Can You Put A Price On Your People?

It's easy to calculate the value of your company's property, vehicles, computers, equipment, and other tangibles. Each item has a market value, and when you add up all of these figures you have a pretty good idea of what your assets are worth.

But these are only your tangible assets. The computers will wear out, the vehicles will face depreciation, and the equipment will have to be replaced. On the other hand, your company's team has limitless potential.

Without your people, your business is nothing. You wouldn't be able to operate for a single day without your valuable employees, so it's imperative that you learn to manage your people well.

It's in your best interest to help each person in your organisation to help each of your employees to develop their skills and find satisfaction in their work. What can you do to help your employees to develop their potential? 

 

Develop a Clear Vision and Firm Goals

Without a clear picture of your company's goals and how each person fits into that vision, your employees can start to seem like (and feel like) tangible assets. If your employees are showing up each day and completing a task that feels irrelevant, they won't ever develop their potential or feel that they're making a difference.

One way to avoid is to have a clear picture of what success looks like for the employee, the team and the company. When employees understand the big picture, they can recognise their value and be able to innovate in ways they never could without a clear-eyed view of your company's mission.

 

Create an Effective Organisational Framework

Do you have a formally defined framework? Do people understand the relationships, rights, and responsibilities inherent in that framework? Creating clarity around these issues allows people to explore their jobs to the fullest without stepping on toes or shrinking into a smaller role than is necessary.

 

Provide Training and Coaching

Your human capital can do something that your vehicles and equipment can never do: they can learn new things. One of the first things your new hires should learn is the clear vision we talked about earlier and how they fit into the big picture of your company. But if you want to keep your employees actively engaged in their careers and your company's success, you need to provide them with training and coaching on a regular basis.

Burnout can lead to high turnover in an organisation, but when employees are provided with ample opportunity to learn new things and advance their own careers, they seldom burn out. Conferences, online classes, and in-house training can all keep employees engaged, learning, and eager to apply their new skills to their jobs. 

Without people, businesses are nothing, so don't take your employees for granted. Give them a clear vision, an effective organisational framework, and the training and coaching they need to grow and stay actively engaged.