The strategies that worked for companies 30 years ago are no longer enough for continued success in the market today. How and what leaders invest in will play an essential part in standing out in the market, no matter the industry their company is in.
I believe there are three areas that are key to a company’s success and if not focused on are the root causes of a company’s failure. They are workplace engagement, continuous improvement and leader’s ability to influence positive change. So how are you to ensure that you and your leaders invest in these areas?
Here are ways companies can invest in their company’s success without spending money.
Investing in workplace engagement includes understanding what skills your employees seek to learn more about. The biggest factor in increased attrition rates is due to a company’s decreased focus in developing their top talent and emerging leaders. Another way to engage employees is to ensure that an effort is made to have conversations with them. This sounds simple, but many leaders do not take the time to have conversations with their employees unless they are reporting a metric, leading a meeting or providing a corrective action.
I remember working for a company that did not focus on project completion success rates in their meetings. This not only impacted the momentum of needed innovations but instilling the focus on continuous improvement in the daily activity of all employees was far from consistent across departments. As a result, the company experienced significant losses in areas that could have been prevented. Investing in continuous improvement starts with department leaders being supported and held accountable to completing projects that impact efficiency and/or productivity. Have your leaders identify at least one project innovation their department can work on together and set a deadline of 12 weeks or less for them to work on it. Before initiating these innovations, ensure that leaders are including employees in their area.
Leading with Influence:
Are your leaders measured for success in how they engage employees in their department? What are employees saying about the leaders that are responsible for being stewards of success in the workplace? The one thing about a leader’s ability to meet a Key Performance Metric is that it does not reflect a leader’s ability to lead. Collaborate with HR or Training and Development to develop metrics that allow for this to be reflected. If a company is not willing to understand how their leaders lead, they are not seeking to sustain and excel in their success in the market.
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