One of the most notorious hidden costs in the business world is the so-called opportunity loss. The way in which this works is fairly simple – you could the amount of money that you could have made if you did something different. Now, one of the biggest opportunity losses doesn’t come from a missed sale or a missed product placement opportunity. In fact, it comes from not focusing on employee engagement. This is due to the fact that mishandling your staff tends to be a mistake that makes you pay every single day for as long as you remain in the business world. With that in mind, here are several tips on how you can avoid paying for this grievous mistake. 

    1. Focus on millennials

One of the biggest fears that millennials have is the one of not making a difference. This is what makes the majority of millennials pursue an idea rather than a career. What this means is the fact that they’re more likely to be drawn by your mission, vision and corporate value than the chance of advancement. Also, an employer that takes time to make them feel appreciated, make them feel like they’re making a difference, will keep them in their employ. A great work culture definitely has a way of enhancing your employee retention efforts.

    2. Compassionate leadership

Another thing worth mentioning is the fact that your employees want to see an employer who cares about them on a personal level. You see, there’s something about the traditional hierarchical system that may hurt the dignity of an entry-level employee. The very system that revolves around superiors and subordinates isn’t really egalitarian, however, an employer who is compassionate can turn this the other way around. This can make these employees feel honoured that they’re working for such a compassionate leader. As Robert Brault said – charisma is simply a word for the knack of giving people your full attention.

    3. Look for professionals

The next issue worth mentioning is the fact that establishing a working business model needs to be done from square one, seeing as how enhancing your business with it on a later date tends to be more complex. It also takes more time, costs you more and the end result is never the same. Fortunately, if you’re starting fresh, what you can do is look for some outside help. With the help of a cutting-edge methodology like MAUS business system, you can start, build and grow your agency in the most efficient manner possible.

    4. Talk to them

The basic human psychology dictates that everyone is more interested in themselves than in others. This is not egoism or ego-centrism, it’s just a basic human nature. So, what you need to do instead is tell them how an increased effort may benefit them in the long run. For instance, improving their skills and contributing to a major project will take them one step closer to the promotion that they so desperately want. Even if they don’t intend to stay in your company forever, they need to understand that these things also look quite good on their resume. All in all, there’s so much for them to do.

    5. Give them shares

What better way to make your employees motivated for work than to give them a feeling that they’re working for themselves. Instead of bonuses, why not give them some company shares. This way, you will make them try extra hard, seeing as how the value of their asset may come to directly depend on their performance. This method is far superior to giving them a simple salary raise, due to the fact that there’s only so much that you can grow their salary. On the other hand, when it comes to the value of their shares, only the sky is the limit. Not to mention that this reduces the chance that they’ll abandon you anytime soon.

    6. Feedback is mandatory

Keep in mind that it’s what they don’t know that gets people scared the most. Even if they’re underperforming, it’s best to outright just tell this to your employees. This way, you’re eliminating a scenario where they have to guess what you think about their performance, which is usually far worse than the real situation. Second, you give them a chance to improve. Also, by being honest and straightforward to them, you’re building a relationship based on trust.

    7. Work-life balance

The last thing you need to keep in mind is the fact that the majority of people value their social life and hobbies far more than they do their careers (especially in lower positions). So, if you don’t leave them any room, time or energy for a great work-life balance, they may leave your employ. In fact, they may leave even in favour of an “objectively” inferior offer. They will agree to a smaller paycheck and a lower chance of advancement if it means that they get free time to hang out with loved ones and pursue their private interests.

In conclusion

In the end, if there’s one thing you can figure out from all of this it’s the fact that you need to understand how the issue of motivation works. You don’t want to have to motivate your employees every single day. What you need instead is a system where your employees drive themselves faster. The best way to do so is to give them a reason to do so, as well as to show them how this benefits them.