Here’s a question you may not have been asked before. Is your business an Employee Magnet?
“A what?” I hear you ask!
Employee Magnetism is about creating positive workplaces to boost productivity and profit – and maximise your business success.
So, what might a Magnetic Employer look like? In “First Break All the Rules”, Buckingham and Coffman describe a “great workplace” as one that delivers the highest levels of productivity, profitability, and customer satisfaction; that is, one with which business operators and customers want to be associated.
To get more specific, consider these characteristics, described in research done by J Clayton Lafferty, in which he identified four characteristics of these “great workplaces”.
According to Lafferty, great workplaces are:
- Achievement Focused: Managers in these businesses set clear targets and expectations for their people, then support them in the achievement of these goals.
- Self Actualised: These businesses encourage their people to strive to reach their potential, and to recognise that the learning journey is never complete.
- Humanistic Encouraging: Managers in these “great workplaces” provide coaching and mentoring support to their team members, to assist them to get the best possible results.
- Affiliative: This final characteristic describes a team orientation, where team outcomes and focus are celebrated, and the good of the team is a priority, second only to the good of the business.
Further research showed that there were differences in the business results of companies that had these characteristics. Lafferty discovered that they had four main outcomes:
- Increased desire for customer satisfaction
- Employees would recommend the organisation
- Employees believe that customers will return
- Employees would recommend the company to customers
In addition to these outcomes, all critical business measures were also positively affected: net return on investment, return to shareholders, productivity, quality, creativity, risk management – all had better results.
The last word on the outcomes for these “great workplaces” takes us back to Marcus Buckingham in partnership with Donald Clifton, in “Now Discover Your Strengths”.
They found that “great workplaces” are–
- 56% more likely to have high customer loyalty
- 38% more likely to have higher productivity
- 27% more likely to have higher profitability
The bad news is that these “great workplaces” don’t happen by accident. To get these returns, we need to make an investment. The good news is that most of the investment is in effort and focus, not financial!
There are 7 principles of Employee Magnetism designed to maximise workplace success. Here’s some more good news – you don’t have to work through all the way from 1 to 7. Simply analyse where your weaknesses are and start from there.
As an introduction, the seven steps are:
- Attraction and Recruitment
Increase your magnetism as an organisation. Businesses which are identified as Employers of Choice have four times as many applicants for their job vacancies, so they have a wider range of choices from which to select the best person. Until you get to that stage, start working on making your attraction strategy magnetic, including your advertising, your approach, your process.
- Induction and Orientation
When new people join your organisation, are they just thrown in the deep end without floaties? Many companies expect their new recruits to perform at their maximum without any support structure, then are surprised when they make simple errors or don’t achieve optimum results. With a well-implemented process for induction and orientation, you can get the best possible outcomes from your team, from their very first day.
- Goal Setting and Monitoring
Are your employees crystal clear about your expectations of them? A recent survey by HRS found that 40% of respondents would like more explanation of what their manager expects of them, including a job description with identified goals. Setting clear goals, then checking progress will increase your employees’ satisfaction.
- Performance Appraisal and Management
In the same survey, 37% of employees indicated that they would like to have their performance reviewed more regularly and in a more formal way, rather than the casual approach taken by many companies. Is your performance system part of your magnetism?
- Training and Development
The opportunity to improve skills and job-related capabilities is rated more highly by employee than more money! Of course, that’s not to say that money is unimportant.
In fact, not enough money is a proven demotivator. However, once people are paid enough, it’s things like training that will make your company more magnetic to your people.
- Reward and Recognition
Whoever said “it’s not about the money” had the right idea when it comes to developing your company’s magnetism. Positive recognition of effort, as well as of success, is a critical piece of the puzzle. Rewards that reflect the individual’s needs and interests, not just add to the width of their wallet, make a difference to the way people respond in their workplaces.
- Continuous Improvement and Change Management
There’s no rest for the wicked, nor for a company wanting to become a Magnetic Employer. Once you have made your way through the steps, the process of review and improvement needs to continue. In this constantly changing work environment in which we operate, we all need to be ready to make adjustments and to accept that this is a journey not a destination.
Employee Magnetism is not a “magic bullet”, and creating a positive environment will not happen overnight, however by taking note of the seven principles listed above, and implementing some simple steps, we can improve our personal productivity and effectiveness and that of our team members. Start by setting and achieving small individual & team goals. Look for reasons to celebrate success. A positive attitude is good for your business and makes work a better place to be. After all, life is too short to be miserable at work!
Buy Helen Mac's Audio Seminar CD from the Resource Centre:
Creating A Magnetic Workplace