Why You Should Involve Your Employees in Business Development
Now that you have successfully established your business, filled out job vacancies, and are now fully operational, it is time to focus on a business development plan to map out your goals and growth.
Such a move is especially crucial during the COVID-19 pandemic, which cost people their jobs and forced several businesses to close shop or temporarily halt operations. If your company has survived the crisis, then you have more reasons to look ahead and see how it can thrive in the new normal.
According to the JobStreet COVID-19 Job Report, the pandemic has taken its toll on employees’ quality of life, with 55% having raised anxiety about personal finances while 54% are concerned about job security. Furthermore, 48% have experienced a negative impact on their remuneration.
Take this opportunity to reevaluate plans and how the business runs in general. Involving your employees in drafting a business development plan improves their morale. During these troubling times, employee engagement is one of the best means to ease your staff’s worries. Gain your employees’ trust with a certain degree of transparency; that way, they will feel like real stakeholders and not just cogs in a machine. Inform them of your company’s current status and listen to their suggestions on how the business—and their job—can survive the pandemic. When you and your staff are on the same page, you can forge ahead as a team and increase your chances for success.
Here are more reasons to encourage employee participation in business development.
Open communication leads to employee retention
Clear and constant communication with your employees develops close professional relationships, allowing you to gauge their strengths and working styles. With this knowledge, you can better assign tasks that suit their capabilities and develop their skills. When employees get to showcase their best qualities, they gain confidence in what they do. Satisfied employees lead to happy and productive workers who find motivation to stay with your organisation.
High talent retention rate translates to company success
With high employee turnovers, businesses need to constantly hire and train new talent, which consumes valuable company resources. On the other hand, when employees stay in your company, you get to develop your current workforce who already has a shared history with you and your business. Loyal employees give your company a solid reputation not only among candidates seeking to join your team but also among potential clients. A high employee retention rate demonstrates how a company values both its internal and external partnerships.
Making employees feel valued increases your business’s value
During meetings, allow your staff to voice out their ideas and opinions. Foster solidarity and professionalism in managing conflict by hearing out all parties involved and coming up with a solution as a team. Recognise their efforts and accomplishments, and reinforce positive behavior. You will find that making your employees feel valued is a great motivator, increasing their contributions in the workplace.
Employee empowerment leads to productivity
Collaborating with your employees in decision-making develops their skills in critical thinking and problem solving. Empowered employees are proactive, taking the initiative to improve their output and overcome challenges. Delegating certain decisions to your staff also allows managers like you to have more time to focus on other matters. And when a company has a workforce as efficient as this, expect the company’s overall productivity to increase.
Learning opportunities foster growth
Opportunities for career growth is an important factor in job satisfaction. For most employees, a successful career is built on a wealth of experiences that gives them opportunities for advancement. Allowing your staff to participate in decision-making adds to growth and development not only in their careers but also in their personal lives. An expanded mindset helps them to be open to new responsibilities, so offer a variety of seminars and workshops that will teach them new skills.
A business development plan employs sound strategies to map out continuous growth and success. Part of that strategy includes involving your employees and keeping them motivated, letting them know that they, too, are a vital part of the company’s long-term goals.