Welcome back! 2023 is here and the DatCom Business Briefing will continue to provide relevant insights for enhancing efficiency at your business. Since we’re entering a new year and a new volume of the Briefing, this is a great jumping-on point for new subscribers.
Every week, we cover topics such as Business Efficiency, Employee Development, and Business Technology. And that is especially important right now because of the high likelihood of an economic downturn this year. Every business needs to find ways to cut costs while making wise investments for the future.
This week, we’re discussing a problem that impacts the most important business asset you have, your employees.
The Career Growth Problem at Smaller Companies
Smaller Companies tend to have the happiest employees, but one question looms for many of these workers: Where do I go from here? And it’s not only a problem for employees. It’s also a problem for business owners because it impacts your ability to retain and hire top talent.
Are the positions at your smaller company merely a stepping stone for your employees? Think about it realistically for a moment.
Beyond wages and benefits, can your workers look forward to personal success with you as their employer and leader?
Maybe you’re content that they will have fair pay and a strong resume if they leave your company for greener pastures someday. You’re a professional. You can let them go, but that’s not an optimal solution for your business.
Why not?
Well, you’re not making the most of your partnership with your employees if their best hope is to transition outside of your company. Their employment with you is a mutual investment and you should try to maximize it for everyone.
Another reason has to do with human psychology. Many extremely successful people come from small towns. In smaller places, there’s less competition and more opportunity for second chances when they make a mistake. In a smaller company, people have to take on many roles and special projects. They might not have the same credentials on paper as someone who works for a big company, but they do have unique skills and experience from doing well in a smaller company.
That’s not how things work in places like China where one academic test, the intimidating Gaokao exam, can determine a person’s level of success for the rest of their life. Imagine being in competition with every other student. It’s so daunting that some students are simply giving up.
Your smaller company is a great place for people to grow because each person is so vital. However, the problem for people at smaller companies is that they may not have as many opportunities for enhancement.
But you can do something about it.
One solution is for you to be extremely open, yet judicious, about letting them forge their own path. That means being open to their thoughts and suggestions about operating your business. You might not have clearly defined career paths at your company, but you could ultimately give them something greater: a sense of their own value as an independently impactful rainmaker.
If you do that, not only will they discover new ways to help your company be more successful, but you’ll also be developing a powerful bond that won’t be easily broken. And it won’t be based on mere sentiment. It will be a clear and rational assessment of their value. If you let them take ownership, they’ll stick around for the long haul.
Here’s another question for you: What’s your plan for how you exit your own business? If you hone your leadership style to embrace the growth of your employees, you’ll be enhancing the value of your company. And that’s going to make a big difference when you decide to sell your business or retire.
The responsibility is yours, and the changes you need to make are for you to discover. Nevertheless, there are some practical tools available to enhance your ability to cultivate the future leadership of your company.
The first tool is Data Processing Automation, or DPA. We talk about DPA all the time at DatCom because it’s glorious news for small companies looking to make a huge impact on their bottom line.
Data Processing Automation (DPA)
DPA is a tried and tested technology that has totally changed the way enterprise companies define work in recent years. And now it is available to smaller companies as a revenue-enhancing service.
DPA saves time (about 32% of work hours) and eliminates costly errors from tasks such accounting, payroll, logistics, medical coding, and preparing legal documents, just to name a few.
It’s a service DatCom offers because it’s a service DatCom uses. With tax time right around the corner, we’re not sweating because DPA saves us so much time. Your business processes are chock full of what easily automated tasks. Tasks that will be completed without careless errors 24/7.
And if you have that much time, it means you can enhance your employees and give them meaningful career growth. They won’t see your company as a stepping stone. And you won’t see them looking elsewhere.
Staff Enhancement
The second tool for creating better avenues for career growth at companies is a platform for measurable staff enhancement. It’s based on cognitive science and proven concepts of personal and professional development. Cross-training your employees in new areas and teaching them how to think like business owners will enable you and your employees to forge new paths for career growth at your company.
With these two tools, you can solve the problem of career growth at a smaller company. Not only that, but you’ll also be developing your own legacy.
We can’t think of a better way to start off 2023, a year where economic uncertainty means we all need proven tools for enhancing productivity and giving our people hope and stability.