted, and business growth is sustainable (while still tracking up). It’s time to unlock the full potential of your sales team and drive success in the competitive marketplace.

    [ad_2]

    Jennelle McGrath

    Source link

  • How to Tell Employees You’re Selling The Business | Entrepreneur

    How to Tell Employees You’re Selling The Business | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The process for exiting a business is about so much more than numbers and contracts; it’s about the people in your organization, from the front-line employees and executives who have created the business’ value to the leadership team that lands the deal at the most favorable terms. Your people have been at the heart of your organization, but their involvement in the exit process needs to be thoughtful and delicate – requiring trust and discretion. Here’s how to support them throughout the transaction.

    Before the sale — say nothing

    When should the owner inform employees that the business is being sold? Not until the sale is final and the buyer has officially taken possession. That’s the number one rule: Only the owner, their transition team and possibly one critical team member should know about it until after the transaction is complete.

    Prematurely revealing this information can have several adverse results:

    • Early departure: Hearing about a pending sale can cause fear and uncertainty. Employees often assume the business is for sale because it’s failing, or they worry that they’ll be let go by the new owner. They may leave before the sale is finalized, hurting the company’s value.
    • Legal challenges: The seller must certify to the buyer that the staff is in good standing. Early departures could make this look like a misrepresentation, and the buyer could sue, try to back out or otherwise undermine the transaction.
    • Delayed transition: A strong, stable team can be a significant value driver. Buyers often write contingencies into the transaction to ensure key staff members stay. If there isn’t a strong team, the owner might need to stay on temporarily to facilitate the transition.
    • Demand for compensation: Knowing their value in the deal, employees who learn of the sale might demand bonuses or raises as inducements to stay. Granting them can affect profitability and sale value, not to mention the discomfort of feeling like the deal is being held hostage.

    Without adequate precautions, keeping your plan under wraps could be easier said than done.

    Related: 7 Preparation Essentials for Selling a Business

    Maintaining confidentiality

    Your company may have such a well-cultivated grapevine that you sometimes feel you’re the last to hear your own personal news. Most breaches of confidentiality occur when owners try to handle everything themselves without professional guidance. Keep your in-the-know list small by recruiting a team of experienced advisors who will ensure discreetness and protect sensitive information about company operations, customers and employees.

    Sometimes, you may have to inform a key employee about the sale early in the process — a top salesperson, the CEO or someone else. Do this as the last step of due diligence, and be sure it’s handled with strict confidentiality agreements.

    What if someone finds out despite your best efforts? Your response depends on where you are in the sale process. If it’s early, you can say you’re exploring partnerships or considering offers without actively shopping the business. “Everything is for sale if the right offer comes along” is truthful but vague enough to quiet rumors. If those strategies don’t work, you may have to get transparent and insist they sign a non-disclosure agreement.

    Announcing the sale

    Once it’s final, communication should be strategic and focus on the positive. If you’ve handled the sale proactively, you should have no trouble presenting it as good news – because it will be good news:

    You’re finally retiring and found the right person to continue your legacy. Other life changes are taking you in new directions, and the new owner understands the team and mission. The business is so successful it has attracted an owner who can take it to the next level.

    Start by informing the management team first. Provide talking points to help their teams navigate the transition. Then, have a full team meeting with both the seller and the buyer present. Celebrate the event, express gratitude to your staff—they’re the ones whose work attracted the perfect buyer—and highlight the opportunities that the new owner brings. For smaller companies, individual meetings with each employee can address personal concerns and questions.

    One of the first questions will be whether the new owner will let people go or make other significant changes. This shouldn’t be a concern unless you’re a large company or corporation. Contrary to popular belief, employees are rarely let go in small to mid-sized business sales. Buyers typically want to retain the staff because they are integral to the business’s success. The goal is to maintain a stable and strong team post-sale.

    Related: I Specialize in Exit Planning — You Need to Make These 5 Moves Before Selling Your Business

    Training and transition

    The seller usually trains the buyer in business operations. This transition period can last up to a year, depending on the complexity of the business. Employees can see this as an opportunity to demonstrate their value to the new owners.

    New owners should avoid making significant changes for the first six months. Stability helps employees adjust to the new ownership without additional stress. Small, positive changes, like new benefits, can help build trust.

    At least during the transition, an open-door policy is essential. It allows employees to voice concerns and feel heard, which builds trust and can prevent minor issues from escalating into major problems.

    Believe in your team

    People are one of the top value drivers in a small-to-mid-sized organization, and this holds true in a sale. Building a solid team and demonstrating their value through proper documentation and reporting can significantly enhance your business’s value. Planning and managing the transition carefully ensures a smoother process and preserves the company’s integrity and performance.

    Thoughtful preparation, strategic communication and professional guidance are the keys to successfully supporting staff when exiting a business.

    [ad_2]

    Jessica Fialkovich

    Source link

  • The True Cost of Employee Turnover During a Recession? Your Entire Business. Rethink Your Strategy to Make Your Top Talent Stay. | Entrepreneur

    The True Cost of Employee Turnover During a Recession? Your Entire Business. Rethink Your Strategy to Make Your Top Talent Stay. | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    We hoped we had weathered the storm, that the Great Resignation and the Great Reshuffle had passed us by, but the employment landscape is still suffering severe aftershocks. In the tech industry alone, 2023 has brought more layoffs than last year — over 240,000 tech employees have been laid off this year, a 47% increase from 2022, according to Layoffs.fyi.

    Some layoffs are happening despite companies seeing profits improve. LinkedIn, for example, has grown in revenue over the last four quarters but still announced in May that it would cut 716 jobs in sales, support and operations in an attempt to streamline its processes. Other industries are far from safe.

    Especially as we enter another season of unpredictable economic news and pervasive uncertainty, it will be crucial for companies in any sphere to strategize on how to keep top talent from leaving, how to measure employee satisfaction and how to navigate employee retention during a recession. Here’s my advice.

    Related: How to Attract and Retain Top Talent

    How can companies boost employee retention during a recession?

    The importance of retaining talented employees cannot be overstated. Employee turnover has a direct line to the overall health and well-being of your company. Similarly, employee retention can signal to others that your culture is strong and can make the rest of the team feel reassured and ready to face another day.

    There are many things that company leaders can do to stop the cycle of employee turnover and retain the best people — those most aligned with the company’s values and those most equipped to face its challenges. Most of these strategies involve improving the way you appreciate team members:

    1. Rethink what cost means for you

    Many CEOs balk at any extra cost at this time. After all, why would you shell out for a new program or initiative when you’re having to cut costs drastically elsewhere? It’s hard to commit to a cost you don’t know you’ll be able to sustain.

    However, it is well worth considering cost from different perspectives. The cost of losing employees to more caring or rewarding employers is a very real financial outlay. Consider the various costs involved in recruiting and training a new employee, the inevitable slowdown in productivity as they learn the ropes, not to mention the mental cost on team members who are in the midst of a crisis and seeing their co-workers depart. If you can’t afford to lose talent at this critical time, then you also can’t afford to treat your employees as just another cog in the machine.

    Just take Adobe, for instance. The digital giant is ranked No. 1 in employee satisfaction, and this appreciation for its employees extends to its minuscule turnover rate as well. In times of turmoil, it’s important to learn from the masters and invest in your employees today so they can be your top talent tomorrow.

    Related: Employee Retention: 4 Tips to Help Keep Your Top Talent

    2. Perform a care edit on your benefits package

    Fear of being laid off comes along with a myriad of mental health symptoms. From self-esteem damage to depression, living with the real or perceived threat of unemployment can lead to significant distress, which (in today’s climate) can become a long-term problem.

    These symptoms can be further exacerbated if an individual’s workplace doesn’t respond with kindness. Taking care of team members and finding ways to show employee appreciation are especially important during uncertain times. If you fail to respond to these anxieties with care, your company risks losing talented, core members of your team.

    Fortunately, there are many ways to show employee appreciation that goes far beyond higher salaries. For example, HubSpot offers its employees unlimited holidays, flexible work agreements and perks for additional mental and physical well-being. By supporting employees, HubSpot continues to boast solid employee retention, even during economic uncertainty.

    Fortunately, your business can enjoy this stability, too. Start by performing a care edit on your benefits package and getting rid of anything that doesn’t serve employees’ health and well-being. Then, add the things that will truly help your team right now. Health insurance, dental care, gym membership or yoga sessions, healthy snacks/meals at work and even therapy. All of these benefits could help you differentiate your place of work from competitors in the marketplace and make employees feel cared for and more apt to stay.

    Related: 14 Strategies For How To Retain Top Talent and Build Championship Teams

    3. Get to know people on a deeper level

    When you’re navigating an economic downturn, employees can quickly become numbers on a spreadsheet as you work out what you can afford. However, companies should never let this sensation become a reality. Lose touch with your employees and you’ll lose your top talent just as quickly.

    Consider Google, for instance. Companies often look to the search giant for examples of how to keep top talent from leaving, and for good reason. Leaders at Google are acutely aware of how important company culture and trust are to a successful company; that’s why they prioritize employee relations to ensure their brand culture remains cohesive and effective. Just like Google, it’s critical for your company to stay aligned with employees and ensure every employee feels like a part of the bigger picture.

    However, the process of getting to know people shouldn’t stop after onboarding; people’s needs and goals change as they grow within a role. Leaders who keep in touch with these changing selves and the many personal successes that come along the way will be able to better offer advice and support their team towards achieving their personal goals.

    For example, the greeting card experts at Hallmark regularly practice recognizing employees by sending personal birthday cards, anniversary cards, thank you cards or greetings just to say “job well done.” Other businesses can take a page from the experts in this regard as well — especially since employees who feel like their workplace celebrates their achievements and remembers their important dates will be more likely to stick around and grow their careers within the company.

    It may be a hard and unpredictable time for your company. With daily reports of layoffs peppering the news cycle, your employees may be feeling anxious and overwhelmed. But this is not a moment to cut back on caring for your team. Invest in supporting and appreciating the talent that makes your company what it is — this is how to keep top talent from leaving.

    [ad_2]

    Robbin Champaigne

    Source link

  • Don’t Underestimate The Importance of Employee Wellbeing. Your Business Will Suffer The Most. | Entrepreneur

    Don’t Underestimate The Importance of Employee Wellbeing. Your Business Will Suffer The Most. | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In the dynamic and ever-evolving world of entrepreneurship, one critical yet often overlooked aspect is the workforce’s wellbeing. Where success is driven by constant innovation and growth, wellness often falls short. The barriers to investment in workplace mental and physical health remain significant.

    So why do these limitations still remain? From insufficient knowledge of the best practices to scarce research on why such investments have a positive impact, this topic is still full of prejudices and stereotypes. As a result, they hinder many entrepreneurs from prioritizing this vital area of their business growth.

    The growing mental strain many employees experience often drives them to lower performance, meaning the business is presented with the threat of losing its valuable workforce. At the same time, replacing an employee with a new hire is not only a logistical challenge but also a costly affair. It typically costs one-half to two times that employee’s annual pay. With talent at a premium and the competitive landscape intensifying, you can expect the financial toll to lean toward the higher end of the spectrum. This cost can go unnoticed without paying enough attention to the wellness costs of operating a business.

    Undoubtedly, all entrepreneurs understand the significance of assembling a talented and motivated long-term team. However, the true impact of neglecting employees’ wellbeing on the overall success of a business is often underestimated. Fostering a healthy environment is the future of workplaces worldwide, so explore the tangible benefits of integrating it now.

    Related: We Need a Real Commitment to Mental Health at Work. Here’s How (and Why).

    The wellbeing of leaders amounts to the wellbeing of the entire team

    Investment in yourself is the best investment, particularly for the people who drive the entire workforce with them. Any great organization starts from a leader; similarly, the leader’s wellbeing and resilience directly impact that business’s success. Here are a few ways that a leader’s wellness affects the bigger picture:

    1. Improving retention rates

    This is not evident, but investing in leaders’ health also indirectly impacts employee retention rates. When leaders show genuine care and support for their team members’ mental and emotional wellbeing, it fosters job satisfaction and loyalty. Employees are more likely to stay with the company, reducing turnover and retaining top talent.

    2. Prioritizing human-centered approach

    A human-centered approach is essential when building a business. Being mindful of their own wellbeing allows leaders to understand their team better and be more empathetic and connected to them. For example, 10 people who joined BetterMe right from the start are still a part of the team years later.

    3. Leading effectively in challenging times

    Leaders who prioritize their stability possess the skills needed to navigate difficult situations. They can manage stress, make informed decisions, and stay composed under pressure. Resilience enables them to guide their teams through challenging times, inspiring confidence and giving energy to overcome fear.

    Making wellness a priority: Let’s talk numbers

    Prioritizing wellness and resilience in leadership development is not just a good idea on paper. It has proven to yield substantial returns on investment (ROI) for organizations. Multiple case studies give insight into workplace wellness’s positive, tangible benefits to employee engagement, productivity and overall business growth.

    Let’s take research conducted by Gallup, a leading analytics and advisory company, as an example. Its study reveals a strong correlation between employee engagement and wellbeing initiatives. Companies with high employee engagement experience significant benefits, reporting 41% lower absenteeism rates and 17% higher productivity. These findings show a direct correlation between such targeted initiatives and business performance. Research proves it’s an important metric to start taking seriously.

    BetterMe, with its headquarters in a country amid war and crisis, provides a compelling case study of how prioritizing wellness and resilience in leadership development can lead to exceptional growth, even in challenging circumstances. Despite the adversity, the BetterMe team members demonstrated innovation and creativity in providing solutions for customers worldwide. As a result, the company experienced significant financial and headcount growth in 2022, reaching an impressive 20%.

    This case again shows that crises can be both tests and opportunities for growth. It only emphasizes how organizations handle challenging situations. By investing in leadership development programs prioritizing wellness and resilience, companies can equip their leaders with the skills to navigate crises effectively, manage their energy better (not time), and drive business growth.

    Related: Why Mental Health and Well-Being Should Be Your Top Recruitment and Retention Priority

    Corporate wellness: Create a business case

    As the topic of corporate wellness continues to grow, organizations are seeking ways to measure the impact of wellness tools on leadership effectiveness. Seeing the evidence can help them realize the potential benefits and make an informed decision toward that first step.

    One effective way to measure the impact of wellness tools on leadership effectiveness is through ROI analysis. According to Deloitte, companies implementing wellness programs for three or more years achieved a median yearly ROI of $2.18 CA (estimated $1.65 USD). We cannot argue with numbers — the benefits are evident.

    As the CEO of BetterMe, I myself can serve as an example for all these findings. Through consultations with various companies, I have observed a considerable demand for reliable and engaging corporate wellness programs. Simply put, wellness is a hot topic in the business world. With a potential boost of over 50%, it becomes clear that the returns on investing in wellness are worth serious consideration.

    Seeing the indisputable benefits of integrating the employees’ wellbeing as one of the business priorities, a few industry professionals can remain indifferent. Whether you’re a manager, a business, or a team leader – hop on that train. Explore new possibilities for growing a prosperous, healthy workforce by all means to build better businesses.

    [ad_2]

    Victoria Repa

    Source link

  • Want to Onboard Like a Pro? Here are 5 Ways to Retain Good Clients and Staff | Entrepreneur

    Want to Onboard Like a Pro? Here are 5 Ways to Retain Good Clients and Staff | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In my many years of running my own PR agency, I’ve experienced a lot of hiccups when it comes to onboarding. And if I’m being honest, I must admit I caused most of those hiccups. I’m just not particularly good at it — it’s not one of my strong suits.

    Though fine-tuning my onboarding techniques is a work in progress, it doesn’t come naturally to me. Once I find a potential team member I like or I’ve got a hot lead on a potential client, my tendency is just to jump into the deep end, all enthusiasm and “we’ll figure it out as we go along” and very little step-by-step processing that would pave the way for a mutually beneficial and lasting connection.

    On occasion, the “winging it” approach might work. But usually, it doesn’t. So I recently looked closely at my firm’s onboarding procedures from the inside out, which yielded some interesting insights. Before I share them, it’s important to note that the objectives here could not be more straightforward: Regarding internal onboarding, the goal is incorporating a new staffer into a welcoming and positive work environment. When it comes to external onboarding, the goal is as simple as keeping the client happy. That’s it. That’s the end game. Here’s how to win it.

    Related: The Secrets Behind Successful Employee Onboarding

    Winning steps for internal onboarding

    1. Immediately upon bringing a new staffer on board, express gratitude for their contribution. Acknowledge the skills that led you to hire them, tell them how those skills will bolster team efforts and make them feel like you’re lucky to have them, not vice versa. Everybody wants to feel valued at work, even from the very first day.
    2. Pay on time and pay above-market rates. This one may sound like a no-brainer, but small businesses sometimes don’t have automated payroll in place to ensure timely payment. Landlords and banks don’t accept delays, so don’t chase promising new hires away with delays of your own making. As for salary, a higher-than-market rate will often secure you better-than-average talent, but if you can’t afford that right now, other forms of compensation work equally well to solidify employee buy-in, like half-day Fridays, remote work options, the use of company equipment, and a results-based bonus plan.
    3. Provide an overview of the organizational structure, preferably in the form of an org chart. This is essential. People need to know where they fit in to feel like they fit in.
    4. Allow the individual’s abilities to shine bright by supplementing and supporting their output. Here at RPR, every piece of content that is written for our clients passes my desk and is copyedited/proofed by our editorial support people. At first, my content writers sometimes balk at being reviewed, but it’s a win-win for everybody when our customer reviews come back glowing about error-free and accurate assets. Teach your team to, lead your team to and support one another in their roles, not just fulfill their own.
    5. Check in with your people for no reason. For no reason at all. Just send a text, write an email or call to regularly reach out to them to (a) ask how things are going — do they need any support and (b) reinforce continual messaging of how fortunate you feel to have them on board.

    Related: Are You Guilty of Poor Onboarding? The Consequences Are Worse Than You Think.

    Winning steps for customer/client onboarding:

    1. Send a warm introductory email detailing what the client can expect for your initial engagement. Having this in writing can avoid many explanatory phone calls, provide a tangible form of your commitment, and assure the client that they’ve entered a functional, efficient workflow.
    2. Continue to send a chain of emails to follow up; first, to ask the client to confirm that they received the last communiqué you sent them; second, to always open a window for them to write back with questions or concerns.
    3. Go beyond the to-do list. It may be enough just to do your job or what you were hired to do. But to retain long-term B2B clients, why stop there? Be exceptional by exceeding expectations with unanticipated gestures, like forwarding an article of interest, sending the client something that reminded you of them, providing them with referrals or having flowers or lunch delivered for a special occasion.
    4. Speaking of which, recall step #1 for your internal onboarding: Showing gratitude to your client base, as well, is a little action that generates a big reaction. Sending a thank-you note is the simplest but tremendously significant way to let someone know how much you appreciate their business.
    5. Finally, another repeat: Check-in for no reason. You can never go wrong with any contact in the business world by being reliably present, open-eared, and always interested in how they’re feeling about your relationship status. Some people are afraid to initiate unnecessary contact if they receive negative feedback. Better to catch any lapses that are occurring so you can attend to and remedy them than to lose the client based on a lack of authentic communication.

    As I see it, onboarding is the “honeymoon phase” of any business relationship. Once you’re united with this business partner under mutually agreed-upon terms, you want to have fun with them, go places with them in a favorable climate and create and sustain a memorable impression that will fuel and ground your future interactions. Basically, you want to start things off on the best possible footing to point the way toward a smooth and successful venture ahead together.

    So put some effort into planning every onboarding process per new contact, just like you would map out your honeymoon destination and activities. The advanced planning and customized blueprint will lay a strong, solid foundation on which the relationship can continue to grow and expand in positive, productive, and fruitful ways for years to come.

    [ad_2]

    Emily Reynolds Bergh

    Source link

  • 10 Powerful Ways To Recognize Your Employees | Entrepreneur

    10 Powerful Ways To Recognize Your Employees | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    If you’re a manager or HR professional, you know that keeping employees engaged and motivated is extremely important to the success of your organization. One powerful way to do this is through employee recognition programs. Strategic employee recognition programs can help create a positive work environment and promote a culture of appreciation and excellence.

    Simply put, employee recognition programs reward and acknowledge employees for their contributions and achievements. This can take many forms, from traditional bonuses and raises to non-monetary rewards like extra time off or public recognition. The key is tailoring the recognition to the individual and their accomplishments.

    So, how can you create an employee recognition program that is both strategic and effective? Here are some tips to consider:

    1. Set clear and measurable goals

    One of the keys to a successful employee recognition program is setting clear and measurable goals. What do you hope to achieve with your program? Are you looking to increase employee engagement? Improve performance? Reduce turnover? Whatever your goals, it’s essential to define them upfront and track your progress along the way.

    2. Align recognition with company culture and values

    Effective employee recognition programs are aligned with company culture and values. In other words, the recognition should reflect the behaviors and achievements that are most important to your organization. This will help reinforce your company’s values and build a strong culture of appreciation and recognition.

    3. Ensure fairness and transparency in the program

    Fairness and transparency are essential components of any successful employee recognition program. Employees need to know that the program is objective and everyone has an equal opportunity to be recognized. Transparency also helps build trust and credibility with employees, which is critical for long-term success.

    Related: How to Recognize Burnout in Your Employees

    4. Provide timely and specific feedback

    Timely and specific feedback is another important best practice for employee recognition programs. Employees must know what they’re being recognized for and why it matters. Providing feedback promptly also helps reinforce positive behaviors and encourages employees to continue performing at a high level.

    5. Offer a variety of recognition options

    Offering various recognition options can help ensure that everyone feels valued and appreciated. Some employees prefer public recognition, while others prefer a more private approach. By offering different options, you can accommodate different preferences and help ensure everyone feels included.

    Related: The 4 Pillars of Employee Appreciation

    6. Encourage peer-to-peer recognition

    Peer-to-peer recognition is a meaningful way to build a culture of appreciation and recognition. Encourage employees to recognize and appreciate each other’s contributions through a peer-to-peer recognition program. This can take various forms, such as a shout-out board, a virtual recognition platform or even a weekly newsletter. This can help foster a sense of teamwork and collaboration while also boosting morale and engagement.

    Related: 10 Simple Ways to Build a Collaborative, Successful Work Environment

    7. Use technology to streamline and enhance the program

    Technology can be a powerful tool for streamlining and enhancing employee recognition programs. Online platforms and mobile apps can make recognizing and rewarding employees easier, tracking progress, and analyzing data. They can also make the program more accessible and engaging for employees.

    8. Tailor rewards to individual needs and interests

    Instead of offering generic rewards or gift cards, consider tailoring rewards to each employee’s preferences and goals. For example, you could offer a book on a topic they’re interested in, a fitness class pass, or a donation to their favorite charity. This shows that you value their individuality and care about their well-being beyond work.

    Related: 4 Ways Employee Incentives Can Drive Engagement and Retention

    9. Recognize unique talents and skills to motivate and develop employees

    Instead of focusing solely on performance metrics, recognize employees’ skills and talents that contribute to the team’s success. For example, you could offer a “problem-solving champion” award, a “creative thinker” award, or a “team player” award. This highlights the unique value each employee brings to the team and encourages continuous learning and growth.

    10. Autonomy and flexibility as a form of recognition

    Sometimes the most valuable form of recognition is flexibility and autonomy. Allowing employees to work on projects they’re passionate about, pursue their interests, or work from home can show that you trust and respect their abilities. This can improve their work-life balance and lead to increased productivity and loyalty.

    A successful program is built on the foundation of honesty and transparency. One of the key takeaways is the importance of seeking concrete information and avoiding guessing. It’s crucial to clearly understand what motivates employees and design recognition programs that align with those motivations.

    At the heart of any successful employee recognition program is the ability to accurately track and measure performance metrics. That’s where Hana Retail comes in. Hana Retail is a powerful retail POS system that offers a wide range of features designed to help you manage your business more efficiently.

    [ad_2]

    Murali Nethi

    Source link

  • Open vs. Anonymous Feedback \u2014 How to Effectively Collect Employee Feedback | Entrepreneur

    Open vs. Anonymous Feedback \u2014 How to Effectively Collect Employee Feedback | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    While the need for continuous feedback has been a cornerstone of organizational performance for many years, recent transformative trends around remote working have made feedback culture more important than ever for company cohesion and success.

    But in the quest for valuable and honest feedback, does open feedback deliver better outcomes than anonymous channels?

    The benefits of feedback culture

    Regularly sharing honest and constructive feedback respectfully can create a growth mindset in the workplace as it encourages employees to learn, develop new skills, grow and seek new challenges.

    Providing feedback in this way can help promote better communication between managers and employees, boosting employee engagement and positively impacting overall employee satisfaction, retention and productivity.

    As such, regular feedback can build a solid and cohesive team and is a vital component in creating a strengths-based company culture, according to workplace consulting and global research group Gallup.

    Furthermore, when companies implement feedback culture correctly, it encourages continuous improvement and innovation. Importantly for fully remote or hybrid organizations, the benefits of an entrenched feedback culture extend beyond performance and productivity, as it also allows companies to focus on factors related to employee well-being.

    For these reasons, creating an environment where employees feel safe to give and share feedback on their perspectives on their and co-workers’ performances, workloads and well-being will differentiate a company from its competitors.

    Related: How to Give Employee Feedback Effectively (and Why It Matters)

    Encouraging valuable feedback

    The key to successfully implementing a feedback culture is creating opportunities for employees to give and receive constructive feedback regularly. In this regard, companies must train employees on how to do so and lead by example through regular and transparent communication.

    Another key consideration is developing effective feedback mechanisms, with open or anonymous feedback an important consideration. The main difference between these two feedback channels is the level of transparency and accountability involved in the process.

    I have always felt that anonymous feedback is toxic to company culture. In my mind, anonymous feedback conveys a message that the company normalizes living in fear and accepts that employees lack the courage and conviction to own their points of view.

    But as a business leader, my most significant concern relates to the idea that anonymous feedback means staff does not trust each other enough to offer and receive feedback constructively.

    Related: Are You Asking for Employee Feedback? If Not, Good Luck With Retention.

    Open feedback fosters trust

    Promoting open feedback lends itself to better engagement as employees can share their views in face-to-face conversations, through email, or via formalized internal feedback platforms. And sharing feedback in an open forum allows managers and business leaders to follow up with the person who provided the insights to clarify matters, ask additional questions and continue the conversation.

    Additional potential benefits of open feedback include:

    • Allows leadership to give and receive constructive criticism and positive reinforcement.
    • Helps identify areas for improvement and growth opportunities for individual employees and the organization as a whole.
    • Encourages a culture of continuous improvement.
    • Builds trust and fosters better communication within the workplace.

    One employee of mine shared that speaking openly and honestly is the best form of self-expression when sharing feelings and perceptions. The key to providing effective open feedback is honesty, offering facts to support views, using logic and proactively sharing ideas on improving rather than sharing “empty criticism,” which is useless.

    In this type of environment, where people respect the feelings of others, theoretically the need for anonymity would naturally dissipate.

    Related: Is Employee Feedback Missing at Your Company? Here’s Why and How to Fix It.

    Different strokes for different folks

    However, other employees of mine have pointed out that people differ in their ability to share information and receive feedback openly, especially if it is sensitive or in a group setting.

    Where extroverted employees may feel comfortable sharing their views freely in an open forum, someone who is more reserved and introverted may struggle to express their opinion or provide or receive criticism in a group setting.

    Another response pointed out that people may not be able to share points of discomfort openly because they do not want to compromise their position. In this context, labeling anonymous feedback as cowardly may undermine someone who is merely worried about their future.

    Open feedback can also lead to tension and conflict among employees and managers if it is not delivered constructively and respectfully and may create a culture of over-criticism and negativity if feedback is not balanced with positive reinforcement. Moreover, an open-only approach may erode the value of the feedback received, as people might feel less inclined to provide insights.

    A place for anonymous feedback

    When implemented and managed correctly, anonymous feedback can provide valuable insights and promote constructive communication, as this feedback channel allows staff to share honest opinions and feedback without fear of recrimination or repercussions or offending colleagues or superiors.

    In this way, allowing anonymous feedback may help to create a more balanced and comprehensive view of employee satisfaction and company performance.

    However, an anonymous-only approach can lead to a lack of accountability, fostering a culture of negativity and complaining. It can make it difficult to follow up or address specific concerns.

    What anonymous feedback channels should not do is promote a workplace where employees feel that they can recklessly criticize one another without consideration or give rude, offensive or hateful feedback.

    A hybrid feedback model

    Ultimately, both options have benefits and drawbacks, and both can work to create a thriving feedback culture because they cater to different employee preferences. As such, the best approach may vary depending on the situation and the culture of the organization.

    [ad_2]

    Max Azarov

    Source link

  • How to Stay Motivated When Starting a Business | Entrepreneur

    How to Stay Motivated When Starting a Business | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Americans launched new businesses at unforeseen rates during the pandemic. Perhaps the time in isolation inspired individuals to finally take a chance on a new idea, or maybe unfortunate layoffs prepared people to take a new path. Either way, if you are a recent or new business owner, you are likely facing some challenges that discourage you from time to time.

    If that sounds familiar, keep reading to find out what those common challenges are and what you can do to motivate yourself again.

    Common challenges business owners face

    Starting a business requires a high level of grit, resilience and reliable resources to make it possible to overcome challenges and see through to your goals. Individuals who start businesses of all kinds — from products to services, startups and more — face many of these challenges:

    • As you embark on the new path, fear and uncertainty lead many business owners to worry when taking risks and find themselves second-guessing their plans or intentions.
    • Financial issues like needing funding, using your savings as an investment and making ends meet at the start of a business can pose significant hurdles for many entrepreneurs and cause stress early on.
    • Differentiating yourself from competitors and standing out in the market can be challenging initially.
    • Finding and maintaining a solid team and reliable employees can be complex and majorly impact your success rate early on. High turnover and a poorly functioning team can negatively impact a business’ workflow and output.
    • Balancing your new business with your personal life or full-time job, if you have one, means you will be tight for time, and this can be a point of stress early on for business owners.

    Related: 7 Factors That Make a Brand Stand Out

    How to stay motivated

    With all these challenges, it’s important to put systems in place to help you manage your workload and stay on track. Running a business is challenging in the long term, but there are particular stresses associated with starting up that may level out over time. So, when you are getting started, consider the following strategies to help you maintain motivation amid hurdles.

    1. Set goals: Make sure you use the SMART method when setting goals so that you make specific and achievable targets. SMART stands for Specific, Measurable, Achievable, Relevant and Time-Bound. This structure can help you stay focused and on track.
    2. Celebrate as you achieve goals: Make sure to enjoy your wins. Honoring those moments will help you feel optimistic about your progress and your path forward.
    3. Track your progress: Check in at various milestones to measure how far you’ve come beyond just income and earnings. Have you acquired more clients this month than last, sold more items, or increased your average order value? Tracking various metrics will help you see your strengths and accomplishments.
    4. Get inspired: Consume media and content that excites you and find leaders who inspire you. Listen to podcasts, read books and watch videos that can teach you how to look at your challenges in a new way and expand your understanding of your business and yourself.
    5. Upskill: Keep improving your skills and learning new ones to add additional value to your business operations. If you still need to hire a whole team to cover tasks that need to be done, you will need to learn to do them yourself. Brush up on your marketing, Excel, accounting, or sales skills to elevate the part of your currently lagging business.
    6. Remember your why: When you feel like giving up, it’s hard to remember why you started doing all this in the first place. Having your why written down somewhere you can always see it can help you feel motivated again when you feel like you can’t go on.
    7. Visualize success: It’s vital to create a strong mental picture of what success looks like for you. Make a vision board, keep a journal and return to these things when you’re feeling unmotivated.
    8. Create a motivating workspace: Surround yourself with an atmosphere that promotes inspiration. Motivational quotes, pictures, or just things that make you happy can help you achieve this. Keep your workplace clean and free of clutter that could contribute to stress.
    9. Seek an accountability buddy: Sometimes, you’ll need help to get where you’re going. Find someone or a group of people on the same path as you that can help you stay accountable. It feels great to connect with like-minded people to help achieve your goals.
    10. Take strategic breaks: Working too much or too hard can lead to burnout. It’s important to plan breaks that rejuvenate and refresh you. Find an outlet that helps you destress, such as yoga, hiking or swimming.

    Related: Building a Business? Here Are 4 Common Challenges You’ll Likely Face Along the Way

    It is understandable for any new business owner to feel inspired some days and lack motivation the next. Running a business can feel like an uphill battle in the early stages, but when it works, it’s worth it. Incorporate some of those practices into your daily routine to keep yourself motivated.

    [ad_2]

    Prabhat Sharma

    Source link

  • Upgrade to Real-Time Feedback with This Focus Group Style | Entrepreneur

    Upgrade to Real-Time Feedback with This Focus Group Style | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Research is a crucial component of any successful business decision. One of its most popular and effective forms is focus groups, where people are brought together to discuss and provide feedback on a product, service or idea. Usually, it’s conducted after people have interacted with the product for some time.

    My company tried applying this research method in a bit different format. By dividing the data collection into two parts, one just after another, we made the process faster and more accurate than ever before. Here’s a guide on how to level up your focus group if you’re limited in time.

    Related: If Your Company Is Not Customer-Obsessed, You’re Doing It Wrong

    How to organize focus groups differently

    The main difference in our type of focus group was collecting data on your customers’ opinions on the service or product almost simultaneously while interacting with it. We asked our participants twice: briefly while they were getting our services and more lengthy as soon as they were finished. Here’s how to build this type of focus group.

    1. Gather a representative sample: Inviting people who closely match your target audience is essential. For example, you can select participants who have already registered for your service and have some familiarity with our product. In our case, we randomly invited people who enrolled in our free webinar. Of course, you should offer compensation for their participation.

    2. Don’t set any limits: Explain that people shouldn’t treat your study as something they should change their behavior for. In particular, they are free to drop out if they don’t like something or get bored.

    3. Collect feedback while they are getting your service: You can chat using the most popular messaging app among clients to collect feedback in real-time. We asked questions regularly so that participants could share what they liked and didn’t like as the webinar was taking place.

    4. Arrange a follow-up call: After the webinar, we arranged a group call that was just like the usual focus group to get additional feedback and more detailed information. During this, give a brief intro and encourage participants to take turns telling you about themselves. Then ask questions on matters that are most significant for you, like:

    • Did you finish taking the service?
    • What were the good parts?
    • What were the inconveniences you experienced?

    Related: This Is Why You Should Never Ignore Customer Feedback

    Benefits of “real-time” focus groups

    As mentioned above, our goal was to make more data-driven decisions about the webinar funnel. We were looking for some little insights that might not be obvious at all, which people will soon forget about but are crucial in decision-making.

    There are several benefits to changing your approach to focus groups. Here are the key ones:

    • Unfiltered feedback: When participants provide feedback in real-time, their thoughts and feelings are not distorted by time or memory, resulting in unfiltered feedback. For example, we learned that people were really annoyed when the speaker’s icon covered a piece of presentation. It’s not surprising that it can be unpleasant, but we were astonished to know that it could be a reason for people to leave the webinar!
    • Realistic representation: It was important for us to allow the participants to drop out or lose interest in the webinar, just as they would in real life, providing a more realistic representation of the process.
    • Simultaneous information acquisition: By providing a platform for real-time feedback, we can understand the perspectives of different participants while gaining insights into cultural and social differences.
    • Quick implementation of changes: Consequently, you can plan improvements on your product significantly after just one round of data collection.

    Related: Steal These 4 Proven Customer-Retention Strategies

    Challenges

    While real-time decision-making during focus groups has many benefits, it is not without its challenges. The main problem one would face is typical for any kind of focus group: this format is not for newbies. To gain valuable insights, it is essential to have a skilled moderator who can keep the discussion on track and ensure that all participants are heard.

    Moreover, there is a risk of people who talk too much – those who form opinions for other participants or do not let them express themselves. In this case, the moderator should encourage others to speak during their turn and know how to interrupt and even silence that person politely. Of course, all the participants must have a stable Internet connection. It can be hard to reassure, and technical difficulties can disrupt the process.

    Moreover, it would be a mistake to think that focus groups are less expensive than other qualitative interviews. To recruit the participants, you will likely have to pay each of them the same honors as for other interviews, so you will spend several times more for one hour and probably learn less from each participant. Apart from them, you will need to hire a research team if you don’t have one, which would cost you extra. However, if your goal is to get the most information from several people simultaneously, you’re unlikely to find a better solution.

    Conclusion

    Real-time decision-making during focus groups is a revolutionary research method that can provide quick, unfiltered feedback and a realistic representation of the decision-making process. By following our step-by-step guide, you can organize your own real-time focus group and take advantage of the many benefits this method offers. While there are challenges to consider, the rewards are well worth the effort.

    [ad_2]

    Roman Kumar Vyas

    Source link

  • How to Attract and Retain Employees in the New Age of Work

    How to Attract and Retain Employees in the New Age of Work

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    You’ve undoubtedly heard about the so-called “anti-work” movement if you’re a business owner or entrepreneur. According to a slew of media outlets, nobody wants to work anymore. Even worse, those businesses that can find people to hire have trouble retaining talent amid outrageous demands, quiet quitting, and worse.

    Indeed, there is a growing rift between employers and employees. But if you look closely, it’s nothing new nor indicative of some “anti-work” movement. The idea of business owners lamenting “no one wants to work anymore” is so old you could likely find it carved on the pyramids.

    The truth is this: workers have more options than ever before. If you, as an employer, are not making your business a desirable workplace, you’ll need help attracting and retaining employees. You might recognize this as less of a “crisis of work ethic” and more of a failure of employers to keep up with changing needs.

    Related: Happy Employees Create Happy Customers

    Attraction starts with finding out what employees want

    If you own a business, you should have at least some knowledge of basic capitalism. If so, you might recognize that the entire system relies on choice. Your clients choose your products and not your competitors’ because you incentivize them in some way. Well, the same is true of employees. As with your customers, you need to find out what employees want — and what they want changes over time.

    Unfortunately, many “old school” employers are too inflexible to consider this. To them, the mere offering of a job should be enough to inspire not only action but loyalty. But that doesn’t work in a world where employees can merely join the app-based gig economy (Fiverr, DoorDash, Lyft) if they don’t like their current job. Sure, the pay is variable, and the benefits are nonexistent, but such jobs offer flexibility, which is in high demand among modern workers.

    So if you want to figure out what employees want, that’s your first stop. According to this Pew Research Study, most workers who quit their jobs cite low pay, few opportunities for advancement and a general feeling of being “disrespected” as reasons for leaving. Other reasons included “not enough flexibility” and “too many” or “too few” hours.

    You might recognize these as perfectly valid reasons to leave a job. While the media may make it seem like all employees are demanding to work from home, get free childcare or have an on-site brewery, today’s employees want what employees have always wanted. They want to be paid fairly, treated well and have a chance to climb the ladder.

    Related: Improve Employee Retention By Taking a People-First Approach

    Retention is about finding the “them” in the team

    Every year, magazines put out their list of “Best Companies to Work For.” But rather than cite the companies with trampolines in their meeting rooms and corporate retreats to Bali, the top-ranked positions are typically occupied by companies that treat their employees respectfully and pay attention to their needs.

    The standout criteria for why employees loved working for top companies were as follows:

    • 98% — I can take time off from work when I think it’s necessary.
    • 98% — When you join the company, you are made to feel welcome.
    • 97% — Management is honest and ethical in its business practices.
    • 97% — I’m proud to tell others I work here.
    • 97% — People care about each other here.

    Every single item on that list is personal. It’s something that the company provides its employees, either literally or emotionally. There’s nothing about “sky-high salaries” or “office perks,” just references to how working at the company makes them feel.

    Of course, most employers already know this but either choose to forget it or prefer to imagine the problem as a lack of work ethic. The truth is that attracting and retaining employees comes down to treating them like part of the team from day one. It’s about making them feel important and valued. The companies that top that “Best Places to Work” list see their employees as assets, not indentured servants who should feel lucky to have a job.

    Returning to the discussion about what employees want, it’s crucial to consider the “upward mobility” factor. Many employers lose perfectly good, perfectly happy employees because they don’t have a chance for advancement. With nowhere to grow in their current job, the employees have no choice but to look elsewhere.

    That’s why it’s so important to provide a “light at the end of the tunnel.” Educate your team members so that they can move up the ladder. Moreover, reward them financially when they do. And if your business isn’t big enough to provide them a place to go, invest in them anyway so they can continue their career elsewhere.

    Related: Google’s CEO Is Asking Employees 3 Simple Questions to Boost Productivity

    Employers need to be more than just “job givers”

    In the end, attracting and retaining employees is about making them feel like they’re a part of something greater than just a 9-5 job. Of course, there are dozens — perhaps hundreds — of ways to do this.

    Some of the best strategies include making custom plans for each employee’s future and following through when they fulfill their side of the agreement. You might view their job as an opportunity for you to help them rather than for them to help you. You might learn to welcome feedback, avoid micromanagement and recognize and reward outstanding performances.

    Despite what some news outlets say, there is no “anti-work” movement. If anything, hiring and retaining talent issues result from employers failing to recognize what potential employees want or provide what they promise. As with the last 100+ years, all it takes to get good employees is to stop treating them like a number and treat them like valuable team members.

    [ad_2]

    Larry Jones

    Source link

  • How to Find Inspiration Everywhere

    How to Find Inspiration Everywhere

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Just like lightning strikes at random, so does the opportunity for inspiration that can spur your business or further your leadership skills. Whether you are actively seeking it or taking a break to reset your mind, there are always opportunities to revisit what you have experienced and glean insightful takeaways. For example, one of the best pieces of inspiration came from a simple conversation with my 9-year-old daughter. More on that later…

    If you are actively seeking opportunities for inspiration, here are some particular ones that have inspired me as a co-founder and CEO.

    Related: 22 Successful Entrepreneurs Share What Inspires Them to Keep Going

    Books

    As an avid reader, I have found a lot of inspiration from books. When you’re in a leadership role, absorbing ideas from others not only opens your perspective and inspires you to change the way you work but can also reinforce your intuition and validate your initial thoughts. Some of the standout books that I have read include:

    • The Hard Thing About Hard Things by Ben Horowitz — a must-read for emerging and veteran entrepreneurs, this book candidly discusses the pros and cons of running your own business and key lessons every CEO should learn.  
    • The Subtle Art of Not Giving a F*ck by Mark Manson — this book helps you identify what matters to you. As your company grows, what is the most important to your business, and where can you make an impact? If you stay true to those two values, it helps you filter out the rest of the noise and remain focused on succeeding and bringing your business to fruition.
    • The Culture Code by Daniel Coyle — another book on culture, as it is vital to a company’s overall success — especially in the current market that we are in today. This engaging book inspires us to transform how teams operate so they can perform together more efficiently.

    Related: 3 Books That Will Make You 6 Figures  

    Movies

    Sometimes you’ll find that inspiration comes when you take the time to unwind. Recently, I sat down to watch some TV with my family, and two documentaries we watched have stayed with me:

    • All or Nothing: Arsenal (available on Amazon TV): Aside from being entertaining as it is all about my favorite sport, soccer, watching Mikel Arteta’s leadership in bringing his team to the front of the Premier League was inspiring. Mikel doesn’t compromise on his or the club’s values, and his passion for the sport inspires his squad to perform at the next level. As leaders, we should all proudly showcase our love for what we do to lead by example and inspire our teams.
    • Kiss the Ground (available on Netflix): This documentary, centered on finding a solution for our climate crisis, uses compelling data to illustrate how a simple solution — dating back hundreds of years — can help address our climate crisis and create healthier food for people. My takeaway from this as an entrepreneur was three-fold: first, there are always opportunities to evolve and rethink the status quo to devise a solution to a problem. Second, look back to history to see what was successful and why. Lastly, look at the larger picture to ask yourself: what impact are we making on humanity and this planet?

    Related: How to Get Over a Burnout and Find Inspiration Again

    Other

    My final note of a place I found unexpected inspiration came from my daughter, who was nine at the time. This image had come up during the workday, and I was looking at it at home and contemplating the correct answer. As it illustrates, are there four bars, or are there three?

    She took one look at it and said that both characters in this image were right without hesitating. The answer isn’t about who is right or wrong but their perspective and how they interpret it. That simple revelation from her has stuck with me throughout the years: my main takeaway was that communication is essential and, in life and business, many scenarios are not “right or wrong” — the important thing is that even if you disagree with them, listen to the other’s reasoning to come to an understanding of their point of view.

    At the end of the day, whether you actively seek it or take a break from the hustle of life and enjoy the moment, you can find inspiration everywhere. Take a moment to reflect upon the content you consume or the conversations you have had, and you will become a more well-rounded character.

    [ad_2]

    Jurgi Camblong

    Source link

  • How to Improve Employee Motivation to Increases Your Profits

    How to Improve Employee Motivation to Increases Your Profits

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Employee motivation is critical to any organization as it directly impacts its earnings. A motivated employee is a productive employee, and a productive employee is an asset to any organization. Employee motivation can be divided into three main categories: intrinsic, extrinsic, and intrinsic-extrinsic.

    Intrinsic motivation comes from within the employees and is based on their desires, needs and motivations. Extrinsic motivation comes from outside sources, such as rewards and punishments. Intrinsic-extrinsic motivation is when external rewards and punishments enhance the employee’s personal motivations.

    Motivation leads to higher levels of customer satisfaction and loyalty, which results in increased profits for the organization. It is therefore essential that organizations find ways to increase employee motivation. There are several ways to motivate employees, including financial incentives, positive reinforcement and opportunities for advancement. Below are some ways employee motivation increases an organization’s earnings.

    Related: Employee Motivation Has to Be More Than ‘a Pat on the Back’

    1. Increased employee commitment

    Employee motivation is one of the most important aspects of any organization. Motivation can increase employee commitment, which in turn can lead to increased revenue. When employees are motivated, they are more likely to put in their best efforts, which can result in better productivity and overall success for the company.

    Many companies understand the impact of motivation on commitment and use various means to increase employee motivation, but there are a few drawbacks. Firstly, motivation can be contagious, leading employees to be more committed to the company and produce more products. However, if the motivation is not sustainable, it can lead to burnout or a lack of enthusiasm.

    Related: 3 Strategies to Keep Employees Motivated In The Age of Burnout

    2. Increased profits

    The most effective way to motivate employees is to focus on the individual needs of each employee. Companies can create an environment that encourages employee productivity and motivation by understanding what motivates each employee. Businesses that focus on employee motivation see an increase in profits. Motivated employees are more productive and efficient, have lower absenteeism rates and are more likely to stay with a company for the long term.

    3. Reduced employee turnover

    Employee motivation has been shown to have a positive effect on both employee turnover and company revenue. In an Indeed.com study compiled from employee reviews, it was found that employees motivated by their job were less likely to leave their position, and companies with motivated employees had higher revenue levels. The study showed many ways to motivate employees, but the most effective way is through monetary and non-monetary rewards. While financial rewards are important, they are not the only way to motivate employees.

    4. Improved product quality

    Lack of employee motivation is the main reason for low productivity and business revenue. By fostering a sense of urgency, clarity and purpose among employees, employee motivation elevates product quality and revenue for the company. Employees are more likely to produce high-quality products and boost sales by being encouraged to work toward a common objective. As a result of increased effort due to increased motivation, the cost of producing a product decreases, increasing revenue for the company.

    5. Optimized training development

    Employee motivation optimizes training development and ensures that employees can positively contribute to the organization. Investing in employee development through training and education can lead to higher motivation levels and, as a result, increased productivity and profitability. It is important to note that employee motivation is not always about financial compensation. Research has shown that employees are motivated by various factors, including recognition, meaningful work and career growth opportunities.

    6. Improved customer satisfaction

    Employee motivation improves customer satisfaction and increases business revenue by creating a connection between an employee and their job. Employees who are satisfied with their work are more likely to provide top-notch customer service. Motivation also increases the likelihood of employees recommending their company to others. Happy employees also tend to be more productive and are less likely to leave their job. In turn, this leads to increased revenue for businesses.

    7. Constant employee development

    Motivation fosters employee development so that employees are constantly growing and learning to meet the company’s ever-changing demands. Motivation should encourage constant employee growth and development, not just periodic bursts of enthusiasm. Constant motivation helps employees stay engaged, leading to better work performance and a higher sense of job satisfaction.

    Sources of employee motivation

    Bonuses and other financial incentives

    Bonuses and other financial incentives are often used to motivate employees. Studies have shown that bonuses can improve employee motivation and productivity. Financial incentives can come from cash bonuses, stock options or profit sharing.

    Related: Reality Check: Not Everyone Deserves a Bonus

    Flexible working schedules

    Flexible working schedules can have a significant impact on employee motivation. In particular, employees who are allowed to work flexibly are often more motivated to work harder and contribute positively to the organization. There are several reasons for this, including that flexible working schedules often allow employees to balance their work and personal lives better. Additionally, flexible working schedules can give employees a greater sense of control over their work lives, leading to increased motivation.

    Improved working conditions

    New employees are often motivated by the potential for improved working conditions. Companies can increase employee satisfaction and motivation by providing a positive work environment. This can lead to increased productivity and a reduction in turnover. Improved working conditions can take many forms, including better equipment, up-to-date technology, safety gear and safety installations to prevent work accidents and related risks.

    [ad_2]

    Ferrat Destine

    Source link

  • 3 Strategies for Hiring Promotable Entry-Level Talent

    3 Strategies for Hiring Promotable Entry-Level Talent

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Beating a tough labor market is easier when you can promote from within. And the easiest way to have a promotable workforce is by setting up a pipeline of eager, entry-level workers.

    Companies that hire from within do better than those that focus on promoting outsiders. Case in point: A University of Massachusetts Global deep dive shows that internal hires cost about 18% less than their external counterparts. They require limited sourcing efforts, too, which can lead to more savings. But that doesn’t mean you can just pull from the rank and file and start filling positions. Being able to hire from within starts with a consistently replenished entry-level talent pool pipeline. If you’re not being strategic about bringing in high-performing, entry-level newcomers, you can’t get the benefits of internal hiring.

    A 2021 Joblist survey showed just how much of an advantage it could be to promote current employees when possible. Out of the 1,000 workers asked, nearly two-thirds said they’d rather be led by someone from within the company. Seven out of 10 felt the practice was important for their employer’s growth potential. More than 55% said it led to heightened morale and lowered training costs.

    LinkedIn’s 2020 Global Talent Trends report reflected similar findings. The report found a 41% uptick in how long workers stuck around at companies that hired from within. Plus, it reveals that almost three-quarters of hiring professionals are in favor of inside recruiting.

    Related: 7 Ways to Make Sure Your Employee Knows How to Get Promoted

    The message is clear: Internal promotions can accelerate employee engagement, trim onboarding timeframes and attack attrition. And the simplest way to have internal job candidates is to bring rising talent into the fold. By regularly pulling in strong, entry-level employees, you can create a funnel that pushes future leaders up the corporate ladder.

    The following strategies will help you attract eager entry-level applicants to your organization. That way, you can choose the right ones to start constructing an enviable — and internally promotable — workforce.

    1. Interview for both hard and soft skills

    Most jobs require some type of basic technical know-how, even if it’s just being comfortable with general word processing or spreadsheets. However, employers are discovering more often that it’s soft skills that make certain employees stand out. And a stand-out employee is one who may be interested in moving around the company.

    According to recent data gathered by a High Point University poll in 2022, companies put a higher value on soft skills than hard ones. The poll of 500 leaders from enterprise-size organizations identified employee motivation and coachability as markers of future success. Three-quarters of poll participants said it was easier to teach technical aptitude than motivation. Seven out of 10 felt the same way about technical expertise versus the ability to accept constructive feedback.

    How can you determine someone’s soft skills based on resumes or initial conversations? One method is to ask candidates to answer situational “What would you do if…?” questions. Another is to have prospective workers talk about challenges and failures and how they faced them. Just be sure you’re asking the same questions to all applicants. You’ll reduce interviewing bias and be able to compare interviewees’ soft-skill responses objectively.

    Related: Why Soft Skills Are More Important Than Hard Cash for Your Acquisition’s Long-Term Growth

    2. Make career pathing part of your onboarding and ongoing training

    Career pathing involves helping your employees create roadmaps to move through your organization. For example, a career path will show the routes an employee can take to get from job A to job B to job C, and so on. Most entry-level workers haven’t been in the workforce long enough to understand how to construct career paths. You can assist them by introducing them to career pathing during onboarding and making it part of their employee experience.

    Having a group of employees who have constructed realistic, doable career paths can improve your internal hiring. Deloitte’s Talent 2020 report notes that 42% of employees looking for different employment are leaving because they’re not using their talents. 37% said they were unsatisfied with their career progress. Dynamic professional development support and career pathing can ease those challenges.

    Remember that you can’t just set up career paths and let them gather dust. Teach supervisors how to encourage their team members to identify training areas using their career paths as guides. Be sure to set aside resources for upskilling, too.

    Related: 4 Reasons Employees See a Bleak Career Path and Quit

    3. Treat your internship programs as feeder opportunities

    Information culled in 2020 by Chegg Internship suggests that around 70% of all internships turn into job offers. Of those interns offered a position, 80% accept. This means that for every 10 interns you bring into your organization, you could end up with around five or six new employees. Those employees would already be familiar with your culture — and buoyed by a chance to start working.

    Even if you have an internship program in place, take a harder look at it. See how you might be able to make it more of a feeder into a bigger succession plan. For instance, should you be broadening your current pipeline and accepting interns from more disciplines? Could you use interns in more departments than you normally do? These are all questions worth asking.

    Interns who feel their time with your company was well-spent may become members of your C-suite someday. At the very least, they’ll be more likely to join your company if you extend a job offer after they graduate. So look for ways to boost the real and perceived value of your internships. Don’t be afraid to survey current and past internships so you can continuously improve your internship experiences.

    The Great Resignation has shown how tough it can be for employers to find candidates. When you can hire from within, you have more choices. You also reduce downtime associated with empty seats. So start (and keep) bringing entry-level workers into the fold. They’ll become your competitive advantage.

    [ad_2]

    Rashan Dixon

    Source link