Family Support is Key for Succession in a Family Business

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Running a successful family business inevitably comes to a critical decision – how to continue the business when the current business owner decides it is time to retire and step away? Some decide to shut the business down

Others sell it to an outsider. Still, others decide to groom a family member to take over, but this can be fraught with risk if the young person turns out to not be interested, prepared, or the right fit.

Ready for a Change

Virenda Gupta found himself in a critical decision place when he was ready to enjoy the rewards of his own hard work building his property tax consultancy. Founded in 1986, RETC was a well-run operation that had taken years and years of dedication, especially in the highly technical accounting world of tax advising. But it was time for Virenda to travel, see family, go back to his historical home in India for visits, and reap some rewards for a change. However, RETC needed to still be managed and directed.

Positioning for Success

Virenda’s son, Amish, had initially brought up the hard topic, but both men were engaged and ready to really address the matter on all the key topics of compensation, authority, and ownership. Because they were willing to take it seriously, Virenda and Amish were able to craft a functional and working succession plan, ensuring RETC was positioned to continue for decades to come. And this was a key shift that is essential for family transition; if the current owner cannot envision handing over the reins, the succession discussion with a family member almost always ends in frustration.

Virenda’s willingness to work towards succession is not common. In fact, only one out of three family businesses make it to a second owner generation, and only a little more than one out of ten make it to a third family generation. Beyond that, the figure gets down to a single percentage digit below 5 percent. However, some of the greatest resistance is manageable; owners have to get past their role of making all the decisions leading to success and let someone else step forward. And that includes making mistakes. Planning is a key aspect, and smart owners start well ahead of a succession date, grooming potential family replacements years before. There is no 24-hour decision-making in this approach.

Proof Beyond Just Being Family

Virenda is lucky; his son wants the leadership role and is qualified. In almost one out of two cases a non-family member is more qualified to take the leadership role instead. Virenda made a key step to ensure his family was prepared. He chose his son as a potential successor after Amish had proven himself capable doing the work. He then let Amish work elsewhere and earn his stripes versus being protected internally due to just being family. Virenda then had to convince Amish to come back and take the role versus staying on the lucrative path he was already on with big corporations. That meant providing a real path and share for Amish instead of just a figurehead position.

How to Do it Right

Experts are in agreement on the key points of family success:

  • Don’t pressure kids to take on a role they are not prepared for.
  • Take on the tough conversation of succession and embrace it honestly with every detail.
  • Get children involved early, foster their interest and love for the business, and then make sure they have all the training needed.
  • Work as a team with everyone having a vested interested in the business’ success. Ownership is personal and drives people to commit.

Virenda is now enjoying travel and time to relax in his retirement, and Amish is fully-engaged in his role as RETC’s leader. Their story is both a case study of what’s done right in a family business succession as well what it takes to prepare for that moment.

 

 


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Keeping Employees Engaged During the Dreaded Month of January

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Returning to work after the fun and
exciting Christmas season can feel like
an uphill battle. If you really want to keep
your employees happy, healthy, and engaged during the dreaded month of January, there
are a number of essential things to keep in mind.

Encourage Your Employees to Spend Time Outside

Part of the reason why January is so terrible for so many people comes down to SAD, or “Seasonal Affective Disorder.” It’s a very specific type of depression that relates to changes in the seasons and is often brought about by how cold and dreary January has a tendency to be.

The key to combating this is, thankfully, a simple one – encourage your employees to get outdoors as much as possible. Take them out for lunch at that great new restaurant down the block and insist that you all walk there. Get as much natural light into your workplace as possible. Even getting just fifteen minutes of quality sunlight exposure every day can have a big impact on their mood and their productivity.

Along these same lines, consider starting an exercise program at your office in the new year. Not only will this play an important long-term role in keeping your workforce as healthy as possible, but this type of physical activity will also go a long way towards combating SAD head-on.

Encourage Frequent Breaks

It’s important to take an active role in the work/life balance of your employees during the Christmas season, particularly when their attention is being pulled in so many different directions at once. Guess what? This idea doesn’t stop being any more important just because the calendar now says “January 1.”

Look for any opportunity that you can find to give people a bit of a break from the important tasks at hand. People always need to recharge, but this will become especially important during January and the rest of the cold winter months of the year. Make sure that people are getting out of the office and home at a decent hour, too. Once again, you may think that pulling long hours will help productivity in the long run, but all you’re doing is compromising the quality of the work that people can provide you.

While it’s true that nobody (yourself likely included) likes to return to work after the fun of the Christmas and New Year season, it isn’t as bad as you probably think it is. Indeed, so much of keeping employees engaged during January comes down to a matter of perspective – one that you can fully control just by remembering tips and tricks like those outlined above.

 


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Never Underestimate the Value of Good Relationships

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Tattly was started almost on accident. Design blogger Tina Roth-Eisenberg was looking at the temporary tattoos her daughter received at a birthday party, and was disappointed by the uninspiring fake tattoo designs available. She had many talented artist friends due to an artistic coworking space she’d recently founded. Bringing these folks together to create a new product seemed a natural fit.

Soon after, she had a range of high-quality temporary tattoo designs that she was offering for $5 a piece. In addition to artists from the coworking space, she solicited work from artists who she knew online through her popular design blog.

Two months after beginning work, Tattly launched with 16 designs. The company has grown quickly, with their designs showing up everywhere from high-end retailers like Macy’s to the Tate Museum and the gift bags at the annual White House egg hunt. Over 8,000 retailers now carry Tattly temporary tattoos. Roth-Eisenberg’s success is due as much to successfully leveraging her relationships as it is to her innovative ideas. A few of the ways she made her relationships count:

Look for new ways to leverage relationships.

Like most bootstrapped companies, Tattly was running on a very small margin. Roth-Eisenberg provided the first $15,000 in funding from her own pocket. However, she ran into issues when she realized that she was out of cash to actually print the tattoos.

To solve her cash flow problem, Roth-Eisenberg reached out to a contact and asked if they’d like to sponsor the first “bonus” Tattly, a free temporary tattoo that would ship with every sale. Her partner was enthusiastic about the opportunity. With the advance, Roth-Eisenberg was able to pay for the first printing of her tattoos.

When you are considering a new direction, always remember what your current contacts do besides the business they do with you. You may have opportunities that you never thought of.

Show support to the ones who support you.

Too many platforms and businesses undervalue the creative talent that helps them find their success. Tattly has formed strong and loyal relationships with artists from all over by providing a healthy commission on every one of the tattoo designs shown. At the time of this writing, the company has paid out over $1 million in royalties to artists. Because of this, Tattly has attracted over 120 talented designers.

Let your fans be your ambassadors.

When Tattly started, the company did not have a budget for promotion. However, Eisenberg’s existing following from her design blog provided a huge boost. Her social media following worked like a built-in PR and marketing engine. Tattly’s influence only grew as proud followers shared the eye-catching designs. This was enough to quickly draw the attention of wholesalers who were happy to carry the bright and fun pieces of art.

Have confidence in your relationships and provide as much value as you seek. Through this and some creative thinking, you can make opportunities not just for your business, but for all of your potential collaborators.

 

 


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Customer Service in Action – A Personal Touch

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Customer service is never more important than when something goes wrong. Your actions can either win your customer back, or it can cost you that customer for life.

Nobody knows this better than Amazon, who has built a massive reputation for fast and reliable order fulfillment. Through their consistent excellence, they’ve completely changed the retail industry. But what happens when mistakes are made?

Overcoming Mistakes

As a general rule, Amazon offers their Prime customers a free month of their Prime service if a package doesn’t arrive by its guaranteed delivery date. That’s about what you’d expect them to do, right? Amazon has been known to up the ante, though, when bigger customer service problems exist. For instance, an expected December 24 delivery that was late prompted Amazon to provide a personal phone call with a sincere apology, not to mention a $20 credit that could be used on a future order – and this was before the customer even reported the issue! A missed Christmas deadline didn’t lead to anger and fury; instead, it only yielded even deeper customer loyalty. And it’s all because of the personal touch that’s all too rare in today’s automated world.

Back Up Your Promises

The Amazon example rings true in several ways. On an immediate level, the message is simple – even when customer demands put a strain on your resources, you still owe it to them to exceed their expectations. If you’re in a position to make guarantees to your customers, you’d better have a way to meet those deadlines. And, just as importantly, you’d better have a backup plan in case those deadlines can’t be met for any reason, even if those reasons aren’t necessarily your fault. That backup plan, it goes without saying, shouldn’t include only reacting when you have something to lose.

Add a Personal Touch

But there’s a bigger takeaway from Amazon’s customer service. Yes, businesses typically go all out when a customer’s patronage is at stake. A smart move, to be sure. However, it’s also a good idea to take elements of that full-court press and incorporate it into your everyday approach.

Consider the example of DDP Yoga, a fitness program with a loyal following and that has an appearance on Shark Tank to its name. To this day, owner Diamond Dallas Page calls a handful of new customers each day to personally welcome them to the program and answer any questions they may have. As a result, those customers have a more personal connection to the product, and they’ll be that much more likely to stick with the program and refer it to others.

You might not have a fitness program to sell, and you might not have the resources of Amazon. But there’s no reason why you can’t do a little something to delight your current customers. A personal phone call or a handwritten note is all it takes. By taking these measures of your own accord instead of in response to something you’ve screwed up, you’ll encourage a great deal of loyalty from your customer base.

All They Really Want

At the end of the day, customers don’t ask for much. All they want is to know that your business cares about them as people, and not just as dollar signs. Using a personal touch can help you to achieve this to great effect. If big businesses like Amazon can execute this strategy perfectly, what’s your excuse for not taking action?

 

 


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A Blockhead Digital Character Shows 4 Ways to Do Marketing Right

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Stampy Longnose.

It’s not the kind of name that immediately translates visions of millionaire status or successful CEO personas leading fast-moving, highly successful companies. However, this moniker represents one of the most prolific and successful YouTube operations based on the concept of entertaining kids with Minecraft stories and humor all while generating real-time dollars in advertising income monthly. The marketing approach is one of the most effective used online today.

Simple Equals Incredible

Stampy Longnose, otherwise known as Joseph Garrett of Portsmouth, U.K., in real life is a young fellow in England at the ripe age of 23 years. He currently brings in a respectable gross income of 200,000 British pounds a month creating cartoons of his video game adventures in the world of Minecraft. The game itself is extremely simple to play, like an electronic world of toy building blocks, and the tools used to make the videos don’t require rocket science either. However, Mr. Garrett has managed to generate an incredible following online which in turn has created a viable advertising channel that he then monetizes for access to Mr. Garrett’s audience.

The marketing approach is grassroots and simplistic as well and can be broken down into four steps.

1) Have a recognizable and distinct voice that people remember.

Mr. Garrett’s online voice as he moves across the screen with his character is so different from his normal conversation that he easily translates into a memory-sticking character that then makes it easy to attach a brand to. Mental stickiness is a key factor in customer reception of brand development.

2) Have lots of content and be a good storyteller.

If you can’t tell good stories, find someone who can. Particularly for online marketing, a library of content is a must. Viewers don’t stop with one video; they want to consume and consume a lot. In fact, many of Mr. Garrett’s young viewers are so enamored with his Minecraft stories, they would rather watch his videos than play the game (shocking!).

3) Don’t do it alone.

As soon as the Stampy Longnose idea became a hit, Garrett built a solid team of helpers who provided additional characters to work with as well as give hands-on support with production. It’s not easy to write a 20-minute humor dialog that will appeal to a 9-year-old, but that’s the goal and to do it 100 times or more each month.

4) Don’t stop with a good thing; diversify!

The various characters of Stampy Longnose have also included Stampy the Cat, Stampy, Stampylonghead and so on. Each one of them is now fertile ground for additional merchandising for Mr. Garrett. The production potential is so big, he has now branched across the pond and set up shop in Los Angeles to partner with additional revenue ideas based on the original online Minecraft characters Garrett created. Subscribing to the maxim that good ideas don’t stay good or unique for long, Mr. Garrett is actively seeking new venues for his entertainment product and audiences not yet familiar with his funny way that makes kids laugh.

What Do You Want to be When You Grow Up?

So, when you ask your young child tonight what they want to be when they grow up, don’t be surprised if he or she says a YouTuber instead of an astronaut or scientist. Given Mr. Garrett’s example above, more up and coming business owners should be looking at what worked for the online star and why they aren’t doing the same things to achieve marketing success with their customers.


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How to Inspire Those Around You Like the True Leader You Were Meant to Be


Even business professionals with the best of intentions often make the mistake of assuming that solid leadership is about one thing and one thing only: delegating responsibility. You’ve worked hard your whole life and you’ve ascended through the ranks – now is the time when people should start listening to what you have to say, right?

Yes, but not in the way you think.

You’re the Inspiration

In truth, employees shouldn’t be doing what you say just because you’re the one saying it. They should be following your guidance because they want to, they’re inspired to, and if given the opportunity, they’d be steering that proverbial ship in the same direction that you’ve chosen. To get there, though, you’re going to have to do more than just bark orders. You’re going to have to inspire. Here are a few key things to keep in mind when trying to inspire others.

Leaders Who Inspire Support Their Employees in More Ways Than One

One of the most common traits among leaders who inspire their workforce is that they tend to support their employees, both personally and professionally. After all, everyone wants to have meaning in their lives and wants to be encouraged to follow their passions.

To help support this, you need to create an environment where learning is encouraged and where everyone feels like you have your own personal interest in their success. You need to be a leader that fosters development – someone who looks for and utilizes every opportunity for a person to take a positive step forward. Doing this won’t just inspire pride in one’s work, it’ll go a long way towards inspiring loyalty, too.

Inspirational Leaders Set the Tone

Another essential trait that you’ll need to focus on to both inspire those around you and to become the true leader you were meant to be is to lead by example. This goes far beyond just “treat others how you want to be treated.” You need to show that you’re willing to do what you want others to do, too. Never ask someone to do something that you would never be willing to do yourself. Don’t be afraid to get in there and get your hands dirty, so to speak. If you want your team to put in long hours and work hard on that next big project, you have to put your money where your mouth is and show that you’re ready and willing to do the same.

Inspirational Leaders Value Trust Above All Else

A truly inspirational leader knows that human beings are exactly that – human. The road to success isn’t going to be an easy one and if you aren’t willing to trust the employees around you, they will soon recede into their comfort zone. They’ll quickly start to feel like the risk of stepping outside that box isn’t worth it and that the environment they’re spending so much time in just doesn’t support them in doing so anyway.

By trusting your employees (and being willing to accept that not every challenge is a simple one to overcome), you’re creating a situation where people are more willing to take on challenges and risk any failures that come their way. You need to show people that even if something goes wrong, you believe in them and that you have their back. You need to make them believe that even when they have a setback, you’ll still be by their side, urging them to move forward. Rest assured, at that point, they will.


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Wish You Were More Productive? Try These 3 Tips!


Being productive means making room for the things you really want and uncovering new and innovative ways to work smarter, not harder. Thankfully, it’s a lot easier than you probably think it is. If you want to become more productive, here are a few key traits you should focus on.

Take Frequent Breaks to Recharge Yourself

Although this may seem a bit on the counterintuitive side, studies have shown that taking frequent breaks throughout the day help to recharge yourself. Our “biological clock” has two basic forms that are dictated by our natural twenty-four (circadian) rhythms and our shorter than a day, but longer than an hour (ultradian) rhythms. Our ultradian rhythms essentially function in 90-minute intervals. This is why it’s so easy to go from “firing all cylinders” to “boy I need a nap” and back again throughout the course of your work day.

Remember that managing your time and managing your energy are not mutually exclusive. Taking breaks will help get you over the hump and allow you to come back better and stronger than ever.

The Results Are All That Matters

In a piece originally published by Forbes on how to be a more productive manager, it stated how one of the key traits to focus on is leaning into the results, not the process. One of the reasons why we often feel overwhelmed at work is because we’re just not getting the results we’re after with a particular task. This causes our productivity (and as a result, our morale) to take a nosedive.

Because of this, it’s important to make your number one priority a high-quality, consistent, and reliable output, rather than simply trying to do as many things at the same time as possible.

Discipline, Discipline, Discipline

According to the experts at PsychCentral.com, one of the essential things that you can do to become more productive at work is to maintain a strict sense of self-discipline at all times. Highly productive people aren’t just able to eliminate tasks that are ultimately time-wasters – they also have a high degree of personal responsibility and are constantly looking for ways to improve themselves, both of which fall back under the distinct umbrella of discipline.

Hitting goals, meeting deadlines, fulfilling promises – these are the true goals behind that task you’re trying to find the time to accomplish. Maintaining focus on these through strict self-discipline is the perfect way to suddenly find more time in each day.

These are just a few of the key traits that you can focus on to instantly become more productive at work. This was the good news – the better news is that gains like these in your professional life will undoubtedly have a ripple effect on your personal life, too. You’ll be happier at home, and you’ll have more time to spend with your loved ones. It really is a win-win situation.


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Veterans Use the Internet to Expand Skill Set and Boost Income

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As a war veteran, Shane Thomason knows firsthand what it feels like to experience victory in battle. After being home for nearly ten years from the Iraqi War, Thomason now spends his time giving back to the community and expanding his occupational skill set via the internet. Owning more than 250 websites, including RandomVeteran.com, Thomason enjoys working from home and has found much success in being able to sell unique t-shirts and other novelty items online.

Thomason isn’t the only veteran taking advantage of the internet to boost his annual income. There are veterans located all across the globe who sell items and services online as a way to supplement their earnings, and for many of them, they simply do this for the same reason Thomason does — to pass the time and keep their minds occupied.

A former civil engineer for the US Navy, Zachary Scheel, says, “Veterans are comfortable operating in high-pressure environments that are changing rapidly, where they’re constantly forced to make decisions with incomplete information.” And while many common internet users may not think of the online world as being high-pressure, Thomason is sure to tell you different. From selling websites at exactly the right moment to creating content on a consistent basis, operating businesses and sites online is a full-time job that requires much attention, and more so, much intelligence.

There are many skills learned through the military and overseas that can be used in business. Six of the most valuable skills veterans can carry over from the battlefield are integrity, dependability, sharp decision-making, the initiative to go above and beyond, tenacity, and adaptability. The capability to take advantage of technology is also another skill that veterans are familiar with, making them all the more apt to find success. Whether it be learning new software or performing website coding, veterans often have a knack for training themselves.

Thomason wrote articles for his local newspaper, the Grayson County News Gazette, while serving in Iraq, which greatly improved his ability to write and has translated into an exceptional skill for being able to create web content, including home pages and product descriptions, which he uses to sell t-shirts and other items on RandomVeteran.com.

One of Thomason’s most valuable pieces of advice to other veterans who are considering using their skills for work is not to become a recluse. Thomason says, “helping the community by being actively involved is the primary way I am able to sustain peace in my life. Sure, working from home is great, but getting out in the community and working with the children and other veterans is what keeps me moving forward from one day to the next.” Thomason is the Commander of American Legion Post 81 and spends a great deal of time giving back to his community when he is not working.

Generating business is simple when veterans take advantage of the existing skill set that they acquired while serving in the military. Veterans can also find an abundance of resources available to them. From online training courses to website builders, many of these resources are available free of charge because they have served in the military.


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3 Easy Time Management Tips: How to Create More Hours in a Day

Time Management
The one natural resource there never seems to be enough of is time. There are only so many hours in a day. You don’t need to wish that tomorrow will suddenly be a 35-hour day to get all of your work done. Instead, you need to start using a few small, yet critical, time management tips today to work smarter, not harder, with the hours that you DO have available to you. Here are three tips to get you started.

1) Learn How to Travel Productively

These days, a significant portion of your work probably isn’t taking place within the confines of your office. Whether it’s meetings with clients or unexpected personal issues, you likely find yourself stepping away from your desk more and more. The key to time management isn’t learning how to keep up with your obligations in spite of these sudden duties. It’s learning how to fit in work time around them.

Even if you don’t have a mobile tablet that you carry around with you wherever you go, it’s still easier than ever to work remotely. If you’re not already using a cloud-based file sharing service like Dropbox or iCloud, you need to start. Changing a document on your work computer makes those adjustments instantly available to every other device you have. Likewise, services like Dropbox for Business allow for real-time collaboration on files, letting people get together to work on a project even when they don’t have the time to literally “get together” at all.

Remember, the smartphone that you likely carry around with you is more powerful than the technology that NASA used to send men to the moon in the 1960s. There are hundreds of thousands of apps that are available in the iTunes and Google Play app stores right now for you to use to customize that device in any way you see fit. Stop thinking about it like a device that you merely use to send and receive calls and start looking at it as your office on-the-go.

2) Hold Better Meetings

Meetings are just a fact of life. But one of the many reasons why people tend to dread that weekly “catch-up” gathering is because they’re huge drains of productivity. The answer to this problem isn’t to stop holding meetings altogether; it’s to start holding better meetings.

Think long and hard about why you’re having a meeting. If it’s just to convey information, you could probably save everyone a lot of time and just send a lengthy email or inter-office memo instead. A meeting should always justify its existence. If it doesn’t, it needs to drop off the schedule. Likewise, plan out an agenda for your meeting ahead of time and stick with it. Make sure everyone who needs to contribute knows what is expected of them before you all walk into a room, giving everyone a chance to be as prepared as they need to be.

3) Get Organized and Stay That Way

Again, time management isn’t about finding more hours in a day; it’s about working smarter, not harder with the hours you already have. One study estimates that as much as thirty percent of our working time each day is spent looking for misplaced items. It stands to reason that if you never feel like you have enough time to get things done, the true issue might just be that you need to take a look around and organize your life more effectively.


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The Importance of Employee Appreciation (For Morale)

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As a hard worker, you want to be appreciated. This is simply human nature. We all want to feel our hard work is noticed and appreciated. After all, it only seems fair to be at least appreciated for giving your blood, sweat, and tears to make a profit for your employer. As an employer, you need to understand the importance appreciation has when it comes to the morale of your workplace. Appreciation is a huge aspect of a healthy, thriving workplace environment.

The Data Proves The Importance of Appreciation

A Chicago Tribune survey asked 30,000 employees who enjoyed their job why they loved their work. The most common reason cited by these employees was, “I feel genuinely appreciated at this company.” This data shows what we have been talking about, showing appreciation matters. Making people feel like their efforts at work make a difference is important. The next step is learning how to communicate genuine appreciation without it coming across as fake.

What Appreciation is Not

Just because your goal is to show your employees the appreciation they deserve doesn’t mean you will automatically know how to go about this. There are a few clear ways not to go about showing appreciation, though. For example, don’t just depend on your employee recognition program to do the job. Appreciation at Work found that around thirty to thirty-five percent of employees don’t want to go up in front of a large group and accept an appreciation award anyway. Therefore, even though an event created to show appreciation is well intentioned, it can backfire and create an adverse outcome. Often, even if a person doesn’t mind going up in front and receiving such an award, the certificate or gift they receive feels impersonal. Generic, group-based awards don’t feel genuine in many cases, so employees don’t find this as motivating as true appreciation. Besides, saying one positive thing about an employee in front of a group hardly makes up for an entire year ignoring all the extra work an employee is doing.

What Authentic Appreciation Looks Like

Of course, money always talks, so giving out bonuses, gift cards, or other monetary rewards is an excellent way to show appreciation. However, don’t be fooled into thinking that your employees only want to receive financial rewards. They also want to hear how appreciated they are on a regular basis. Keep in mind that appreciation doesn’t have to be something you say, it can be something you don’t say. For example, if your employee works extra hours all the time and they have to take off to handle a personal situation, don’t give them a hard time because they are out of the office for one day. This only makes them resent being at work and in turn, makes them a less productive employee who will eventually start looking for work elsewhere.

Remember, don’t act like your reward for their hard work or their paycheck is a gift. You aren’t giving them a gift. You are simply paying them what they are owed. Look at bonuses the same way. It might seem like “extra” to you, but to your employee, they feel they have worked hard to “earn” that money by working extra hours or taking on additional responsibilities.

Creating a workplace that shows appreciation is necessary to keep employees happy and loyal. The saying, “an employee who feels appreciated will always do more than is expected” says it all. Although your employees are getting paid for services rendered, they are people who want to feel like their efforts matter to the company. This is a crucial piece towards creating healthy morale in the workplace.


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