Prioritize motivation and engagement: Employees who feel heard and engaged often show a 15-20 per cent increase in performance. So how do you engage employees? Focus on motivation, incentive programs and, of course, clear and open communication.
Incentivize your staff with fair and motivating rewards: Monetary compensation is just one way in which you can motivate your employees, but never underestimate the power of a pizza party and mentions of success in the company newsletter. These are often more cost effective and always appreciated by your team.
Change cost allocation: Flat, equal cost distribution is one of the least effective ways to improve operations, yet it is still a popular strategy. Instead, allocate costs based on consumption. It encourages people to use the resources in the organization and it saves money on expensive third-party solutions.
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Look for inside hires: It pays to bring in an outside perspective, but always promoting from without instead of from within the company will leave your team feeling like they need to go elsewhere to grow. Growing leaders in-house and taking the time to mentor promising employees can help you retain valuable assets just when they may look to move, and will save you on hiring a more expensive expert from outside.
Streamline : What people earn is quickly becoming more common knowledge and, with it, tensions around compensation. By streamlining your levels of compensation, you can ensure equal pay for equal work while rewarding those who deserve more for their efforts.
Reduce management layers: Modern businesses need to be flexible, agile and quick to respond to change. Having multiple levels of management can lead to the opposite: bureaucratic inefficiencies and communication structures that lose vital information. By reducing levels of management, you can increase your efficiency and better plan for those quick changes.
Get the right number of people: Too few or too many employees both present problems. One will burn out your staff, increase turnover and lead to operational “bottlenecks.” Too many employees unnecessarily increases costs while insufficiently leveraging your collected talent. This is where operations, contact centre and back-office benchmarks can drive operational efficiency.
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