People Are Your Secret Sauce

People are the secret sauce that will make your company great. What are the 4 things you need to ensure your team is top notch?

1. Authentic diversity and inclusion
2. Fair compensation and benefits
3. Empowerment
4. Psychometric fit

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1. Authentic diversity and inclusion

Diversity and inclusion deserve more than occasional lip service one week a year. Not only does it have a moral and ethical imperative, fostering authentic diversity and inclusion has real, tangible benefits to your bottom line.

Diversity and inclusion deserve more than occasional lip service one week a year.

Companies that display genuine ethnic, gender and age diversity appeal to a broader spectrum of job seekers, giving those companies a better chance at attracting top talent.¹ That talent is what drives your operational engine, so don't neglect it.

Organizations with 30% of its leaders being female earn 6% more in profits compared to those without female leadership (the average is only 21%).

Forbes states a similar statistic, with firms in the top quartile for racial and ethnic diversity being 35% more likely to have financial returns above the national industry mean.²

2. Fair compensation and benefits

If you pay minimum wage, can you realistically expect anything more than minimum effort and productivity from your staff? Providing fair or even above-market compensation along with a comprehensive benefits package will attract top talent who might otherwise be tempted to work for the competition.

If you pay minimum wage, can you realistically expect anything more than minimum effort and productivity from your staff?

Think of it another way. If your competition pays more and provides better benefits, what is keeping your employees from jumping ship? It won't be the foosball table in the break-room or the huge bonus the CEO got last quarter.

Compensating your employees at market rates (or better) will reduce turnover because it makes your employees feel valued in a tangible way.

There are also legal reasons to compensate fairly amongst your team, so use a compensation audit tool like APEX from eRep to ensure you are complying with legal requirements.

3. Empowerment

Employees need three things to perform at their best: purpose, clarity and feedback.

Having a sense of purpose means the team member knows that their contribution is tied to the mission and vision, that what they do matters, and is genuinely appreciated.

Employees need three things to perform at their best: purpose, clarity and feedback.

Clarity means the team members know what they are to accomplish without ambiguity.

Bonus tip: Don't move your team member's goal posts without cause or communication.

Feedback is what ties your employee's sense of purpose and clarity together by giving them the information they need to do their job at the time they need it. Don't make them guess about their performance, and provide their feedback at a cadence appropriate not only for the needs of their role, but tuned to the individual as well. Some people like frequent feedback, others not as much.

You can utilize the Performance Fuel Formula of Purpose, Clarity and Feedback with eRep's Performance Fuel employee performance application.

4. Psychometric fit

Employees who are highly aligned to the needs of their role based on psychometric fit are frequently 200% more productive than their peers, and experience 50% or lower turnover.

Conduct a psychometric evaluation — a Top Performer Profile™ — of each key role in your organization, then use the same psychometric assessment — the Core Values Index™ — to assess existing employees and new hires alike.

NOTES

[1] https://www.entrepreneur.com/business-news/4-ways-diversity-is-directly-linked-to-profitability/346229

[2] https://kgdiversity.com/impact-the-bottom-line

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Core Values Index™ and CVI™ are trademarks of Taylor Protocols, Inc.