Mistakes to avoid…
1. Assuming one size fits all. Remember that not everyone responds to the same incentives. Meet regularly with employees to talk about their jobs and what motivates them. What would they like to be doing a year from now? Five years from now? How can you make their roles more satisfying today? Lay out a plan for achieving these goals at your company. Even if you can’t make binding commitments at this p[oint, you can show people there is a long-term vision for them within the organization.
2. Thinking short term when making cuts.If conditions eventually require you to let people go, wait until you can accurately assess the big picture, then conduct layoffs in a single phase. Making cuts as deep as you can the first time will minimize the loss of morale associated with staff continually waiting for the ax to fall.
3. Ignoring the higher purpose. What motivates you and your staff to come to work every day? It’s probably not to see how much profit you can build for the company. Think about the bigger picture: Does your company provide products or services that make life or work easier, safer or more enjoyable for your clients or customers? Is your company involved in philanthropic efforts? Know your organization’s higher purpose and be sure your team members do, too.