Tuesday May 1st, 2018
As a leader in your company, you’ve likely learned that delegation is one of the keys to success for your team. Recognizing your own strengths and weaknesses, and those of your employees, allows you to ensure that every area of the company is covered and running smoothly. While you may not have your hands in everything that takes place in the office, it’s important to understand how your management style impacts each facet of the company. For example, you may have a great finance team that has established a perfectly balanced budget, but it’s very important to examine the ways your leadership is impacting the books.
Are you helping the company grow or are your mistakes preventing the company from achieving its greatest gains?
Let’s take a look at a few common management mistakes that might hurt the company bank account.
The answer to the above question may seem like a simple one. You hire the best talent to help you manage your team, right? Naturally, you want to hire experienced professionals who will contribute to your established company culture and work towards your common goals. But if you’re looking to fill the ranks of your management team with brand-new hires, and you aren’t hiring from within, you are most likely missing a big opportunity to save your company money.
Many companies make the common mistake of forgetting that they have the perfect candidates for upper level positions already working on their team. These candidates are already familiar with the company culture and mission, they will have ample opportunities to prove their readiness for promotion, and you can continually train them to fit the role you’re trying to fill.
How does this save you money? Rather than having to entice a new hire into your company with an extensive benefits package and a large salary, you’ll be able to build on what you’ve already established with your current employees. You will of course need to offer them a raise in order to take the position, but it will likely be much less than what you would have to offer an experience professional coming from another company.
“Home-growing” your management team allows you to not only custom-tailor your upper level employees to meet the needs of the company, but it also allows you to keep your finances under control.
Another common mistake that leaders make is forgetting to nurture the company culture. It’s easy to get caught up in deadlines, evaluations and the day-to-day struggle of managing many employees with different personalities and work styles. But paying attention to the company culture you’re creating is not only vital to the overall success of your team, it can have a huge impact on the company bank account.
When your company culture is suffering, your employees are more likely to be dissatisfied in their work. This can lead to a lull in productivity and can also lead to employee burnout if they are working too hard with little reward.
The impact of decreased productivity on your company’s bottom line is fairly obvious. But consider the impact of having a team full of dissatisfied, burned out employees on your company’s finances. Employees who are unhappy and overworked or stressed are much more likely to take a sick or personal day, which could cause them to fall behind in their work. Employees who feel happy and engaged in their work are much more likely to go the extra mile for the team’s success. They are less likely to take a sick day and in general they contribute to a more positive environment for everyone.
Attitudes are contagious. Make sure that your team is spreading positivity and productivity in order to prevent a negative company culture from costing your company money.
Ultimately, your job as a leader within your company is to ensure that every action you take and every decision you make contributes to the success of the team. By fostering a culture that values employee engagement and satisfaction, while also recognizing the value in developing entry level employees into dedicated leaders, you are sure to avoid costly mistakes.