How to have happy and engaged employees

Business Growth Pillar #3- Employee Engagement

The number one challenge that I’ve seen with entrepreneurs as they grapple to scale up their enterprise is people. In my last blog, we saw how important a second line of management is but still overall people struggle on that particular front.  So how do you have happy and engaged employees?

In this blog , I share 3 Specific challenges that entrepreneurs struggle with.

  1. Hiring the right people 
  2. Building a formidable team that’s able to independently grow
  3. Retaining the particular talent 

In my last series of blog, I share some very specific ways in which we can do that.  The number one way in which you can address a majority of these people-related issues is making sure that you have an employee-engagement system in place.

According to a recent EY report, If you are able to invest in a total-rewards mechanism, then you will find that you have a 15% higher employee productivity than companies that don’t.

There are 3 specific ways in which we can have happy and engaged employees:

  1. Right People in the Right Place:
    • Make sure that you have the right people in place. Develop a hiring process in which we are able to get across the long term vision of your company and get your people excited about it.

    • Seek to understand what are the aspirations of your people and make sure that these are aligned with you. Show how by meeting the company’s goals, the company’s visions, they are able to also positively impact their aspirations.

    • The best advice that I’ve got as far as people go is this: Hire slowly, fire quickly. Make sure that you have a very specific way in hiring people and invest in that particular process. It may take some time and effort to do that but don’t cut corners there because it’s really important.

Imagine if you were hiring a partner, just not an employee and if tomorrow this person is going to be a partner in your business. What are the kind of interview would you want to conduct? What kind of things that you would want to ask?

I am also providing a link here on the three specific things that I look for when I’m hiring people.

2. Up-skill Your Team:  Make sure that you are investing in upskilling your team. You’ve to define the Key Results Areas for each particular role. Have an assessment to identify the skills gap between a person’s current ability and what the job will demand. This will  figure out what training you require for your team to help bridge the gap.

Help your employees become more successful in their job. If you are able to do that, then you are able to get happier and more productive employees.

3. Retaining the Talent:  To retain top talent you need to have a total rewards system. It’s not just making sure that you have a good salary package in place but there are many other things that come into play here. For example do you have a recognition system in place? This is an important way in which you are able to retain and engage talent.

Do you have a process of performance review and feedback? This will help you and team to know how well they are doing.  You need to have a process of continuous feedback.

These are 3 simple ways in which you can have happy and engaged employees.

Leave a comment below about how you keep your employees happy and engaged?

5 Hacks For Hiring Best Employees

Finding the best fit for the job could get tricky at times. There might be candidates who are excellent at interpersonal skills but might still not be the right fit for the job, for instance, if you are looking to hire candidates for the role of sales or customer services, you might be required to judge the candidates based on quite a few skill set versus hiring for a role for payroll admin. Eventually you would need to ask the right interview questions. (more…)

How to handle business risk with this framework

Business Growth Pillar #6 Risk Management

Does your business have some strong risk management policies and frameworks in place? Doing business is a risky affair and you can’t avoid risk. So it’s really important to have a risk mitigation framework in place. There are certain key parameters that you need to focus on while trying to deploy an appropriate risk mitigation framework. In this article, we discuss particular aspects that you cannot possibly ignore as this may otherwise derail your growth. In fact, all the things that you’re working so hard for can be derailed.

 

Strong Governance Forms The Foundation Of An Effective Risk Management Strategy

Start off by setting up a strong corporate governance mechanism. If you’re going to get external lending and funding, then it’s important to have strong governance in place. Here, you’ve got to look at not only statutory compliance but you should also make sure that everything is done and reported in a transparent way. (more…)

5 Ways To Build A Successful Team

Teams are not made in a day or two, It takes hard work, commitment and humbleness to build a team. By definition a team is any group of people organized to work together interdependently and cooperatively to accomplish a purpose or a goal, however, in reality, a team is much more than that….it brings the competencies, skills, and bandwidth to achieve organizational objective.

Coming together is a beginning. Keeping together is progress. Working together is success.” — Henry Ford. (more…)

Securing Finance through Private Equity: Are you really ready for it?

Business Growth pillar #5

Businesses fail due to diverse reasons. However, scarcity of funds remains as one of the major contributors to business failure. In today’s highly competitive world, businesses perish when they fail to grow. With growth being primarily fueled by continuous investments, a dearth of adequate funding may actually hinder growth, which, in turn, may shorten the lifeline of your business. The inflow of external finance can promote a drastic growth of your business only if you know how to capitalize on it. Additionally, you should have certain key things in place in order to be able to attract the right type of finance.

What do you need finance for?

Why do you need finance to grow? You may need finance to grow in a number of different ways:

  • Expand into new markets
  • Acquire human capital and get the right talent in place
  • Develop new products or services
  • Expand the reach through marketing.

So finance is required to support major functions, and it can really help accelerate the growth of a good company.

Getting Funded through Private Equity

So how can we attract finance especially by means of private equity?  When you opt to raise funds through private equity, a group of financiers lends you money and, in return, they take a shareholding in your company, so they’re invested in that particular way. According to the latest weekly DNA Money update, PE-backed companies outperform various companies that are listed on the SENSEX. Additionally, it shows that the revenue growth of PE-backed companies over a five-year period is 40% as opposed to just 18% for the NIFTY Midcap or just 15% for non-PE-backed listed companies.

Interestingly, the asset growth is also 46% higher compared to just 16% with non-PE-backed listed companies, and 18% for SENSEX-listed companies.

We will reveal 4 key steps, which will improve your readiness to acquire PE finance:

(more…)

How To 4X Your Business Growth – Focus On Your Core Activities

Business Growth Pillar #4

Would you like to earn revenues that would be four times higher than what you currently earn today? Well, there’s one simple way through which you can achieve that. A recent EY report revealed that the companies which did this one thing had four times higher revenues than the companies that did not. So what is that one thing? Well, it’s related to your operations.

Focus On Your Core Activities

Companies that segregate their core activities from your non-core activities have four times higher revenue vis-a-vis companies that don’t. In this article, we present two different examples that make a business case for this. (more…)

The 7 Pillars for Scalable Business Growth

How many of these 7 Pillars is your company using?

Are you ready to scale up your journey as an entrepreneur and grow your business even faster? Then you need to have these seven pillars of business growth in place.

In this particular blog I’m going to give you an overview of the seven pillars and then in subsequent blogs, I’m going to go into each pillar in more detail and give you some very practical tips that you can deploy right away in your business to start scaling up.

So let’s look at the 7 pillars of business growth:

Business Growth Pillar #1: Be a customer centric company.

Is your company customer centric? Does it really understand your customer? Why? A recent EY report showed that customer centric companies have revenues that are two times higher on average than companies that are not customer centric.

So do you really understand your customers, their needs, their desires, their wants and are you producing products and services aligned to that? Because if you are, then you will have a queue of people lining up to want to be customers of yours.

Business Growth Pillar #1: 5 Ways to be a more Customer Centric Company

Business Growth Pillar #2: Second Line Leadership

This is where small businesses are really struggling. Do you have a second line in command, which is independent and accountable?

Companies with a good second line leadership will have 3.5x higher revenues than companies that don’t.

This is where I find a lot of business owners struggle with. They’re not able to get a second line in place and they’re not able to delegate. Here are 7 simple steps to delegate more effectively.

Business Growth Pillar #2: How to develop your Company’s second line of Leadership?

(more…)