Always remember people join companies and leave managers. A poor manager can kill a company, a major goal in a Million-Dollar company is keeping their talent engaged and happy and their managers well trained. One of the biggest barriers to growth is failure to develop sufficient leadership. So what does a great manager do to keep a company's team happy and engaged? Here are 3 differences that Million-Dollar companies do:
1. Hire less; higher pay-The key to affording higher wages for your frontline employees is a lower total wage cost as a percent of revenue. You have to remain competitive and the best companies know that one great person can replace three good ones. Million-Dollar companies have a through rigorous selection process that gets them the absolute best talent in the door, they pay above-market rates, and they invest very heavily in training and personal development and this makes them much more productive.
2. Give recognition and show appreciation-"The deepest principle of human nature is craving to be appreciated." William James father of American psychology stated. It is impossible to be motivated and do great work if you don't feel that somebody cares and appreciates what you do. Remember that the way people want to receive recognition varies from person to person. Some people like private vs public recognition, so as a manager you must test to see which works the best for their employees.
3. Set clear expectations and provide a line of sight-When employees understand how they play a major role in the overall mission of the company, they feel that they are apart of something bigger than them. This feeling makes them want to give their all and that they are contributing to the larger picture. This approach allows for employees to align their individual priorities with those of the firm. Once people understand their role and contribution, great managers set clear and consistent expectations about the outcomes of their team's work.
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