Dear Member, December 10, 2018 - 'Tis the Season for Employee Appreciation

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Dear Members:

'Tis the season, the time of year when people show their appreciation for each other. In the business world there are company holiday parties, bonuses, and gifts of appreciation to the people that make the businesses a success.  Whether you're a supervisor, manager, or business owner, if you haven't recognized it yet, your employees are the most valuable asset in your company. Smart business leaders understand the importance of investing in human capital for retention and recruitment. They get that in today's world it is a two-way street. No longer is it a one-way deal. The people you have chosen have chosen you as well. The most successful businesses understand that there is a reciprocal relationship between employees and managers. Good leaders recognize that if they treat their employees fairly, respect their personal lives, and value their contributions, in return these employees will give their best efforts to the business even through transitions and challenging times. Creating a team and work family goes far beyond the company walls; their feelings are reflected in social media, as well as projected to friends, family and beyond. Employees are key in promoting the company. They reflect the core values and principles of the company to the outside.  Ultimately, your employees are a reflection of your company's success or failure.

 
With a workforce shortage, it's hard to believe that there are still managers and business leaders operating with an outdated mentality toward their employees.  Frequently they are letting talented and loyal employees slip away as a result of not recognizing the value of human capital. Even from a bottom line perspective, mangers should be aware of the financial impact of not retaining employees. Look at the dollars to retrain and replace an employee making an hourly wage of $8.00. According to the Sasha Corporation, the replacement cost is $5,505.80, and business replacement on a salaried employee costs 6 to 9 months of that salary.
 
The financial impact alone should be enough for mangers and business leaders to adopt new methods of management and create good work environments.  Amazon is a forerunner in getting rid of toxic managers and openly embraces tactics to rid their environment of "toxic bosses". There is truth in Marcus Buckingham's statement, "People leave managers, not companies."  He went on to say, " Toxic bosses are the greatest liability to an establishment and even worse than fraud! Employees leave bad bosses and the companies that all the bad boss to thrive. A bad boss can prevent a new generation of dynamic and enterprising employees from emerging. There is nothing that kills dynamism, exterminates a 'new generation', and poisons change more than does a bad boss." He continued, " When the environment is conducive, then growth, fulfillment, and productivity are almost automatic and even inevitable. In recent times, turn-over rates in companies have become unprecedentedly appalling. When you spend so much money and resources to train your employees and the end result is their exit, then it is high time you review the leaders and managers; they might just be the reason for the unhealthy exodus!"
 
At one time or another during our work careers we have all been faced with a toxic manager; however, to hear of it in this day and age is concerning. I recently found myself counseling someone close to me who was faced with a situation with a "toxic manager".  Often, in that situation the best option might. be to leave. Eventually, the bottom line will drive the manger out or the company will cease to be profitable.
 
Remember, it's a two way street. Finding the right work family takes time. Take time this season to make your work family know that you appreciate their dedication.
 
Work hard, be productive, and above all else stay positive.
 
Peggy White
Executive Director 
Pulaski County Chamber of Commerce 
peggywhite@pulaskichamber.info
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