4 Strategies to Help Your Employees Feel Ownership
Motivated employees directly add to the bottom line since they become more productive. You want to empower your employees and encourage them to take a sense of ownership in the company where they work. Here are some ways to engender those feelings in your employees.
Give Them a Voice
Thymo Metrics explains that employees who believe that their opinions are being heard feel more ownership in their workplace. Listening to your employees is one step that you can take to motivate them that does not cost you anything. Whether it is through a suggestion program or putting employees in advisory positions, they will appreciate knowing that management hears what they have to say. Then, it will feel like more than just a job to them.
Money is always one of the better motivators. Employees who are paid more when they do their job better have a pecuniary incentive to perform. This can be done in several different ways including raises, bonuses and stock options. Teknos Associates explains that recent regulatory changes have affected the price of stock options so if this your preferred course of paying compensation, make sure that you are familiar with how to account for this means of payment.
Articulate a Vision
Your employees should know where your company is heading. This means that you should share with your employees a top-down vision for what the company is trying to do and stick with it. Communication will help your employees understand what the corporate aims are, and your workers can envision themselves as part of it. Your vision should be well-planned and sharing it with employees should involve foresight. When workers know what their efforts are leading to, they will act more like owners.
Give Your Employees Freedom
Workers who feel that they have the latitude to act as professionals will be more motivated to be productive. Ivy Execs explains that this involves giving your employees the leeway to do their job with top-level guidance from the top. Once you have given your employees direction, management should give the workers the ability to carry them out with as few rules as possible. Employees with freedom feel more empowered to innovate and be productive.
You can still let your employees do their job while maintaining some sense of direction. Giving your employees financial and other incentives will give them more of an ownership stake in the company even if they are not actual owners. These are all great things to keep in mind for your hiring process.