One of the ghastly issues faced by this country is how employees in general are confabulated with and have recourse to. There is nothing to be blamed on each one of us because this is the way our ancestors and their ancestors use to conduct business. This perhaps finds its origin in the abundance of labor or furthermore cheap labor.
Increasingly, the HR department of numerous companies face issues of high labor turnover and this has a lot of latent threats and may make the firm vulnerable in innumerable ways. More so, the firms who value their employees are looked down to and accused of overvaluing their workforce and endangering the profits of the company.
Companies who seek to be in the top notch and who are willing to go global have to at some point realize that employees, if not more important than the customers, but at least at the same standing. This has also been one of the most important factors which hold several companies having potential to grow further.
Starbucks is the world’s number one specialty coffee retailer and operates with more than 7,500 coffee shops in more than 30 countries. They hire around 200 people per day and have one of the lowest turnover rates in the industry. The firm believes that if you take care of people, people will take care of customers and be engaged in their work. They offer a comprehensive benefits package including healthcare coverage, stock options and discounted stock purchase programs. Their benefits package is branded “Your Special Blend” and is available to employees in its full capacity after only ninety days of employment. To go a step further, Starbucks implemented a plan called Partner Connection to help the workforce with health and fitness and to link employees with shared interests and hobbies. This program is funded by sales of logo merchandise to partners. They also have a program called the Cup fund that helps employees with financial assistance during times of crisis or hardship and a total pay package that offers discretionary bonuses. Finally, Starbucks offers its employees a program called Mission Review which allows the employees to communicate thoughts and feelings to management and receive answers to their questions.
Companies can learn from Starbucks. All of the strategies mentioned keeps Starbucks a step ahead of its competitors and ensure a low turnover rate and high employee satisfaction rate.
Now, if we analyze and understand with a view to converge with such ideas, there are two broad outlooks that the firm could have. There are fixed amounts and incentives that the firm can offer to its employee, which the employee feels motivated from, he puts in deliberate efforts to make himself eligible for such incentives; but he knows here, there is a fixed amount which he cannot exceed and this acts as a negative motivation and often, we find that the amount offered. Another outlook is having a variable or semi variable incentives of sorts. Here there is no fixed limit and hence employee has indefinite steps ahead. Apart from direct motivation through monetary incentives, the firm can engage their employees with the firm and its work in manner which employee finds the work itself motivating.
Making them a part of the business family acts as a great simulator, giving them medical assurances, travel plans once in a year, offering vacations, a great work culture and work environment where they are challenged and recognized. Recognizing them as individuals and their skills is more important than recognizing them as employees. Making them participate in decisions, writing hand notes about their performance, spending more time with the team, taking the team to lunch, surprising them, celebrating their special days, making work and timings flexible, thanking them more often than not. Making progressive steps to show them you not only care about them but also care about their families. A feeling of brotherhood and ownership should prevail amongst each one of them.
Providing career growth opportunities are one of the most promising incentives that can be offered which entail every component of appreciation. One of the most effective ways is to identify individually what would best work for an employee. For instance, if a person has a pet, he may be allowed to walk his dog in the office, if a guy likes movies or has been in a new relation, the firm could offer them a cinema ticket, so on and so forth.
Another very interesting way to encourage diplomacy and participation is to offer Ek Din ka Boss, to indicate he has that potential and this way he may be in a position to understand the business from another perspective.
There are innumerable ways in which the employee may feel needed and aligned to the goals of the firm, the management needs to identify, find the best fit and implement it and notice the change over a time. What’s worth noticing is that the results will not appear in a month or two, the result is a cumulative consequence of decisions regarding niche matters spread over a period of time.
Turn customer feedback into revenues and customers as promoters.
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