When discussing running a business so rarely do people talk about the importance of actually retaining their employees. Employee turnover in businesses, especially younger start ups, can lead to huge financial losses. Darius Fisher, the CEO of Status Labs, had some words to say about harboring a culture that encourages long term employment. Fisher has run Status Labs, an online reputation management company, for the past several years and he has steadily seen his workforce grow — giving his advice some merit.
The most important aspect of running a business, according to Fisher, is creating a culture at the workplace that puts an emphasis on rewarding hard working employees. Fisher believes in publicly giving positive reinforcement to employees who accomplish tasks. Giving recognition to employees makes them feel empowered as well as a part of a bigger team. It’s not enough to know in their head that they’ve done well, hearing it out loud creates a bond among employees.
Next up Fisher believes in giving goals for employees to work with. Having prizes that employees can win makes them want to work harder for that extra little bonus. No matter the prize you’ll end up having employees working hard, with goodhearted competition at the work place. Some companies like Apple will go out of their way to create huge prizes but you don’t need to do that.
Finally Fisher advocates creating a workplace full of open information. Keeping employees in the loop at work will make them feel like a bigger part of the company. This will also prevent the creation of rumors from lack of intel. Treating your employees like real parts of the bigger machine will cultivate a better company in the long run.
As you can see there needs to be a real focus on creating a communal feeling in the work place. You have to treat your employees with respect while rewarding them for a job well done. Darius Fisher knows this first hand thanks to his work with Status Labs and the way the company has steadily grown since he took over to run the business.
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