Do you know what motivates your employees to do a good job? It’s the same thing that motivates them to stay with a business: personal growth.
Gone are the days where work is considered to be a means to an end.
Now, employees consider work to be a purpose. They don’t want to just go through the motions. They want to do something and feel like they’re making a difference.
What is the biggest influencer in your business? What has so much power that your employees can be persuaded to slack off (even if they’re normally awesome) or excel (even if they’re normally average)?
What is the number one reason why employees quit their jobs?
Is it low pay? Poor benefits? Or maybe it’s not enough vacation?
The answer: none of the above.
You’ve probably heard that job hopping, especially among younger employees, is becoming a new norm. If you haven’t heard of this trend, you may have experienced it with realizing it’s happening all around you.
Low employee retention rates are a major problem for businesses because they:
- Hurt your finances - it costs money to hire somebody and you’re losing money for every minute your business is short a worker.
- Drive down productivity - no matter what position is missing, some system within your business has been disrupted by the missing piece.
- Tarnish your business’s reputation - no one wants to work for a business with a high turnover rate; that’s a red flag for any prospective employee.
The world is ever-changing and, not surprisingly, so are employee motivation methods. Values that were once commonplace are now considered “old school” trains of thought.
How do you stay relevant and up-to-date with the latest employee success strategies? You can blindly test different methods to see what sticks or you can let research be your guiding light.
If you have grown your business to more than just yourself, then you are doing something right. Hiring new employees means your business is growing, and you have decided to hire someone to take control of a job that you have done in the past. This then gives you more time to manage your business. If you do not feel comfortable letting your employees work by themselves, without monitoring them, then you have not set your employee up for success.
For any business, the key to success is the ability to provide excellent customer service. You want the customer experience to be so good for your clients that they:
- Use your services again
- Refer you to someone else
- Write a positive review
Overstocking is carrying more of a certain product than is necessary.
To try and prevent stockouts, many businesses think the solution is to increase their inventory. This allows them to have a cushion of product to fall back on. This process can lead to overstocking. While this may prevent stockouts from occurring, overstock has its own disadvantages.
A stockout, also referred to as out of stock, is when aproduct is unavailable to a customer when they are ready to buy it. Stockouts are one of the worst things that can happen to a business. They can cost you a significant amount of potential revenue. Stockouts are an issue almost every business has had to experience.