Do you know how much money is spent every year in the U.S. on stress-related work issues like reduced productivity, absenteeism, health insurance costs, direct medical expenses and employee turnover?
According to the National Institute for Occupational Safety and Health, $300 billion is spent on these issues.
As your business expands, it’s common that everyone does more with less. When this happens, pay attention to the organizational metrics, like turnover.
One key ingredient to keep your team motivated during expansions or reductions: communicate often. There’s nothing like the grapevine to sabotage the best plans. Set a regular status meeting to keep everyone in the loop on project updates.
Whether you have independent contractors or employees, people want to feel part of the solution. So, don’t be shy when asking for help to solve a project glitch. Engage employees’ help to generate ideas for improving the business by adding an employee feedback process. Each week, review the feedback and implement plans to address their ideas.
When you create an environment where your team is part of a solution, there is increased buy in to new ideas or changes. One manufacturing company avoided having to lay off staff by asking employees for their ideas on how the company could generate business. One employee’s idea resulted in the company creating a new revenue stream and entering a new market. This approach prevented the company from having to lay off employees.
Often, the people closest to the product or service can often help develop creative solutions; and, in this case, a new revenue stream.
Let us always keep our team members in the loop. Let us make them feel that they are really part of our team and what they think is important to us. Loved the video. Thanks for the great post.
Thanks, Lynne! Amazing what is spent on these issues and how small changes in communication can save a company in many areas…:) Appreciate your comments.