When it comes to improving employee engagement, you can try implementing incentives such as a raise or workplace recognition, or even try hosting events for the workplace to reward them all for such hard work. Many owners tie performance incentives and raises in pay to even better performance in the workplace. However, an important finding has recently informed managers that one of the best ways to engage employees is to share finances with them.
What Does It Mean to Share Financials?
To share the progress and success of the company with employees, managers and business owners have the potential to no longer have employees, but to have entrepreneurs. Some managers have reported seeing engaged entrepreneurs interested in making money after sharing the expected and actual profit of the company with them. There was even a company that focused on establishing a bet around the expected monthly profit in order to stay engaged.
Why Is This A Good Idea?
When an employer shares the profit and success of a company with those that they hire, this creates the idea that the employees aren’t the only ones working towards a goal It creates the idea that business owners are also in the game and are on the same playing field as the entrepreneurs. They aren’t above the employees, but working alongside the employees with a common goal in mind.
This is a great way to encourage and engage entrepreneurs to continue working without losing motivation because they see a part of the company that is usually kept confidential. They feel as if they have more of a say than they did before, making them fundamental component of the business’s success.
When employees can think and act like owners, they are given a chance to show what they’re made of. For this reason, giving them the chance to do so by changing how your employees view the workplace will encourage them to perform better. Installing financial literacy in your workforce gives them a better idea of how they can positively impact the success of a booming business and improve their already well done components of the job. In turn, it increases creativity and productivity to the fullest.