The Surprising Reason for Low Revenue (& What to Do About It)
Have you experienced a decrease in revenue? Or is revenue not growing as quickly as you expected?
If you’re like most business leaders, when this happens you start looking into the cause, and before long, you’re blaming shifting demand, a slowing economy, or an increase in the cost of doing business.
One area you likely aren’t considering is the very place you should probably start, and that is your employee engagement. I’ve never met a CEO or business owner who thinks that he or she has a problem with employee engagement.
And yet, 85% of employees report that they are not fully engaged or are actively disengaged at work, according to a Gallup “State of the Global Workplace” report. That’s a huge disconnect between the people at the top and the people who report to them.
What’s causing this disconnect? And what can be done about it to increase engagement and ultimately raise revenue? That’s what we’re going to discuss today.
If you are a business owner – even of a very small business – or a leader at a company, it’s worthwhile to consider what raises employee engagement high. In order to do so, let’s start with the fundamentals of employee engagement.
Fully engaged employees are the ones who go above and beyond the call of duty. They feel connected to the mission of the company, they feel satisfied with their performance and autonomy, they trust management, and they believe that there are opportunities for advancement.
While 85% of employees currently don’t feel that connection to their employer, the majority of employees – especially millennials, who now make up roughly half of the workforce – want to work for companies that have values that align with their own, such as socially responsible companies, strong connection to purpose, and business models based on corporate responsibility.
So as a business leader, what can you do to drive better employee engagement?
Many business leaders don’t believe they have much sway in this area. They think employees are either engaged or they are not. They could not be more wrong.
“A leader’s impact on employee engagement cannot be overstated. It’s everything,” according to Morag Lucey, CEO of Televerde and Forbes Council Member. The attitude you exhibit and decisions you make as a leader impact the day-to-day engagement level of each and every employee and contractor.
Here are the 5 elements of excellent employee engagement:
- Connection – Are employees truly in touch with the purpose of the organization? Can they speak to its values, mission, and vision as well as the CEO? In most companies, the answer is no. Cultivate that connection to purpose by letting them experience the impact of their work, get to know customers, and collaborate across departments or teams to share experiences and meaning.
- Growth – The number one factor for millennials accepting or rejecting a job offer is opportunity for career progression, even more than salary, according to research from PWC. Communicate your potential growth opportunities widely to convey that you lead the type of company that fosters career advancement.
- Meaning – Ultimately, employees don’t care if the company Facebook page gets another like or your website gets another hit. They care about whether the work they do brings meaning – value to the lives of customers, and value to their own lives. Meaningful work means making a difference, it means knowing why you do what you do, and it means being missed when you’re gone.
- Trust – In companies with highly engaged employees, there is trust in leadership to do what is right, steer the ship on the best possible course, and oversee staff with fairness and integrity. You can increase the sense of trust among employees by “walking the talk,” doing what you say you’ll do and admitting mistakes.
- Independence – Employees want to feel as though their input and expertise matters. They don’t want to be micromanaged on every decision. One way to increase employee engagement is to bring them in on decision making. Of course, every decision cannot be made by committee, but by giving team members a voice, they feel more invested in outcomes.
Cultivating innovative leaders who fully engage employees is a top priority in the high-level skill building work we do in our Celeste Giordano Coaching Mastermind Group. That’s why members report that that they not only run their businesses more effectively, but also enjoy an increase in revenue as a result of participating. If you’d like to join the elite group of business owners and professionals in our Mastermind, contact me today.
Do you need more clients and more revenue?
I am hosting an upcoming event: Building a Legacy Business Workshop with guest speaker, Deborah Fawaz. This interactive, practical, fun event is taking place at the 1818 Club in Duluth, GA, on September 17 from 10:00 am–2:00 pm. You’ll discover:
- How to build a profitable business that serves your highest core purpose
- The 3 C’s of a “Legacy Mindshift”
- How to move from selling to serving your clients
- The science behind why a first impression matters
- The ultimate system for generating more quality leads in the new economy
- A rehearsed, confident entrance into an interview, potential client meeting, or networking event
- An understanding of how your body language affects others
- A menu of fascinating conversation starters and suggested content
- A complete styling guide: what to wear to specific events, what does color say about you, and consultations about hair and makeup
Find out more about this event that could change the future of your career here.
Celeste Giordano’s mission is to help business owners develop the skills, knowledge and attitude necessary to “DoublePlusTM” their income and become effective and inspirational leaders in their fields. Whether it’s taking your successful business to the next level or starting a new venture, she will teach you the exact skills and strategies you need to enroll more quality prospects, build a rock-solid team, and break through obstacles to achieve real profit and lasting success. Celeste is a professional business growth specialist, a master sales strategist, and dynamic speaker with 40 years experience in direct sales and managing high-performing teams.
To learn more about Celeste, click here.
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At Celeste Giordano Coaching, I work with each client to implement the strategies they’ve been missing that will enable them to break through barriers preventing them from the success they know they are capable of. Contact me today to find your future clients who just don’t know what they’re missing.