3 Overlooked Business Management Tactics

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Sometimes the solutions to company struggles are simple and obvious. Not all companies are able to recognize what they need to do to solve their issues such as employee retention and a decline in productivity. Here are three overlooked business management tactics that are sure to work:

  • Invest in education and training: One of the best things company leadership can do is create a culture of learning. There are many benefits of continuous learning. Some of these benefits are more satisfied employees, the reduction of the skills gap within a company, and increased productivity. Training employees and providing learning opportunities can seem costly at first but is well worth the effort. Managers who care about their employees will find ways to helps employees develop higher level skills and be more invested in their long-term success. There are several ways that companies can invest in the education and training of their employees such as:
    1. Online boot camps
    2. Weekend retreats with teams
    3. Skills certification courses
    4. Industry insider conferences
    5. Local seminars and workshops
    6. Graduate school tuition reimbursement

As companies commit resources to the betterment of their employees, they will be able to see in an increase in productivity and workplace satisfaction.

  • Offer quality benefits: High performing companies don’t shortchange employees and hold back on quality benefits. People are no longer happy with foosball tables and free cupcakes on Thursdays. Satisfied employees will let the world know how they feel about their benefits. Employees who believe their employers have their best interests in mind are more likely to stay and are more likely to perform at their best. Companies that do and don’t take care of their employees can’t hide thanks to employee reviews. A simple example is made evident by the Nu Skin company reviews where employees freely share how they feel about their benefits. In order to avoid not meeting the needs of their employees, companies should get to know their employees by gathering qualitative and quantitative data to decide on the best benefit options. Here are some of the top benefits that will win over employees:
    1. Family leave
    2. Caregiver leave
    3. On-site gym
    4. Adoption leave
    5. Performance-based incentives
    6. Maternity leave
    7. Paternity leave
    8. Health care insurance
    9. Remote work options
  • Give praise when its due: Contrary to what some leaders believe, genuine compliments and recognition is not weakness. All employees need to know their good work is recognized. Members of any team who feel valued and appreciated are more likely to be productive and respond with greater loyalty. Recognition of accomplishments and milestones help employees know what types of behavior desired. It’s important for management to be fair and consistent with employee recognition. This can be accomplished with clear, well-written guidelines. It’s important for management to move away from the dated “employee of the month” program and find ways to recognize high performers in other ways.

The three overlooked business management tactics listed above will contribute to the success of any business in any industry. While each of these tactics may seem difficult, they are not as difficult as trying to replace a higher performing employee who could’ve been saved.