It doesn’t make much difference as to the size of a company – exit interviews invariably reveal the same basic reasons for most employees’ departures: lack of confidence in where the business is headed; a sense of not fitting in within the organization; uncertainty about their future/career path within the organization; and a better financial opportunity elsewhere.
Ultimately what most employees want is a workplace that will provide a compelling future, a positive environment, opportunities for growth and financial rewards. And while a progressive company can likely provide all those elements to some degree, the trick is in striking the right balance in each of these areas without cultivating an entitlement mentality among employees…regardless of how talented or valuable they are to the company.
So, how can business owners and human resource heads avoid the dreaded entitlement mindset? By creating a unified vision for the company, and in so doing establishing an ownership mentality among employees.
In companies where an ownership mindset has emerged, there is an across-the-board sense of what
really matters. Employees have a clear understanding of where the company is going and embrace a commitment to its success. But that understanding doesn’t come as a result of a couple “pep talks.”
Good employees invest their time and talent in helping a business achieve its goals because they understand all implications of the company’s goals; they truly believe the company will achieve those goals; the company’s goals are important to them; they see how they can make a contribution to the goals of the company; and they see the connection between the company’s goals and their own.
The path to an ownership mentality is created through several steps:
About our Benefits Installment Author:
.jpg)
James E. (Jim) Moniz, CEO of Northeast VisionLink, a Massachusetts firm that specializes in structuring executive compensation. James E. Moniz is a national speaker on the topic of wealth management and on executive compensation. Jim Moniz will be presenting at this years SHRM conference in Phoenx, be sure to check out our presentation: “Creating and Sustaining a Competitive Advantage, The Role and Impact of Effective Compensation and Rewards Strategies”
Ultimately what most employees want is a workplace that will provide a compelling future, a positive environment, opportunities for growth and financial rewards. And while a progressive company can likely provide all those elements to some degree, the trick is in striking the right balance in each of these areas without cultivating an entitlement mentality among employees…regardless of how talented or valuable they are to the company.
So, how can business owners and human resource heads avoid the dreaded entitlement mindset? By creating a unified vision for the company, and in so doing establishing an ownership mentality among employees.
In companies where an ownership mindset has emerged, there is an across-the-board sense of what
really matters. Employees have a clear understanding of where the company is going and embrace a commitment to its success. But that understanding doesn’t come as a result of a couple “pep talks.”Good employees invest their time and talent in helping a business achieve its goals because they understand all implications of the company’s goals; they truly believe the company will achieve those goals; the company’s goals are important to them; they see how they can make a contribution to the goals of the company; and they see the connection between the company’s goals and their own.
The path to an ownership mentality is created through several steps:
- Communicating a vision for the company’s future
- Spelling out strategy and business plans
- Defining specific opportunities for key individuals
- Maintaining open channels of communication
- Setting clear pay standards
- Sharing the wealth to further underscore employees’ investment in the company’s success
- Balancing short and long-term incentive rewards
About our Benefits Installment Author:
.jpg)
James E. (Jim) Moniz, CEO of Northeast VisionLink, a Massachusetts firm that specializes in structuring executive compensation. James E. Moniz is a national speaker on the topic of wealth management and on executive compensation. Jim Moniz will be presenting at this years SHRM conference in Phoenx, be sure to check out our presentation: “Creating and Sustaining a Competitive Advantage, The Role and Impact of Effective Compensation and Rewards Strategies”
Posts
No comments:
Post a Comment