Business Growth Driver #3 – Employee Engagement

Employee Engagement. Emerging businesses often face challenges when it comes to hiring the right people, building a formidable team and, more importantly, retaining talent. Building an efficient talent pool that is capable of taking on job responsibilities independently is essential to drive growth.

One way of addressing the majority of people-related issues is enhancing employee engagement. Watch this short video to learn 3 specific ways to boost employee engagement and have more productive employees. To get an overview of the 7 Business Growth Drivers click here.

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?

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…)

[VIDEO] How To Handle Risk In Your Business

Business Growth Driver #6: Risk Management

An often neglected but very important area that impacts the growth of emerging businesses is risk management. Risk management remains a non-priority until disaster strikes or a big opportunity is missed. Sustainability of a business depends heavily on how well possible risks are managed.

Entrepreneurs who have realized the importance of enterprise-wide risk management have set up a strong corporate governance (CG) structure and used technology heavily to mitigate risks. As a result, they have been able to increase their readiness to manage risks and improved their credibility in the eyes of investors/lenders. 50% of companies that have set up a strong corporate governance structure have managed to attract external investors vis-à-vis ~10% of the companies that have not.

Technology can help mitigate risks

All the companies that are confident of their readiness to mitigate risks have heavily invested in technology to manage risks and focus more on teamwork according to a recent EY report.

In this video we look at:
1. How to set up a strong corporate governance framework.
2. How to identify risks to your business.
3. How technology can mitigate risk

What business risk are you going to address?

Like, Share & Comment below

#Risk #Manangement #Technology #BusinessGrowth

Here are the links to all the 7 Business Growth Drivers:

Business Growth Driver #1: Be customer centric

Business Growth Driver #2: Leadership

Business Growth Driver #3: Employee Engagement

Business Growth Driver #4: Segregate core and non-core business activities

Business Growth Driver #5: Finance

Business Growth Driver #6: Risk Management

Business Growth Driver #7: Technology

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…)

7 Ways To Create A Culture of Innovation & Deliberate Disruption!

If you want to break through to the next level of success, you need to adopt innovation as a core business strategy. These tips can help your business become a hotbed of innovation.

In these days organizations can only grow and inoculate themselves against dramatic disruption if they have a culture of innovation. Disrupt or be disrupted. But what are you supposed to do to create a culture of innovation?

Sujay Shah – Founder of Kii Naturals

I recently met with my cousin in Canada. I was really impressed with the growth and success of his latest business. He was twice a finalist for Ernst & Young’s entrepreneur of the year. Further his company was also recognised as one of Canada’s best managed companies by Deloitte for the last 5 consecutive years. What impressed me most was that his company, Kii Naturals had innovation as a core business strategy. I believe that we can all learn from innovative companies like Kii Naturals. I believe culture eats strategy for breakfast. As a leader you need to create a culture of innovation, I suggest these seven ways:

(more…)

[Slide Deck] How to Lead and Manage Winning Teams

Clarify priorities, Increase Engagement & WIN!


HOW TO MANAGE WINNING TEAMS – Created with Haiku Deck, presentation software that inspires

Leading teams that are clear about what needs to be done, who play full out and achieve their goals is every leaders dream. While most business schools tend to focus on strategy, entrepreneurs really struggle with execution. Management guru, Ram Charan says that 70% of strategic initiatives fail because of poor execution.

So why is executing difficult? Execution is difficult because there is a battle between the URGENT vs IMPORTANT things. Let’s look at these in more detail:

Urgent work is the daily work – operations, support, sales etc. Urgent things drive us. We tend to react to these things. Onthe other hand important things are our goals – Where we want to be. This is what we drive. Unfortunately we are busy being busy. Urgent work always wins over important, unless we develop some key disciplines to help us execute.

There are 4 tried and tested disciplines to great execution that have been identified by authors Chris McChesney, Sean Covey & Jim Hulling in their excellent book: “The Four Disciplines of Execution” 

  1. Focus on the Wildly Important Goal (WIG)
  2. Act on the lead measure
  3. Create a compelling score board
  4. Cadence of Accountability

(more…)