Innovation is the driver of success in the marketplace, and businesses rarely underestimate the value of new ideas. In the digital age, most innovations are supposed to be about technology. Currently, Apple, Microsoft, Alphabet, Amazon, Facebook and other digital giants are the most valuable stocks in the US market that annually collect billions of dollars in revenue. It is not a coincidence that technology gurus have become the most profitable market players. They regularly introduce innovations demanded in the global market. Similarly, businesses and economies that do not support technological innovation inevitably lag behind.
Unlike monetary and fiscal tools that may help to level the financial stress in crisis, innovation is a true remedy that can revive the economy. Once the new digital product is designed and successfully tested, it is demanded everywhere. Companies such as Toyota, Tesla, Google, and Apple lead their markets because of their know-how. We cannot imagine them without iPhone, Google glass, hydrogen vehicle, or electric car.
Technological innovation is the universal remedy against crisis for every digital company. Businesses of any kind have to be up to date if they want to remain competitive in the market. Today the leader is the one with innovation implemented, manufactured, and sold to the client. Businesses hunt for idea hamsters, especially in the digital space and technology. No turbulent times can occur if one has a couple of striking innovations in the pocket.
Work ethics is essential to retaining employees and making goods demanded in the market. A company that delays payments risks to remain without workers, and a business that relies on child labor can be easily compromised. Acting unethically is inherent to so many people, including managers and their subordinates, that we do not take it as a huge violation. However, poor ethics can drag quite serious consequences for businesses.
Most people are aware of some kind of ethics. Those working in large companies usually comply with corporate rules and face consequences for violating them. Nevertheless, so many people intentionally violate common rules because they have a few reasons to do so. First, unethical actions often bring a one-time monetary reward to the breacher. Giving away corporate know-how, employees can get extra revenue from its competitors. Exploiting workers, managers can bring extra revenue to the company. Child labor, dumping toxins, using loopholes may help companies to retain money in business but they damage the reputation of companies instead.
Unethical actions are also caused by rivalry, contempt, and superiority. Within the company, employees can compromise use each other, which drags no good to the company’s future. Anyway, sometimes they may be tempted to violate corporate ethics for their personal benefit. But employees who feel unification with their employers can hardly do that. If we truly appreciate our work and cherish good relationships with our bosses, we can benefit from it without breaching corporate ethics.
A strong organizational culture is about work ethics, the code of conduct in the company, and high corporate standard of quality. Though every business seems to be oriented at providing high-quality services to their clients, not every company builds a strong system that ensures customer and employee satisfaction. Many businesses just do their work somehow and have some profit in the end. Although, this profit could have been much bigger if a strong organizational structure was enforced in the company.
Companies with a strong organizational culture possess all essentials that matter to employees. They have a structured manufacturing and quality check that does not allow defected goods leak into retail. A strong corporate ethics binds managers and their subordinates submit tasks and make payments on time as agreed. Companies with an advanced culture engage employees to express their concerns and give ideas on how to do their work better. Workers are respected and trusted; they have enough decision-making power to perform their tasks. All these factors assure that the company will be most successful in the market. On the other hand, the success of firms with a weak organizational culture is sheer luck.
Building a strong organizational culture is as essential as purchasing raw materials or hiring employees in the production line. Organizational culture implies that the company has structured plans and does not permit any chaos in it. All the workers perform tasks successfully by default and any excess is a violation, not the norm. Obviously, companies with weak organizational culture have to cope with numerous problems all the way because they are not enough structured.
Hiring an employee, managers make sure that the applicant fits the description and can meet the demand of the organization. After that, it is the employee’s task to enjoy their work. Nevertheless, employers strongly influence employee engagement and satisfaction in the workplace. Employees engagement directly defines the revenue their company can generate, while satisfaction indicates that they can be easily retained in the job. It is crucial for employers to let people enjoy their job stimulating performance of the team at the same time.
Interestingly, top motivators for employee engagement depend on the employee-manager interaction. Trusting their team, employers give people essential freedom for making decisions. Promoting integrity, leaders put themselves at one level with their subordinates, exploring their needs and opportunities. Making room for career growth, managers make their employees strive for more than they have at the moment. Some people are also motivated by challenging tasks. Completing complex assignments, workers develop their pride and grow professionally.
An effective manager always takes care about whether employees are satisfied with conditions in the workplace or not. A person cannot be productive when they have difficulties accessing data or communicating with colleagues. As soon as an employee has everything necessary to do their work at hands and faces reasonable deadlines, they would do everything to complete the task on time and to the best of their abilities. As we can see, employees performance greatly depends on the external factors.
Employers do not wish to take all the motivation on themselves. If you have a team, you expect people to find intrinsic stimuli and enjoy their work. Nevertheless, people always want to feel valued, which is impossible without managers giving some rewards. They are not necessarily monetary rewards. Wage increase and bonuses are the best way to show that the employee is valued. However, there are other effective methods to make people want to work better.
Many companies give their employees performance-based rewards on meeting certain goals. Tough the idea is plain, it works perfectly in every kind of business. If people know that they get a bonus for working extra hours or submitting more tasks, they are always motivated to do a bit more. Some employers also set smaller goals to let people accomplish them. Tasks that are achievable over a short period of time always stimulate people more.
It is also a good idea for managers to be open to everyone. It means that supervisors can show that they are just the same team members as their subordinates so that people feel free to express their ideas and concerns. Besides friendliness, being open also implies managers describe employees their importance in the company. Showing how their performance looks on the large scale, employers make people feel valuable.
All of these methods can effectively motivate employees to work better. Though financial reward looks very important, it works best only when combined with other methods. Studies show that many employees do not cherish a high salary above all. Friendly environment and flexible work schedule also matter a lot.
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