Millionaire entrepreneurs should remember it’s their employees who help to keep them in profit
Any good CEO will recognize the value of the company’s employees treating them well both in financial terms and as individuals.
The man at the top should be accessible and even if his office is at the company’s headquarters should operate an open door policy and pay regular visits to all employees in other buildings or outlets. It is a well-known fact that by staying honest, down to earth and approachable successful entrepreneurs get more from their staff in terms of performance and loyalty.
Offering above average salaries is also a way to make your employees feel valued and these result in low turnover, low training costs and higher productivity. However numerous studies have shown that money is not always the main motivator for most employees. Praise and recognition will make employees repeat their good performance. Praise can be in the form of a verbal credit in public meetings or in employees newsletters and backed up by tangible rewards such as certificates of recognition or gift vouchers.
The aim is to praise your good employees and raise the bar for the weaker ones and by doing so encourage performances that build your business.