There are many metrics that can be taken into consideration when an entrepreneur tries to predict the future of their company. Business leaders focus on inventory, on sales, on acquiring more customers, on outmaneuvering the competition and so on but often make the mistake to underestimate the power and importance of creating a motivated and highly engaged team.
When it comes to hiring the right employees and encouraging them to work effectively as a team, many entrepreneurs miss one essential ingredient of success – promoting fairness.
Fostering a culture of fairness will give your startup huge advantage over other companies. The sense of fairness in the workplace makes the employees feel more motivated, more comfortable and much happier with the job they do, increasing their productivity and reaching better results.
Employees, who believe that the company is fair in its culture, are more likely to stay determined and focused on the achievement of the long-term goals and the mission of the business. They will be more likely to become brand advocates of the startup and more willing to go the extra mile to achieve better results.
Company Culture Audit
If you are not sure how fair to your employees is your company culture, it is time to do a company culture audit and evaluate its key points. Start by asking the following questions: How engaged your employees feel? Do they all have equal opportunities to grow and show their potential?
Do they feel appreciated and engaged in the decision-making processes that affect their jobs? Do they feel comfortable to share their feedback? Do they feel underpaid?
And a question of a significant importance – Does your company stands by the employees even if they make a significant mistake?
The answers to these questions will help you get a clearer perspective on the current situation of your company. Once you know what the status is, you will be able to take better decisions in promoting fairness.
Then what can we do afterward? Should we create new rules? Or should we create new systems that foster fairness and minimize or eliminate unfairness? Are risk-performance reward systems the best option managers and leaders have to promote fairness?
To help you get a better perspective on the topic here is a current TED talk that focuses on the particular issue. Marco Alverà at [email protected] Milan shares one significant discovery that he has found throughout his work experience – the secret sauce that made a company that he worked for much more successful than the rest in their field – fairness. This talk will give you a better perspective on why promoting fairness will help your business become better and your employees more engaged.