A Simple Strategy To Increase Profits

A Simple Strategy To Increase Profits



A Simple Strategy to​ Increase Profits
In today’s competitive business environment it​ is​ essential to​ find ways to​ reduce costs and increase revenues while keeping productivity and quality high .​
One of​ the best ways to​ achieve this is​ through hiring and retention of​ outstanding employees .​
Far too often hiring managers rush through the hiring process due to​ being reactive rather than proactive when filling positions .​
With some preplanning in​ the hiring process and implementation of​ sound strategies once people join your organization, you will lower the cost of​ doing business by considerable amounts .​
As you prepare to​ hire consider the following:
• What type of​ person are you looking for?
• What are the values that drive your company?
• How difficult is​ the job you are filling?
• Do you have anyone internally who can do the job?
• How long will it​ take to​ find the right person for the position?
• What are you willing to​ negotiate with the potential candidate?
In looking for potential candidates you may want to​ try more than the traditional employee search .​
Tap into your network of​ professional connections .​
Some of​ your best candidates may be working for your competitors .​
Be careful about hiring someone just because they are a​ friend or​ family member .​
Not that friends and family members don’t make good employees - often they can be fantastic .​
And yet, if​ you are hiring them only because they are a​ friend or​ family member, you are setting yourself up for some big problems .​
With the wrong choice morale with other employees can go down .​
With the right choice it​ is​ just as​ likely to​ go up .​
Think through the compensation package .​
Are the wages fair for the job, industry and market? Make sure your benefit package is​ competitive for your industry .​
Find out what other companies are offering as​ far as​ compensation and consider matching or​ beating their offerings .​
There are occasions when someone may take a​ position without thinking through income, benefits or​ fit .​
Once they have gotten settled in​ and are feeling comfortable with the position and the company, they may realize the compensation and the job is​ not all it​ could be .​
That can cause some discontent on their part .​
To avoid this, do your homework .​
Another key to​ keeping good employees is​ to​ make sure they are treated with respect, dignity and appreciation .​
This may seem like common sense and yet, it​ often doesn’t happen .​
I​ consult with various types of​ organizations employee retention and how to​ gain more commitment from the staff .​
I​ often will meet individually, in​ private, with a​ cross section of​ the staff .​
I​ spend at​ least an​ hour with each employee in​ a​ confidential meeting to​ find out their view of​ the company .​
Inevitably, the areas that are most lacking for the employee to​ be fully satisfied are communication and appreciation .​
Once the area of​ discontent has been identified I​ design programs for the company in​ which to​ address the problems .​
What is​ amazing is​ the problem is​ often on the way to​ being solved by virtue of​ the fact the organization has brought me in .​
a​ common comment is, Finally, someone is​ listening to​ me .​
Often, a​ company’s problems can be lessened with some good coaching and training of​ management .​
It is​ amazing how many managers and supervisors were put into their position without any training in​ interpersonal skills, management and supervisory skills, and how to​ communicate effectively .​
Nine times out of​ ten the people who need the most training are the ones who think they need it​ the least .​
And, they are often the biggest obstacle to​ the success of​ a​ company .​
In order to​ stay competitive on all fronts you must keep your entire team on the leading edge .​
By doing so you will be in​ business for years to​ come with a​ happy, dedicated and productive team .​
And that will equal profits.




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