By Nick Strain, CFP®, CPWA®, CEPA®, AIF® Senior Wealth Advisor at Halbert Hargrove
From layoffs to furloughs to closures, perhaps no area has been hit harder from the pandemic than our workforce. As reopening continues, it is time to reaffirm our commitment to the people who are the backbone of our businesses. It is more important than ever for every business, large and small, to celebrate and empower their employees through actional steps, including internal programs and initiatives, to succeed in achieving the ambitious growth we’re aiming for over the next several years.
Investing in one another: Actionable tactics
It is essential to invest in one another. Why? Because investments pay dividends, especially when it comes to your employees. Creating a culture that reflects inclusivity, innovation, and growth will foster an environment employees are excited to contribute to.
Here are a few examples of how to empower and engage your employees that all businesses—regardless of their size—should consider adopting to make employees feel understood, respected, and rewarded.
Freedom to innovate, excel, and grow
Having the freedom to innovate and excel gives employees room to grow. By giving employees the freedom to research new, promising investment approaches, technology, and best practices that will make a difference to clients, professionals will be more committed to business growth by making a lasting impact.
Encouragement, praise, and recognition are all critical for employees, but so are tangible incentives. Businesses of all sizes should consider implementing an appropriate version for their teams to increase employee engagement:
Now more than ever before, employees are the heart of your business. They interact with customers, drive outcomes, and can ultimately serve as part of your succession plan. Although investing capital in your employees may seem like an unnecessary cost, taking a long-term view of what that investment will mean for your business will show it’s worth it. In other words, you reap what you sow, and I suggest sowing empowerment.
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