One of the most effective methods of increasing your revenue and customer retention is through management of human capital, aka your salespeople. There are many studies that are being conducted into effective human capital management, yet few managers and executives are actually applying the findings to their business practices. This lack of implementation has lead to many businesses and organizations missing out on the opportunities these studies present. There are four strategies in particular that can help your business optimize the amount of productivity and profit that each of your employees produce:
Hire More Talented Managers – In a recent incentive industry study, it was revealed that companies fail to choose managers that have the talent they need for their business 82% of the time. Hiring a bad manager can harm your ability to retain customers/clients; it can drive and keep away talented employees; and it can dramatically decrease your productivity and efficiency, leading to huge long-term losses. This issue takes a little bit of elbow grease and some quality interview tactics to fix, but it can help your business tremendously in the long run.
Hire More Talented Employees – This one may seem obvious, but you’d be surprised how often managers hire employees based on how much they like them rather than how well they’re suited to sell and produce in their industry with their clientele. Hiring talented, better-suited employees and sales staff can lead to a cumulative effect of 6% higher revenue per employee. Who wouldn’t want to increase their revenue that much? Quality employees equal quality results.
Create More Engaged Employees – Good, effective management strategies can be responsible for up to 70% of overall employee engagement levels. Managers make all the difference in the world when it comes to driving/motivating employees to go above and beyond to accomplish company goals and objectives. By tailoring your employee engagement strategies, your company will enjoy increases in productivity, profitability, retention (both employees and customers), safety, and quality of work.
Know Your Employees’ Strengths – You benefit your company greatly by helping your employees recognize and utilize their strengths in pursuit of your goals and targets. Employees who are engaged with their strengths are up to six times more productive and profitable than if they’re not. This takes some time for you to get in the mix with your employees, but it pays off dividends not only in productivity, but it also increases morale. When employees get to engage with their boss on a more frequent basis, they feel more like a valued and important member of the company and produce better results.
Here at Incentive Solutions we’ve been helping our partners optimize their human capital potential for over 35 years. If you’d like to learn more about how our incentive programs can help your business achieve desired results, call us today at 1-866-567-7432. We’d love to give you a free demo and to show you exactly why a recent survey of our clients gave us a 95% excellent rating and said they would refer us on to a friend.