Losing an employee can cost as much as 200% of their salary. You have to consider the costs of hiring, training, and opportunity.
For this reason, a high turnover rate can hurt your bottom line. Keeping your employees motivated to stay with you is cheaper and easier than hiring new ones.
Aside from providing fair compensation and perks, managing employees is one way to keep them on board. How do you create a management strategy? Keep reading to learn more.
1. Get to Know Your Employees
No one-size-fits-all approach exists for managing employees. They have unique personalities, making it difficult to implement one strategy for all.
Some employees may need closer supervision. Others excel when you give them flexibility.
Learn their traits, likes, and dislikes. Observe what motivates them, and how they work. Only then can you tailor your employee management strategy to cultivating potential.
2. Manage Performance Expectations
Create clear performance expectations, but keep them realistic. Managers often set impossible goals, reducing productivity and morale.
Track goals and performance, but never admonish employees when they underperform. Review and adjust your expectations if needed. At the same time, help them overcome struggles.
Avoid monitoring too closely, lest you get into micromanaging territory. Trust your employees enough to give them the freedom to do their work their way.
3. Encourage Open Communication
When running a business, you want each gear to work smoothly. It will never happen if your employees are afraid of speaking to you.
Create a culture where thoughts and ideas are welcome. Foster open communication and take their opinions seriously.
If they have a complaint or problem, sympathize and offer a solution. Ask for opinions before implementing a business decision, like when you want to use virtual cards.
Be thankful if they join in discussions and offer insights. It means they have the motivation to contribute to business growth.
4. Reward Hard Work
Employee success is your success. Consider motivating them to push harder in their respective jobs.
When they have achievements, reward them. As much as possible, praise them in front of the whole team to make them feel valued. It also motivates the other members because they know you recognize hard work.
However, be careful of accusations of favoritism. Make sure to be fair with your rewards.
5. Back Your Employees
Everyone heard the phrase “The customer is always right.” However, those running a company almost always miss its true meaning.
It never means you should bow down to a customer and their whims. When they abuse your employees, your job is to protect them.
Your team has to feel you have their back. This way, you have their trust and their motivation to strive for better.
Learn More About Managing Employees
Managing employees is more than just delegating tasks. It’s also your responsibility to keep them motivated and productive. To be an effective manager, you need to pay more attention to the people you’re managing.
Did this guide help? Learn more by checking out our other posts today.
