Are your employees benefiting from your company’s growth?
The premise seems simple enough: The company grows, and naturally, the team members do, too. However, based on the countless conversations I’ve had with business owners over the years, this isn’t always the case.
What many business owners forget is that when they’re first building their companies, the growth trajectories of their team members are often overlooked.
It’s not because they don’t care. Quite the opposite, in fact. They care a lot about finding and retaining top talent. But few have the vision of outlining what employee growth looks like when they’re in start-up mode.
After all, this is the phase where everyone is wearing a million hats and doing all that they can in order to bring on more clients, generate more revenue, and then use that revenue to reinvest in the business.
The thing is, unless you have a long-term vision for your business’s growth — a vision that not only outlines financial goals but also team member goals — you’re potentially creating a business structure that never allows for people to take off the extra hats so they can focus on the specific contributions needed to grow own skill sets while growing the business.
Sooner or later, this is going to lead to burnout, and these talented folks are going to look for new opportunities while you’re stuck looking for new talent — talent you’re going to have to recruit, train, and hopefully retain.
So, no matter if you’re a brand new start-up or an already-established business, you can implement a very clear structure in your organization for how employee growth is built into the business’s growth.
Here are 3 ways your employees can benefit from your growth.
When you are growing, your employees are seeing an example of growth
Do your team members really understand what growth looks like? I know it might sound silly, but I’m serious about this.
You’d be surprised by how many organizations aren’t as clear about essential things like key performance indicators (KPIs), quarterly targets, annual growth goals as they might think they are.
And these oversights will often occur on all levels — individual employees, teams, and the organization as a whole.
This is why we stress the importance of setting clear goals. We set goals for people, projects, teams, and the entire organization.
Perhaps the better way to frame it is this: We set company goals, and in order to ensure we reach those goals, we then set goals for every department, team, project, and individual that contribute to the achievement of the big company goals.
But we don’t just set goals and hope for the best. We hold ourselves accountable. We have regular meetings at all levels to track our progress. We discuss this progress with the entire team so they can see exactly how their contributions to the company create growth in the company.
Goal setting, accountability, and financial transparency — these all lead to a deeper understanding of how the business operates on a very fundamental level. It pulls people closer to the business because they can see how their work directly translates into growth.
Every action you take in the business is an example of mentorship
An often overlooked part of being a business leader is actually central to the concept of leadership itself, and what I mean by that is that it is the responsibility of every leader to teach their employees how to be leaders, too.
Brandon and I firmly believe that we have an obligation to our teams to give them the skills to be leaders in their respective fields.
We don’t want to partition our actions in the business away from others so that they’re only focused on what they do vs. what everyone else does.
This is why we place so much emphasis on our Core Values, because while I’m operating on an executive level, I’m just as obligated as anyone else — perhaps even more than most others — to act in a way that exemplifies the best of what Cardone Ventures is.
I should anticipate that if I act in a certain way, that others can and will emulate that behavior.
How I conduct myself in meetings, how I speak to other team members, the way I dress, the timeliness of my responses to emails — all of these things are opportunities for me to mentor our team members and foster their growth. It might seem small, but it’s critically important.
The business’s financial success should benefit their financial success
Have you set up your incentive plans correctly? In other words, when the business is growing financially, are your team members also benefiting from that financial growth?
Your team members should be direct beneficiaries of the company’s growth, because their work actualized your ideas. Yes, you’re probably the one who took on the initial risk of creating the company and all that entails, but it’s people, not process, that move businesses forward.
They deserve to be rewarded for their efforts, and when you’re working in tandem to foster their personal, professional, and financial goal achievement along with the business’s goal achievement, you’re ultimately investing in them and your employee retention.
Ready to learn more about building great teams? Then you’re invited to join me and the Cardone Ventures team at our next live event!
We’ll cover every critical aspect of the business to give you the skills designed to 10X your life! I’d register now if I were you. These spots fill up quickly. Secure your place today!