The results of a new survey from Accountemps, an online job search services provider, indicate that a lack of communication is the top mistake management makes in any business.
The survey polled chief financial officers at a variety of companies and found 41 percent of them said there is a lack of communication between the staff and upper levels of management, which is the most frequent misstep that businesses make when it comes to managing their respective teams.
In addition, 28 percent of CFO respondents cited a lack of recognition and praise as the most common misstep in team management. Employee recognition programs can go a long way in rewarding and recognizing the good work done by employees. Awards can be issued in a cash-based manner or through a trophy or plaque or with a free meal.
"Employees want to be kept in the loop and feel appreciated," said Max Messmer, chairman of Accountemps and author of Human Resources Kit For Dummies second edition. "An organization can only be successful if its employees have the information and support they need to do their jobs well and a forum for two-way communication."
Through Accountemps, the survey was conducted by an independent research firm and was based off interviews with more than 1,400 CFOs based off a stratified random sample of companies in the United States with at least 20 employees.
In conclusion, the survey found that managers can say or express five things on a regular basis to get more out of their employees including letting them know what is happening, asking if they have everything they need to accomplish certain tasks, thanking them for a job well done, inquiring about any challenges they may be experiencing, and getting their insight and opinion on what can be done to improve the company.
CFOs were recently polled on the value offered by providing medical coverage to employees. From the Integrated Benefits Institute, a nonprofit organization, the study found that despite healthcare reform, employers still see value in offering health benefits.
"While there is widespread speculation among employers, insurers, benefits professionals and corporate leadership as to how organizations will respond as this historic legislation is rolled out, it's apparent that the C-suite sees the importance of medical coverage not only as a means to maintain a skilled workforce but also as a tool to be leveraged in improving employee health and productivity," said Thomas Parry, president of IBI.