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Open the Floodgates
of Information |
If you're searching for a solution to a vexing problem at your company, you have three choices:
Figure it out yourself.
Retain a consultant.
Ask your staff. Often, the third option is the most successful. When it comes to knowing your customers and operations, your employees are the most valuable resource.
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"We've always understood it was important to get the very best people and move them in the right direction. We work with our people enormously to develop them, to build bridges between them and us."
— Jerald Fishman, CEO of Analog Devices |
They know what works and what doesn't. Soliciting advice from the entire staff — entry level to top management, part-time and full-time — provides a golden opportunity to make improvements that empower your workforce and increase your bottom line.
To get thoughtful and practical suggestions, set up a cash reward, following these guidelines:
Explain the issues thoroughly in terms of company goals. Otherwise, you’re liable to get flooded with gripes and general musings that won't help.
Tie the reward to financial results. If a suggestion saves the company $40,000, a five percent reward is $2,000. That’s a nice incentive. You can also link the incentive to revenue and profit gains.
Award the winner publicly. Hold a modest award ceremony. This shows employees that the program is important to your organization.
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Another Reason to Elicit Feedback When it comes to best business practices, employee feedback is near the top of the list. A company that excels in this area is a place where employees are "engaged," or fully involved in all aspects of the operation. It's a place where employees' opinions are elicited, valued and acted upon.
Too often, feedback and engagement are kept in survey form. But that should just be the beginning — keep the communication going through e-mail, bulletin boards, hot lines, newsletters, questionnaires, town hall meetings, and team and focus groups.
The Flow of Information
Nothing cripples an organization more than a work environment where information is shared only on a need-to-know basis.
Naturally, certain sensitive information — involving security or litigation — cannot always be freely exchanged. However, there's no need to withhold information from employees that the company uses in making day-to-day decisions.
Important: Keeping employees involved has a positive effect on the bottom line. In one study of 150 firms, a consulting firm compared growth rates to employee feedback and engagement. The study found that companies with high feedback scores showed revenue growth of more than 50 percent a year! Other studies show a strong correlation between communication and employee retention. The more access employees have to information, the less likely they are to leave the firm. So open up and make your staff feel like they're members of a team. |
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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