The cost of living hasn’t decreased, in fact its steadily going up and yet salaries are decreasing and for no apparent reason other than that Companies can find ridiculously qualified individuals willing to take whatever salary they can, which is now driving market rate salaries down.
So, are Companies taking advantage of people’s misfortunes?
1) Be clear what you stand for
A mismatch of values between the organisation and the workforce will cause stress and a sense of dissatisfaction within individuals. How well do your staff understand the values of the Company? I don’t just mean the values shown on the Company website, what are the actual values that you and your employees live by? How are these communicated and are you living them every day?
Business coaching is a modern day concept. Many businesses, especially those that think outside the box, are recognizing that having a business coach is a powerful tool that your business can take advantage of. Let’s look at 4 reasons you should use a business coach.
At MHC Consulting, we work with Companies of all sizes and industries. In our experience, regardless of Company size, when we first speak to clients to ascertain their business pain points, the main issue we hear is "people" – finding, attracting, hiring, retaining and dealing with poor performers. The frustrations currently seem to be pointing at "just how do you manage millenials in the workplace?", a question we are frequently being asked and a challange that Generation X is struggling with.
The economy goes up and down. Right now, it’s difficult to predict next months results, let alone next years. Managing your costs is important to your growth and survival, and when the economy is performing sporadically, it is even more of a challenge. Experts say that 58% of companies have a shortfall in leadersand many companies are actually cutting their development budget as part of their cost cutting measures.
Before you make that cut, you might want to think long and hard about whether that’s the right choice for your business. When you take development away from the executives, it can be detrimental. Leading is actually special skill. A key leader can find a business coach a very helpful tool to navigate through the storm and continue to grow and prosper.
Companies are certainly going through challenging times now. Many Companies are having to tighten their belts, reducing costs as much as possible whilst at the same time maintaining and often having to exceed the level of service they provide.
A recent article in Entrepreneur Magazine “How to Build a Better Business with Outsourcing” https://www.entrepreneur.com/article/204652 got me thinking, why aren’t more Companies outsourcing their key support services?
This is an ideal time to start outsourcing key functions to specific Companies that specialize in the services they require, allowing for a senior professional to take care of a function on a “charge on hours used” basis therefore saving money. By outsourcing the day to day back-office tasks, the Business Owner has more time to focus on generating income.
Recruitment takes time and can cost a Company money - the cost of getting recruitment wrong is reported to be 15 times the bad hires annual salary!
To quote Anne Mulcahy “Employees are a Company’s biggest asset, they’re your competitive advantage. You want to attract and retain the best, provide them with encouragement, stimulus and make them feel that they are an integral part of the Company’s mission”.
The trick is sourcing talented A Players to join your team ideally with the required level of qualifications and experience. Companies need to recruit for their culture first and skills second, recognising that by offering training to get the employee up to speed technically they will attract A Players to their Company.
Claire takes on the role of an outsourced HR Director for many business owners. On behalf of a client she will get involved in the HR operations of a business and help the business owner make the right decision so that all HR decisions are cost efficient to the business and have a positive effect on the health of the business. As she says in the episode HR does affect a company's Profit and Loss Accounts.
The transition from employee to business owner is a liberating one filled with freedom and excitement. However, it can also be a difficult one. Shifting from a single area of expertise to working and leading across many disciplines often falls outside the comfort zone for many.
In the early stages, you cope – yes, there’s a lot to do but fuelled by passion, you’re happy to work harder than you have ever done before and the learning will be hard but deeply satisfying.
But what happens when you start to scale up? What happens when the sheer volume of work becomes too much and you become responsible for a team?
This is where good leadership (and delegation) skills are invaluable and you move from being a business owner to a business leader. I have helped many clients develop the skill set required for this process and often a mental shift is required for this to be successful. Here are some of the most important tips to help you develop into a great leader.