Category: HR & People Management

Categories
HR & People Management

How to Evaluate your Business Performance

Evaluate your Business Report Card!
 

No business can survive without evaluating its business performance. Just like in school, how we review our subject preparation and how have we scored, businesses are no different. Once you have identified your market position and your hold, evaluating business performance will help you decide how to cross the next level. 

Reviewing your progress is useful in many ways: 

  • Helps you remove the uncertainty about how the business is performing
  • How to make the most of the market opportunities
  • Any revision needed in business plans
  • How to get the next set of customers 

Here are some criteria’s that can help you evaluate your business performance:

1. Look at your Financial Statements

  • There is no better way to evaluate business performance than to have a close glance at your income statement, balance sheet and cash flow.
  • You need to check the money flow of the business, this will give you an idea where you are losing money and which are the areas of improvement

2. Review your key business drivers- Sales & Profits

  • Evaluate is your sales target as per plan, which areas are giving you better sales and which are weak in numbers
  • This will help in finding loopholes where sales are dropping
  • Similarly, profitability is what keeps your business thriving. Steady profits with very low dips is a sign of steady growth.

3. Customer Satisfaction

One important principle to measure the success of small businesses is customer satisfaction. If the customer is not happy with your product or service chances are he is not going to come back again

There are a few ways of evaluating business performance on the basis of customer satisfaction:

  • Ask for feedback; analyze the ratio of positive to negative feedback
  • Take constant reviews, this helps in knowing what the consumer thinks of the product and can help you make changes for the better
  • Assess your customer acquisition cost, if you are getting more customers this should be on the decline
  • Keep a track of repeat orders, this shows that the customer is happy and is returning for your product or service multiple times

4. Be Updated about the Market & Competitors

  • Keep a close look on the market and keep evaluating your business performance with how the market is doing
  • If your growth has slowed down and so has of your competitors, chances are the market might be going through a slowdown
  • Everyone feels motivated when the tide is high, but if you find profits decreasing, don’t lose heart. It may be an indication to make some changes to your product, bring in some innovation and cut down unnecessary costs
  • It is useful to do a SWOT (strengths, weaknesses, opportunities and threats) analysis to find out more about what your competitors are doing currently and what the market is saying about them

5. Conduct Performance Reviews

  • Employees are your essentials- without them, the business can turn upside down. It is therefore essential to conduct quarterly performance reviews to evaluate business performance
  • A performance review helps you gauge whether the employee can handle additional responsibilities or is he unhappy about too much work being delegated
  • These reviews also help in maintaining a healthy competitive spirit in the company with everyone trying to give their best

6. Employee Training

  • Keep your employees updated about what is happening in the market
  • Organize skilling workshops and training sessions for them, so that the employees are satisfied with their skill development
  • Employee satisfaction and training can go a long way in enhancing business performance

Use this review to redefine your business goals and find answers to important questions like-

Where the business is going?

What is lined up in the next phase of growth?

A strategic analysis to evaluate business performance needs to be done on a constant basis if you want to be relevant, successful, and take your company to greater heights.

Categories
HR & People Management

5 Best Practices For Your Small Business Onboarding Process

How to Build an Effective Onboarding Process?

Once you find the right hire for your company, the business onboarding process is a critical part of building a great team. It is important to create an impeccable onboarding process to make them feel comfortable in your work environment.

The onboarding process is a holistic introduction that gives knowledge about the company policies, necessary skills, and work ethics at the office and most importantly how to be productive as an employee. It also includes training & development programs, socializing with the other team members, essential paperwork, and getting an understanding of the operations.

In many places, the business onboarding process is just the orientation which includes the very basic- the new employees watch some videos, fill necessary forms and are asked to start the work. However the right onboarding process is a chance for your new hire to connect emotionally with your company’s values, vision, and culture. Right onboarding helps the new employees to be more productive and a positive first impression of the workplace is built on their mind. Here are some tips to make the onboarding process a delight for your new joiners: 

1. Prepare for new employees

  • Manage your new employees by proving them with a clear and brief overview of their first day in the company.
  • Prepare everything in advance. Whatever they require to start their day with should be ready before the employee reaches the office.
  • Introduce the new employee to the rest of the team. You don’t have to go far into the details. Make sure you introduce them to all the major departments of your company.
  • The onboarding process makes sure that they have a copy of the employee handbook; that includes an employment letter, welcome note, company policies, payroll information and general HR policies.
  • Give them a proper guide and schedule for their first week in the company.
  • Assign your new employee with a clean work area and software they might need to login to.

2. Make sure they follow the rules

  • It is important to teach your new employees to stay in compliance and follow the rules & regulations.
  • Make sure that they have a copy of the rules & regulations and a manual of your office culture and ethics to follow.
  • Refresh their knowledge and make them aware of the new regulations by providing them regular training programs.

3. Clear company culture, values, and vision

  • Make them understand the vision and culture of the company on the first day itself. Do not rush; explain to them why each value is important for your company.
  • Let them know how your company is operating to achieve the goals in order to set an example and expectations.
  • Your new employees can contribute more positively to your business if they are clear about the vision, value and culture of your company. Make them understand that the company’s value and vision are critical.
  • You also need to focus on your workplace and build a culture that supports efficiency, hard work and employee productivity.
  • Have transparency in your communication; the clearer the communication, the more productive the employee will be.

4. Create a comprehensive training and development program

  • Build a team of experienced employees for the training and development program to help train new joiners.
  • Training encourages continuous employee development and will not only lead to employee efficiency but also employee satisfaction.
  • Training helps new employees to expand their skills that can benefit your company in the long run.

5. Set-up a practice run

  • Practice by conducting a mock call internally with the new employees to understand what they have learned.
  • Have a small onboarding test that includes procedures for customer interaction & certain regular tasks. If they succeed in the test it means that you have done your job correctly and if they don’t then make note of the areas you have to work on again.
  • Ask for feedback from the new employees to understand if anything needs to be removed, added or better explained.
  • Encourage the team heads and managers to have phone calls and quick meetings with the new employees; this practice makes the new hires more comfortable and will reduce the time on other ineffective modes of communication. Building a personal connection is critical team building.
  • For better employee productivity, ensure each person is in the right role as per their needs and skills.

It can take some time to build a successful onboarding process for your company but the right onboarding process will encourage the new employees to stick with the organization for the longer run. So if you want to generate more revenue and build a solid team for your company than spend time understanding the right onboarding process and execute it to the tee.

Categories
HR & People Management

4 Tips For Fostering a Feedback Culture in Your Business

Listen to Your Employees to be Successful in Business
 

Feedback is the most important and the only way to know what you are doing is working or not in your business. Every business has guidelines on how the feedback mechanism should work. A strong feedback culture in business can foster the growth of the teams, individuals, and the organization.

Your customers and employees are the only people who can make or break your business. Their voices & opinions should be valued. Companies with a feedback culture are investors of talent and this can in turn influence the growth of the business, boost employee job satisfaction and lead to a higher retention rate. 

Fostering Business feedback requires a lot of time and effort, so let’s discuss a few points to build a strong feedback culture in your organization:-

1. Ask your employees for feedback and ideas

  • Let them know that you respect their ideas by asking them to share their opinions. This goes for everyone- from the top management to your-entry level workers; let them share whatever they want to atleast initiate the feedback culture in business.
  • It is important to hear your managers and especially employees who take care of the complaints department as they have a first-hand experience of what the customers are struggling with and their immediate pain points.
  • Pay attention to each feedback as their valuable suggestions can help your organization grow.
  • Neglecting their inputs can cause a disconnection between the employees and the management.
  • Make sure your management welcomes all the feedback and considers it seriously.

2. Send an anonymous e-mail survey

  • There will be some people in your organization who can feel uncomfortable in speaking up and sharing their ideas, in this case, you can send an anonymous e-mail survey and ask for their business feedback.
  • Many employees feel more comfortable sharing negative feedback or a botheration anonymously.
  • You can always use a different a mode of channel for the feedback survey. Provide your employees an opportunity to share their feedback in a way they are most comfortable with.
  • Here are some of the different methods of conducting an employee survey:

1. Anonymous vs. attributed feedback

2. Group vs. individual feedback

3. Face to face vs. written feedback

4. 1 on 1 vs. 360 feedback

3. Focus on Relationship-Building

  • It is easy to foster a business feedback culture in your organization if people have more trust in their co-workers and team-mates.
  • Put an extra effort into relationship-building activities of your employees and improve your workplace collaboration. You can shuffle the seats; have team building activities, organize special days such as the Pot luck day or a Family day, or maybe an outdoor activity for your employees.
  • You can felicitate or talk about the achievements of some of the employees before starting the meeting; it will also help you to develop a bond between the team members. 

4. Be Transparent with your team

  • Give your employees constructive feedback which can help them grow professionally within the organization. Be transparent with your employees to set a solid feedback culture in your organization.
  • If you cannot act on their feedback, explain to them why it couldn’t be implemented so that they get the feeling that at least their feedback was considered and not ignored.
  • Make sure you set the goal/objective of the feedback. You can also have regular and general business feedback surveys on management behavior, product innovation and the working environment. 

Building a strong Business feedback culture is a great investment if you want to your company to be one of the best places to work in. The process will take time to roll, so continue your consistent effort to implement the feedback culture in business. Your employees will surely be more productive and bring valuable ideas that can make your business grow.

Categories
HR & People Management

10 Remote Work Tools That Help Employees Work From Home

Work from Anywhere Successfully using these Remote Tools!

Having the perfect set of remote work tools can make work from home productive and meaning for yourself and the employer. With the entire country under lockdown, we get you 10 remote work tools that can help employees successfully work from home.

1. Zoom

  • Zoom is a web-based video conferencing remote working tool with a local, desktop and a mobile app that allows users to meet online, with or without video
  • Zoom users can choose to record sessions, collaborate on projects and share one another’s screens, all with one easy-to-use platform 

2. Google Docs

  • This remote work software solves the challenge of working on multiple documents at the same time. Today, businesses have various spreadsheets for every department. With Google docs you can collaborate and work with fellow employees simultaneously
  • Say goodbye to endless chain mails and creating multiple versions of the same document. It is also available in 53 languages

3. Slack

For business communication and internet chat services, slack is a unique remote work tool as it reduces your reliance on e-mails through its third party services

4. Google Hangouts

  • Hangouts is slightly on the lines of Zoom as it brings conversations, discussions to life through group video conferencing for free.
  • From direct messages to group chats, it can help employees collaborate and work efficiently from remote locations

5. TeamViewer
 

  • What happens when most of your important documents and information is kept on your office desktop and you want to access it while working from home?
  • TeamViewer is easy to set up and is a great option for employees who need desktop access from their homes or any other location. Supporting a two-step authentication, this tool requires very basic firewall access and in no time you are ready with your work 

6. Google Calendar

  • Google calendar helps you keep a schedule in place making it easier to check with co-workers on conducting meetings at a given time. Through this remote work software calendars can be shared so that full event details can be viewed by employees working from their respective homes 
  • It can be accessed from your laptop, phone or a tablet

7. Skype for Business

  • Again a great tool for conference calls, instant messaging or creating chat rooms

 

8. Dropbox

  • Sharing large files can be a painful task over e-mail, so a dropbox account makes it easy to sync files and collaborate with
  • It’s a great way to organize work from remote teams when they need to submit presentations or projects.

9. Teamwork

  • Teamwork allows you to track your team’s productivity. This remote work software lets you create custom time reports of time logged on the project
  • Once the work is completed employees can export the report and time log entries in easily accessible formats to their reporting managers

10. Hub Staff

  • Hub Staff helps in keeping a track of the tasks assigned to the employees working from home
  • Some of its important features include online timesheets, employee scheduling, employee monitoring, payroll software, GPS tracking, online invoicing & project budgeting

Employees & employers both are able to adapt quickly to the remote work tools and can jump right into their jobs without worrying about how to set things up. All these tools are easy to work with and make remote working more productive.

Categories
HR & People Management

10 Growth Hacks Every Small Business Should Know

Are you looking for a perfect growth hack for your business?

Growth hacking
is a quick experiment for your business to identify the most efficient method for achieving growth. Hacking in terms suggests a clever way to produce higher growth result through shortcuts. An ideal business growth hacking aims is to increase the customers by keeping the investment low.

Let take a look at some business growth hack that every small business owner should know:-

1. Prioritize content marketing.

  • According to research, content marketing costs 62% less and generate 3 times more lead than any other traditional marketing.
  • Useful and engaging content can represent your business as an expert and can also help you building relationships with your customers.
  • Clean and to the point content with a call to action helps to monetize the traffic. This is the best small business growth hack.
  • Improve your SEOs and convert your visitors into your customers.
  • The high-volume and low-competition keyword of your blog/articles can attract more audience to your site.

2. Use Facebook and Google

  • Research says that the average customer makes nine visits to your site before purchasing anything, so you just need to retarget them.
  • Google and Facebook involve a pixel, you add to your website that enables you to show the target ads to your users who have previously visited your site.
  • Also, previous visitors to your site, who are browsing other sites too on the web, will see the ad of your business which encourages the visitors to come back to your site.

3. Show social proof

  • Most of the customers look for reviews before purchasing anything.
  • Let your customers know how many companies and people are using your product and services.
  • Display testimonials and comments from some of your satisfied customers on your website.
  • Customers buy from the company or place they trust, so the social proof is very important as a small business growth hack.

4. Use exit-intent coupons

  • Offering visitors a coupon is a great way to encourage people to make a purchase.
  • People love getting any coupons or deals, so not many will pass the opportunity.
  • Exit intent popup is a great way to grab your visitor’s attention when they are leaving your site.
  • Improve your bounce rate and boost your conversation with this amazing tool.

5. Use content upgrades

  • A content upgrade is a freebie within the post that relates to a blog post topic.
  • Providing content upgrade is a great way to grow your email list.
  • Content upgrade popup encourages your visitor to click the post in exchange for their email.

6. Use call to action on social media

  • With the help of a call to action, you can increase your likes, views, and shares on your social media handles.
  • You can also direct the customers to your website to sign up for your course or to join your mailing list to get regular updates.
  • Make sure that your call to action is clear and easy to understand.

7. Introduce a referral growth hack 

  • Users who refer a friend will get a freebie or the person who signs up from the link will get a discount coupon will get visitors at your website.
  • Create a perfect reward/referral campaign and offer giveaways to increase the numbers of the referral. 

8. Fear of missing out

  • Insecurity is the best tool to attract new customers.
  • Limited access to a service or product can trigger the emotion of missing out fear which can lead to having higher sales.
  • Fear of missing out strategy is all about offering the exclusive service or a product.

9. Launch a free model
 

  • Know your most effective distribution channel and how to deliver the content digitally.
  • One of the most effective strategies is to offer a basic service for free.
  • You can give your user a choice to apply for a premium membership to unlock the advance features; this was the biggest hack behind Spotify’s success. It was making money from cash subscriptions and ad revenues.
  • You can also offer early-bird discounts to your customers; this can be a very effective growth hack.

10. Ask for the feedback

  • There is no better way to figure out what is working and what’s not by asking the customers directly.
  • With the help of feedbacks, you can always improve your business, customer service or user experience which can boost your sales too.
  • Send regular mail and have a feedback popup on your website, who have purchased recently.

So these are a few amazing growth hacks that every small business should know. Instead of wasting your time in other ineffective marketing, these strategies are a smart way to scale up your business. 

A growth hacking strategy is not about just driving demand; it is about addressing the pain points and giving the customers what they want.

    

Categories
HR & People Management

8 Important Time Management Tips for Business Owners

प्रतीकात्मक तस्वीर

Time is Money and Time Management is the way to earn it!

Running a company requires discipline and therefore time management for business
becomes critical for being successful. A business owner wants to do a lot of things for e.g. schedule meetings, prepare budgets, strategize marketing and sales & even networking. How can he pack in so much? Here are 8 easy time management tips
that will help business owners plan their workflow.

1. Prepare a Schedule

  • Entrepreneurs are busy individuals; hence time management for business becomes essential
  • Prepare a day-to-day schedule of what needs to be done when and try and stick to it!
  • This can be done in the way of maintaining a pocket notebook or use online tolls to help you make a schedule. Google calendar can be of great for this

2. Outsource Non-Essential work

  • Business owners have to realize that they don’t need to do everything themselves. Outsourcing non-core work is an efficient way of time management for business
  • For e.g. Don’t take administrative work in your hands, outsource it to other professionals. If there are tasks that can be outsourced to freelancers, explore that option as well

3. Prioritize Work
 

  • Distractions can impact our work schedule in a negative way. Hence prioritize and learn to say ’No’ to things that are unimportant for the business and can be done later
  • At the end of each workday, write down the six most important things you need to accomplish tomorrow and review how much you could achieve
  • This will help you to know which tasks are on the utmost priority list for the next day

4. Use Technology to save time

  • Technology is an enabler when it comes to time management for businesses. Use remote software and apps that can help you with other functions of the business
  • Your monthly bill payments can be automated
  • Use a time tracking app like Time Doctor to avoid losing out on important things to do
  • Highly sophisticated marketing campaign tools can be set up

5. 80/20 Principle for Time Management

Being a business owner you have to learn about the 80/20 rule which implies that 80% of your tasks should be done with 20% of your time. This makes time management for business highly efficient

  • Delegate tasks that are time-consuming and perhaps less revenue-generating to others
  • Prioritize in a way that you complete your most important tasks that time of the day when your mind and body are highly productive

6. Avoid Distraction

  • Avoid Time wasters!
  • These could be colleagues, family & friends or even social media engagement like Facebook and Whatsapp chats
  • The point is not to discourage you to unwind but avoid these unnecessary distractions during your most productive hours

7. Keep some time to unwind

  • When we talk about tips for time management for business owners, it does not mean to manage only your work life, take some time to relax the mind
  • During scheduling tasks for the day do keep a window for some sort of activity that help you energize and channelizes your brain

8. Learn to Multitask

  • The skill of multitasking can help in better time management provided you don’t get confused
  • Multitasking is a skill that will help you succeed not only at work but also in life
  • You can group similar tasks. For e.g. if you want to contact suppliers and vendors, see if it can be grouped together
  • Try and achieve your tasks by dividing it into smaller segments and then setting a time frame. This can help in faster task completion and better time management for your business

The reality is no one can add more hours to their day. Instead, we have to master the art of using time sensibly. These time management tips will go a long way in streamlining your work and setting deadlines for its completion. 

Categories
HR & People Management

How to Implement Cultural Change in an Organization

?Introduction

  • Do you know the significance of changing organizational culture in your company?
  • Do you know how to implement cultural change in an organization?

A negative working environment leads to a decline in the employees’ engagement and satisfaction rate in the organization. People talking negative things about your organization, spoils your organization’s productivity, growth, liquidity, and profitability.

In such circumstances, the only remedy that comes across is changing organizational culture of your company to overcome negatives vibes.

In this article, we will discuss how to implement cultural change in an organization so as to convert negative working culture into a positive one.

Below are the ways for changing organizational culture:

Effective Leadership

To know how to implement cultural change in an organization, you need to understand the importance of a leader and leadership.

A successful leader is the one who recognizes people’s worth and potential in such a way that they start recognizing their own worth and potential.

If a leader sees only negative things in its employees, then the employees will also start seeing negativity in them that directly affects their productivity and the organization’s profitability.

Pygmalion Effect

It is also one of the ways for changing organizational culture.

When you start expecting positive and favorable things from your employees, then you start creating a positive interpersonal relationship and culture with them.

Managers should praise their subordinates for their good work and criticize them less for making mistakes. They should increase employees’ confidence and boost theirs and the company’s productivity.

For Example
 

With the help of example of school students, let us understand how changing organizational culture helps in maximizing the results. 

In a school, the Principal divided the students into three sections, A, B, and C based on their grades to increase the academic performance of students.

Section A had students who got 80% in their last exams, Section B had students who scored 60% to 80%, and Section C had students who get less than 50% in exams.

Even after this categorization, the results of the student remain the same. So, the Principal came up with another idea to change all the teachers.

The newly hired teachers were not aware that the students were categorized based on their grades. Instead, the Principal told them that Section A students are very poor, Section B student is average and Section C has toppers of the class.

Because of such guidance, the new teachers had a new kind of perspective as they taught students of section A as they were very poor in studies, while they taught students of sections C as if they were so intelligent.

They showed confidence in students of section C thinking that they were A grader, which enhanced their confidence and led them to perform well. While students of section A, who were actually good performers, were demoralized by teachers because teachers thought they were poor in studies, which lead to a decrease in their confidence.

At the end of the year, students of section A came down to 60% from 80%, students of section C jumped from 50% to 70%, while that of section B remained at the same level.

The reason behind the increase in the percentage of students of section C was the confidence teachers showed in them, which increased confidence in them. 

Effort that is rewarded, gets repeated.

How to implement cultural change in an organization through the treatment model?

Let’s discuss!

Negative Treatment Model

If you have a negative assumption about the capability of a team member, you will have negative reactions to his/her ideas. It leads to negative treatment, which results in eroded confidence, low morale, and lack of initiative among employees.

Positive Treatment Model

When you believe in the capability of your team members and start recognizing and respecting their ideas, it leads to positive treatment. It leads to high confidence and high morale in them. Such employees take initiatives continuously and help in the growth of the organization.

Recognize, Reform, Rectify the potential of your employees instead of Comparing, Complaining and Criticizing them.

Categories
HR & People Management

10 Tips for Effective Team Performance Management!

Introduction

  • Are your employees not performing well?
  • Do you want to improve your team performance management?
  • Do you want to take your business to the next level?

It doesn’t matter whether you are a Project Manager, Departmental Head, Divisional Manager, or even the Director of a Company; everyone wants to take their Department/ Organisation to the Next Level.

And the ladder that leads to the next level is ’Team Performance Management’

What does Team Performance Management mean?

It is an ongoing process to ensure that an individual’s performance contributes to the mission of the organization.

How do we ensure it?

Here we will discuss 10 tips that will help you Maximize the Results of your team through Effective Team Performance Management.

Tip #1: Link every Department to your Company’s ’Top Goals’

It is very important for you to first identify the top 3 goals of your company, and then link every department of the organization to the company’s goals.

For Example

In a small and medium-sized organization, when the top 10 key people were asked to write three top goals of their organization, they came out with 15 different goals. An organization which is running in different directions can never achieve excellence and effective team performance management to maximize the result.

Tip #2: Determine How well your Team is Meeting your ’Organizational Goals’

Identify the past reality and the current reality of your team. This will help you in achieving your organizational goals easily.

You need to find out:

  • Your past track
  • Patterns in which your team is moving

This will enable you to plan your path ahead.

Tip #3: Create Clear Performance Metrics for every Department

There are various departments in an organization where the work is done in quality and not quantity.

These are the departments where the performance is done not to improve the results but to support the results.

Anything that you cannot measure, you cannot improve.

To ensure effective team Performance management, you require to:

? Link every department with a clear number to identify the current performance.

? Ensure clarity on current reality and outcome expected in the numerical form.

? These numbers should be connected to the top organizational goals.

This will help you in running the organization in one direction in a numerical format.

Tip #4: You have to identify the Skill Deficit of every Team Member

For ensuring the effective team performance management you need to conduct individual meetings in the organization to identify the skill deficit of every team member.

You have to meet the individuals in the organization to ’identify the gaps, and become their gap partner or skill deficit partner’.

You need to determine what changes are required in their training and what the skill deficit is at the moment.

Tip #5: Create an Individual Professional Development Plan (IPDP)

Discover opportunities and discuss with the employees their individual development plan.

Since you have identified their skill deficit, so, you are discussing their future development plans.

Tip #6: Start asking Solution-Oriented Questions

It is the sixth tip of effective team performance management.

On an individual basis, ask your team members’ solution-oriented questions.

For example, how are they planning to contribute to the main organizational goals?

Enable your employees to make individual plans. This will give top bosses of the company an idea about how employees will contribute to the organizational goals. You have to inspire them to think.

Tip #7: Inspire your Direct Reports to come up with Game-Changing Ideas

This is an empowering, employee engagement and retention activity. People start feeling involved in the organization. It is also another tip of effective team performance management.

Involvement is directly proportionate to commitment.

The more they become involved, the more will be their commitment towards the organization.

Committed employees are the real resource.

’Take away my entire organization. Take away my all machinery. Take away my entire plant. But, give my top people to me. I will come back in 5 years. I will bounce back even better.’

-Henry Ford, Founder, Ford Motor Company

Tip #8: Give the Feedback in Future Tense

It is one of the tips for effective team performance management.

Never ever repeatedly talk about the past mistakes of your team members. This is damaging and will decrease the initiative, ownership, and responsibility of an employee towards the organization.

?  Never repeatedly talk about the past mistakes of your team.

?  Reduce the offerings of corrections.

?  Correct them in the future tense.

?  Ask solution-oriented questions.

?  Give them a future action plan.

?  Talk more about future improvements.

’It is not Performance Appraisal; it is Performance Management.’

Tip #9: Measure Self Performance

Help your employees to create their own visible and compelling scoreboard for their performance management process. It should always be visible to them and you.

They should be maintaining a scoreboard. When your team starts maintaining their scoreboard, they would know where they are.

So, they do not have to wait for the month or year-end to know their performance. Once they know their scoreboard, they can work hard and focus on their performance.

Tip #10: Maintain a Great ’Deposit Withdrawal Equation’

Your deposit withdrawal equation has to be very good.

A lot of managers, department heads, and entrepreneurs are not able to maintain this equation.

You have to invest your confidence and trust in them. To gain trust, you have to extend trust.

So, 40% extend trust, 20% offer correction, and 40% glorify them by actually inspiring them.

Deposit Withdrawal Equation= 40 Deposits: 20 Withdrawals: 40 Deposits

For effective team performance management you should follow below tips:

? Don’t correct your employees in a team meeting.

? Don’t demotivate your employees by yelling at them.

? They should be going out of meeting with lots of energy and enthusiasm.

These 10 points can help you in Managing Performance & Maximizing Results and take your company to the next level.

Categories
HR & People Management

How to increase employees performance?

Introduction

  • Are your employees not feeling motivated to achieve the organizational goals?
  • Do you want to know how to increase employee performance?

Employees’ performance directly affects the growth of an organization. If your employees are not motivated enough to perform, then be sure your organizational goals will take a backseat.

How to sort this out?

To understand how to increase employee productivity, let us first understand the quadrants given below.

Quadrant #3: Managing

It is said that when you are managing your employees, you are only damaging your employees. This will not help you to increase employee productivity.

For Example

If you continuously scold employees about their mistakes, it will reduce their inspiration and motivation. They will stop taking initiatives and responsibilities.

Telling employees about their problems, again and again, will only make the problem bigger instead of solving it.

✅ Managing is only required when there are Disciplinary Issues. Only in this case, you can increase employee performance.

Quadrant #4: Mentoring

Mentoring is required when an employee has a Skill Deficit Issue. This will help you to increase employee productivity.

✅ It is mostly required by new employees as they do not know what to do and how to do.

✅ Identify the skill gap in your employees and train them by becoming their skill partner.

❌ Never give mentoring to an employee who already has the skill to perform his work; this will only damage your relationships with them. His motivation will also go down.

Let us understand this with the help of an example.

If somebody already knows how to play the harmonium and you keep on telling him how to play it, it will only damage your relationship with them.

Quadrant #1: Counseling

Counseling is about asking questions to employees about their problems. It will help you to understand your employees, which will gradually enable you to increase employee efficiency.

For Example

If an employee is coming constantly late to office, then instead of telling him (managing) that he is late, ask him (coaching) why he is late.

Probably, he might be facing some real issues in reaching to the office.

If you ask him, he will be encouraged to speak and both of you mutually find out the solution to the problem.

This will increase his trust in you and he will work hard for you. It will increase employee efficiency.

When you ask employees about their problems, it is inside out and when you tell them about their problems, it is outside in.

Inside out will create inspiration while outside in will kill his inspiration

Quadrant #2: Coaching

Coaching is a process of asking solution-oriented questions to employees like – What are your ideas? What are your top three ideas to remove the defects? What your experience talks about it?

✅ Coach the employees by increasing their willingness and asking them about the solutions.

✅ Ask them about their knowledge and experience.

If an employee is giving a solution, then he will commit more because it is not your solution, it is his solution.

There is already a buy-in that is created in him and now, it is easy for you to increase his willingness.

It will also increase employee performance, accountability, ownership, initiative, and responsibility towards you and your company.

Quadrant 1 (Managing) – gives 0/100 results, Quadrant 2 (Monitoring) – gives 33/100 results, Quadrant 3 (Counseling) – gives 66/100 results and Quadrant 4 (Coaching) – gives 100/100 results.

Now as you know coaching is the best way how to increase employees’ performance, you can improve their productivity and grow your business seamlessly through above-given quadrants.

Categories
HR & People Management

6 Steps for Building a High Performance Team

??Introduction

  • Do you have to give more time to your business?
  • Can your business run effectively even when you are not physically present?
  • are you building a high performance team?

Why Indian Companies are not able to Develop High-Performance Team?

  • Most of the businesses and Startups in India are failing due to the lack of a team of the talented and high performance team. 
  • A talented team is what needed for an organization to succeed in the long run. 
  • A business cannot be made scalable and profitable without a team of devoted and hardworking employees, which many companies are unable to build.

In this article, you will study about seven important steps that will help you to attract and retain the best talent for building a High-Performance Team.

Step #1: Employee Treatment: Richard Branson Theory

Founder of Virgin Airlines, Richard Branson established the foundation stone of his company on the basis of a philosophy:

’First, train the employees well enough so that anybody can pay them double salary than what are you paying them. Second, treat them well enough so that they don’t leave your organization.’

People don’t like working in an organization, which doesn’t support and encourage them. They quit such organizations sooner or later that hurt the organization’s growth in the long run.

If you want to develop your own high performance team, then you need to develop a culture of personal interaction among employees a connection between the employees and the organization.

Developing a healthy culture in your organization is necessary so that employees can develop trust in you and get an opportunity to develop their skills and capabilities.

Step #2: Show Your Employees a Well Defined Career Path

Lack of a defined career path for employees is the pivotal reason behind the failure of startups in India.

An employee cannot work for a lifetime without getting any career progression and growth.

When an employee observes that he is not going to grow in your organization, he starts thinking of leaving your company.

Hence, for building a high performance team, you need to tell them what will be their next level of designation/promotion to assure that they will be getting growth in your organization.

Build a career path for your employees’ talent progression.

Make their scoreboard as per their performance and support those whose performance is not good.

Step #3: Transparency in Communication

Without transparent communication among team members, building a high performance team in your organization is almost impossible.  

The transparent environment in an organization increases confidence among employees, which instills a sense of security in them and builds a healthy working environment.

A boss should be approachable to employees so that they can share their ideas with him/her fearlessly.

There should be no favoritism in an organization as it fades away the confidence of employees and affects their efficiency.

For Example:

Lijjat Papad is one of the best examples of transparent organization, where every working woman is the owner, and no one is allowed to do backbiting.?

Step #4: Encourage Internal Promotions over Helicopter Landing

Until you do not bestow confidence upon your existing employees you can’t build a high performance team.

Therefore, Before hiring someone from outside, it is imperative to explore internal opportunity to deploy someone on a particular position as it instills confidence among existing employees.

While filing a vacant position through helicopter landing, try to place an internal person through talent progression. If you hire people from outside without giving the opportunity to internal people, they will stop working with full enthusiasm, and create a problem for newcomers.

Step #5: Feeling of Significance

The more you involve with your people, the more they will be committed with you.

Only giving orders, targets, and deadlines don’t work in an organization.

You need to be interested in your employees by making them feel special.

As a leader, for building a high performance team you must make every employee feel significance and ensure that he/she is contributing to the top line and the bottom line of the business. 

But if you reduce their self-esteem and confidence, their performance will get affected, and so will be your business.

Step #6: People Like to Win

Nobody likes to taste failure, everyone wants to win. If you help your employees to win, they will not leave you, but if you let them fail by making them perform tasks which they are not expert in, they will certainly quit you.

You need to ensure that your subordinates win by doing their competency mapping.