Matrix Key: Financial Viability - Resource Management - People
"People are definitely a company's greatest asset. It doesn't make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps." - Mary Kay Ash
A vital component of Financial Viability is Resource Management. Your company must be a good steward of the people, products, capital, and information it has available if the company seeks to be profitable. The most valuable resource of all is your people. In these challenging economic times, it may be easy to think that it is an "employer's market." Many people are searching for work, and it could be tempting for employers to cut wages, benefits and incentives thinking that their workforce can be easily replaced.
Here's the thing...you wouldn't purposely buy inferior products, because the lack of quality will cost more in the long run. Excessive employee turnover is another huge cost to an organization. Better to hire, train and nurture excellent people who share your commitment to making the company great.
To properly care for your employees, you need to be taking the following actions:
- Create a human resources department that can handle your employee needs and comply with all pertinent rules and regulations.
- Train your employees well, and cross train them so they have a better understanding of other roles.
- Provide consistent, visible leadership. Make sure your employees know where they fit in to the company's goals and why you are asking them to do what they do.
- Evaluate employees regularly and reward excellent performance.
If you recruit and train great people, you will want them to stay. The best teams are those that have worked together over time and who feel like valued partners in the company's success. When you have your A-team on the field, you have a much better chance of winning the game of business.
Are You Ready to Win?
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