Are employees assets or liabilities to a company?
Differentiation between the assets and liabilities is quite easy for all business owners. While land, stock, debtors can be classified as assets, creditors, loans, outstanding expenses are considered as liabilities. It’s not hard to point out the differences. But have you ever thought if the employees of a company are asset or liability? It’s quite a hard task. Well.. technically speaking employees can be regarded as liabilities as the company needs to pay salaries to them. But wait..are employees really liabilities? In its true sense, employees generate income for the company by way of working and hence they are to be regarded as assets.
So there goes the confusion. However it’s not important to know if employees are actually assets or liabilities. It depends on how they are seen by their business owners. It is possible to transform your employees into the assets of your company. Proper employee management backed with having good rapport with them will enable anyone to do so. The benefits of having employees who act as assets of the company are numerous! They will work hard to generate the income for the company which will give best results from day one. So here comes the question. How to transform employees into the assets of the company?
Here are simple tips that might help you transform employees into income generating assets of the company. Read on!
The motto of all the employees is to work towards the achievement of organizational goals. It’s also important that these employees are satisfied with the work they do. How is employee satisfaction possible? For some employees, satisfaction comes when there is a hike in salary and for some, satisfaction lies in the recognition of their work and the respect they get from their peers. You need to analyze your employees and make it a note that they are satisfied with their work. Also provide them some space to grow as an individual which will in turn motivate them to work with more dedication.
Friendly relationship with employees
No one likes to work with a grumpy boss. Everyone likes to work with a superior who not only gives them orders but also treats them with respect. Having an excellent rapport with them helps them in understanding the business goals and their role in the achievement of these goals. While managing employees, try to understand their problems and be considerate about how they feel. This will build an ageing rapport and you can rest assured you have a team of people at your back always.
Recognize employee performance
Recognizing employee performance will make your employees happy and they are internally driven to work more efficiently. Good job deserves appreciation. Patting the back of your employees when they’ve outdid your expectations will boost their energy levels. You’ll be surprised to see how happy they would be.
I must limit myself to a couple of tips as this is a blog. You can grab all the tips on how to transform employees into assets of the company in my book “16 Business Secrets” where there is a detailed explanation along with practical illustrations and analogies. After transforming your employees into assets, your business is sure to show amazing positive results!