Join Eddie Davila for an in-depth discussion in this video Managing employee relationships, part of Business Foundations.
- Do you love where you work? Whether the answer to the question is yes or no, the more interesting question is always why? Why do you hate or love your company? Let's look at some of the common issues that motivate us to love or hate our company. In some cases, we just don't like what we do. Tedious work, simple work, repetitive work, interacting with angry people, delivering bad news to good people.
Those types of jobs numb our brains and they hurt our soul. Nonetheless, these jobs exist and in many cases, these jobs are required and often, the people in those jobs know this. Still, in return, they want to be told that their work is appreciated. They want to know the company is working hard to make their jobs easier whenever possible. The place where you work can also impact your psyche. People love clean, modern, and safe workplaces.
They want a good balance of interaction with coworkers and also areas of privacy. Lighting, furniture, technology, the neighborhood, the restaurants, transportation options, the lunchroom. All of these things can make coming to work each day harder or easier. And while a company can't give you everything, employees appreciate when the company improves the work environment. There are many ways to pay employees. Hourly wages, annual salary, sales commission, year-end bonuses, stock options, signing bonus upon hiring.
Each of these has its own pluses and minuses for the employees and the company. Some companies and employees want minimal risk. Others prefer to motivate workers based on their recent performance. So it's important to remember that some employees might prefer an annual salary, others might want the risk and rewards that come with getting paid on commission, and perhaps others would like some combination of the two. Perhaps employees desire some personal benefits. Medical insurance, retirement packages.
Is the company willing to take care of your family? Will they take care of your significant other? Will they assist with education expenses? Can you work from home? How much vacation will they provide you? Perhaps they have free food and beverage in the office. Can you bring your pet to work? Free shuttle to work or how about valet parking? Perhaps they have a fitness center in the facility. There are so many possible benefits a company can offer. Again, though, while some employees may love all of these benefits, others may trade fewer benefits for more pay.
For some employees, job security is of vital importance, especially for employees with families. A long term contract and a steady wage may be better than wondering if they'll still be able to pay for food and shelter next month. And while long term contracts may not be possible for everyone, when an employee knows that they work at a company that values stability, cares about employees and their families, and understands when workers need time off to care for themselves and a family member, that type of commitment and loyalty to employees is something that can create a special bond between the company and their employees.
Finally, the very best companies want employees that are always getting better. Why? Because some employees get new jobs, some get promoted to better jobs in the same company. Eventually some folks will retire, and on occasion, someone needs to be fired. Because of this, companies must develop all of their employees such that when someone leaves, someone else is ready to take over. And by educating and mentoring employees, exposing them to new projects and giving them promotions, the company earns the trust of their best employees.
So let me ask you again, do you love where you work? Hopefully, now you not only know the answer, but you also know why. Developing a satisfied work force is tough to do. If you love your company, hopefully now you appreciate how truly special your company is.
He also reviews the basics of the people side of business: managing employees and developing customer relationships. Last, he covers the financial and information management aspects of business and provides a basic explanation of economics, so that you can understand the relationship of your business to the bigger picture.
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- Understanding business goals, stakeholders, and resources
- Developing a product or service
- Selling a product or service
- Raising capital
- Managing employees
- Managing customer data
- Understanding finances
- Managing resources
- Understanding economics