In the current recession, it’s more important than ever to take stock of your business. As the year comes to an end, determine how the business is going, what you are doing that’s working and what you need to change.
Employees are the number one asset of an organization and are critical for business success, particularly in tough times.
In a recent survey we conducted of small and mid-sized New England firms, we found that 56 percent of these businesses believe the greatest impact of the economic downturn is its effect on employee morale — even outweighing their concerns about decreased revenue and sales.
How is the morale of your employees?
Conduct an employee satisfaction survey and solicit their feedback. Look back and consider your relationships with employees. How have you fared? What is your retention rate and what other measures of satisfaction are you using? How often do you tell employees that they are valued and how do you truly demonstrate that? Do you offer them opportunities for training and development that will challenge them to acquire new skills? How about giving employees flexibility to address personal needs and have a work/life balance?
Determine merit, promotional, and adjustment budgets for next year’s salary increases. Review job descriptions with managers and make any necessary salary adjustments, and update incentive plans for employee bonus programs.
Photo by Menlo School.