- 3 Examples of When Being Cheap Is Costly for Your Business
Your employees are critical to the success of your business. Their skills affect the quality of your products or services. And since they interact with customers, clients and vendors, they are the ambassadors of your company. You get what you pay for. Investing more money in your employees can help avoid damage to your business reputation.
If you need additional help in the future, you can bring in some entry-level workers, knowing you invested in a core staff with knowledge and skills to train them. In fact, fewer well-paid employees can often do the jobs of many lesser-paid ones.
Moreover, it is very costly, both in real dollars and opportunity costs, to retrain employees. Be willing to pay a bit more to hire and retain people with core shared values and great work ethics.
- How to give a great research talk
- How To Build A High-Performance Sourcing Department
There are times when sourcing staff can feel overwhelmed with work. If a sourcing leader sees their staff drowning in a high req load; it would be a good idea for that leader to roll up their sleeves and help their employees out. Not only will the employee respect their manager’s success at filling reqs; this approach can help reduce the turnover of over-worked sourcers. To quote Vince Lombardi, “Leaders are made, they are not born. They are made by hard effort, which is the price which all of us must pay to achieve any goal that is worthwhile.”
- Why Middle Managers Are Secretly the Superheroes of the Workplace
Managers already have considerable control over employee engagement efforts. We don’t see any reason for this trend not to continue, especially with the number of middle managers working in the U.S. and around the world (The Economist reported in 2011 that Lloyd’s Banking Group would layoff 15,000 middle managers — which begs the question how many they had in total).
- 7 Steps to a Perfectly Written Business Plan
Whether you’re sharing your plan with an investor, customer, or team member, your plan needs to show that you’re passionate, dedicated, and actually care about your business and the plan. You could discuss the mistakes that you’ve learned, the problems that you’re hoping to solve, listing your values, and what makes you stand out from the competition.
Photo: Rikki Chan