How to keep employees happy, motivated and engaged? Not just employees but ensuring everyone related to your business is happy.
As a business owner, you might be constantly meeting a lot of new people day in and day out. But are you also keeping a check of your company’s emotional quotient and satisfaction quotient? I have seen many businesses doing well in the start but failing off just because at the core of business there is a lot of dissatisfaction and emotional unrest. This can be signs of a revolt within your organisation. But the question is how to be ready for a revolt within company? or, how to tackle a revolt within a company? or in simple words how to keep employees happy?
Such revolts are not necessarily limited to just employees but also to your board, shareholders and advisers. There could be many reasons for such unrest ranging from compensation, poor planning, sick revenues, internal conflicts etc. But all these reasons result in a difficult time for the owners and CEO’s. I think a lot has been written about many management tactics and mantras but every now and then these problems keep arising in so many businesses.
This has to do with how good you do at people management. When I talk of people management, I am sure you’d be thinking about keeping employees happy, giving them good compensations, be reachable even to the last node of your company hierarchy or just about anything to keep people happy. WAIT! This is not what I said. I am saying people management and not happiness management. All that you thought about can be ways to keep employees happy, but are you sure that after implementing them no company would ever face any revolt, from within the core or from outside? The answer is a blatant NO. Even after knowing all such tactics of modern management and using them companies all over are facing unrest and high attrition rates. The true answer lies in the four quotients of your organisation which are:
1. Emotional Quotient
2. Energy Quotient
3. Financial Quotient
4. Growth Quotient
Emotional Quotient is a measure of how stable your company is at its core. It is a reflection of your own (founder’s own) emotional quotient as well. If you have a high emotional quotient and transfer the same to your team, the team is well equipped to understand and differentiate positive and negative scenarios. At the same time your team is also well in place to treat your business in a better way by understanding what’s required at any situation. Such emotional intelligence within your managers can result in early detection of any unrest and identification of emotions and reasons for such emotions within the team.
Energy Quotient is a measure of how much energy your company as a whole has. It is a measure of how passionate each team member is within your company and how they feel about your business. As a founder/CEO it will be directly proportional to the amount of confidence you have in your business and the amount of energy you possess for your business. The typical scenario is a team of under-performers. It starts with the manager of team and his/her attitude towards getting something done. In varied experiments and researches, it has been found that an inefficient team is outcome of an inefficient manager. Founder being the manager of all, has to bear a high energy level and professionalism towards whatever is done. With power comes responsibility!! Since you’re a manager of your business, you have to be super confident about what you are doing and be highly motivated towards it. The same is going to flow within your team.
Related: What to Learn From Dr. Kalam’s Life
Financial Quotient is a measure of how well your company is doing in profits and how well you are distributing those profits. Employees, Shareholders, Advisers etc are critical to your business and also your biggest asset. This is the reason they are accountable and should be treated for every profit share that you get. I have seen many people complaining that their company is doing good and has a great revenue but the profits are not showing up in compensation plans. For understanding this it is very important to understand that you are not running a one man show. It is a team effort. And for such team efforts, growth should be reflected in compensation of employees, returns for investors and dividends for shareholders. It is important to create a social bonding within your company and it’s associates rather than just a business bonding.
Related: Why People Quit Job
Growth Quotient is a measure of how much growth you envision for your company. This growth should be propagated well in terms of growth for your supporting businesses, employees, stakeholders and shareholders and advisers on board. The growth should be multi-dimensional: growth in career, in learning, in roles and responsibilities. With growth you give each individual more ownership of their pie in business. I remember one of a hiring presentations of a company which said: Everyone is a CEO. Now that is something to be cascaded to everyone. Creating small businesses within large business can foster such beliefs.
Along with these four, building a family-like bonded culture within a company can improve overall health of your company and avoid any unrest and make sure you know how to keep employees happy.