MIAMI, March 9, 2018 — Many investors are quick to point out that they invest in people and not in companies, per se. The same can be said about top-notch companies that judiciously invest in their human capital.
Companies that successfully manage explosive growth often have similar hiring practices. No matter what the product or service they offer, well-run organizations understand that people are the engine that drives the enterprise to achieve success.
Famous companies often have famous founders. And most of these entrepreneurs readily admit that nothing can be accomplished on one’s own. That’s why the best entrepreneurs strive to hire the best people. The quality of a product or service will never exceed the quality of the people providing it. Hence, hiring talented people is synonymous with investing in the business itself. And the return on such an investment can be enormous.
Fostering an environment that engenders teamwork goes a long way to reaching milestones. That is not to say that you want all of your employees to have the same opinion about everything. Contrasting opinions about how to achieve a goal can actually be productive because ideas are the lifeblood of innovative businesses. However, differences about how to achieve a goal is one thing, differences about what the goal is is another thing entirely. It’s vital that businesses create a sense of unity among employees and clearly outline the objectives.
Zeynep Ton, a professor at the MIT Sloan School of Management and author of The Good Jobs Strategy, showed how top retail companies align their customers’ needs and operational strategy with their approach to human capital.
In doing so, it creates a working environment that inspires employees to be more productive. “An inspired employee is more than twice as productive as a satisfied employee and more than three times as productive as a dissatisfied employee,” The Harvard Business Review stated.
Benefits are another area that can attract great employees. One problem that many companies face is providing unique benefits that separate them from the competition. To accomplish this some companies have come up with creative benefits options. These can run the gamut from free lunch Wednesdays to pet insurance. Who said there was no such thing as a free lunch?
It’s also important to keep in mind that although teamwork is crucial, not all employees are equal. The top performers should not be summarily lumped in with the rest in all regards. This point might seem obvious, but rewarding good work is never a bad idea. Employers can show appreciation for outstanding employees in a host of ways. Monetary or otherwise.
And good business leaders understand that creating wealth for others creates wealth for the company. Employees who are vested financially in the business are more likely to excel.
Some business gurus also encourage personal branding that is tied to the company. For instance, encouraging employees to update their LinkedIn and other social media profiles to reflect their relationship to the company can create a sense of loyalty that goes both ways. Experts say that customers or investors are more likely to trust an organization when they see an individual they respect works there.
All great companies are more than the sum of their parts. And the most essential part of all is the employee. Hiring great ones will help your business thrive.