Managing your Most Valuable Assets - Your Employees
No matter how much cash you have in the bank or how large your stock is, your company's most valuable assets will always be your employees.
The investment spent on staff and their training makes the difference between a mediocre business and a truly successful one. You can boost customer satisfaction simply by taking a few steps to improve employee satisfaction. Here are some suggestions.
Match job skills with personnel
When it comes to recruiting, some businesses think it sufficient to fill positions with adequate individuals and then train them to the level they require. But this method is neither efficient nor effective. It is important to match job skills with personnel, and to do so with the aim of accomplishing future goals, not just fulfilling present needs.
This is a two-step process:
- Develop job criteria - Decide exactly what skills or training you want for each position. For example, a warehouse worker does not need the mathematical skills of someone in the accounts department, but he or she does need training to use a forklift. Match departmental goals to individual jobs.
- Create a rating scale - Set the desired level of achievement for each criterion. Establish minimum levels of performance and a desired level that is high enough to achieve your company's goals. You can define levels using numeric ratings (eg 1-10) or alphabetical grading (A,B,C etc).
After you have defined each position and set the skills and performance that you require, you can evaluate your current staff accordingly - but be careful not to give the impression you are watching over them 'Big Brother' style.
Reward your employees
Added incentives and bonus structures can improve employee satisfaction, establish goals for each individual, and motivate them to work together to achieve those goals.
You do not need to give substantial bonuses to reward individual achievement. Generally, employees will find value in other, less costly rewards, such as more paid holiday, or recognition of achievement in front of the other staff.
Monitor progress
If you take time to invest in your company's intangible assets - your employees - you will increase the value of your tangible assets.
Commit to your plans by tracking your ratings on a yearly or twice-yearly basis. This will enable you to evaluate the company's progress and help you determine appropriate promotions, raises or even terminations.
Remember, your staff are your most valuable resource. Treat them as such, and your business will prosper.
