Top 5 mistakes to make with your employees
Not having an employee retention strategy
Failing to invest in your people
Not listening to their problems
Not measuring your results/their results
#1 Not having an employee retention strategy
Many assume they can step into a leadership role and simply have everything fall into place.
However, this approach won't yield very desirable results. When you decide to just wing it with your human capital strategy, you leave your workplace culture, employee happiness, productivity, and profits to fate — and no business owner can afford to roll the dice with the bottom line.
When you take the time to actually define and document a human capital management strategy for your business, you'll have a clear pathway to success. And your employees will feel good knowing that you care about them and their success as well.
#2 Failing to invest in your people
Keep in mind the cost of living in your city, and sit down and have a real conversation with your employees about what their goals are. Pay them well based not just on what they are looking for but based on what you can do together.
#3 Running disorganized
When the you, as the leader, fails to keep organization in your business, you are not the only one suffering. Your employees suffer from the lack of structure and tensions begin to rise. It is incredibly important to maintain a level of organization within your business. It also helps a whole lot when it's Tax time.
#4 Not listening to their problems
This goes hand in hand with investing in your employees. Life goes up and down, and sometimes people get into a mood, or even get put into a tough situation in their life. It's not always going to be monetary, but sometimes it is and sometimes something as small as a $200 bonus goes a long way or even giving them the opportunity to earn more. The loyalty you build from listening to your employees will always pay dividends. Now of course money does not solve all issues. Sometimes it can be something as small as giving them the day off.
#5 Not measuring your results/their results
Every employee you have is an asset, sometimes assets underperform. Not every employee you hire will be a winner, it's important to hire diligently and fire quickly. One bad apple can an effect on the entire team. If you purchase a depreciating asset with steadily increasing monthly cost quickly turns into more of a liability.