Partnership brings a sense of ownership and passion to work. Create employee partnerships for a committed and loyal workforce. Read on to know more about this emerging concept.
It would be right to say that employees make or break a business. The efficiency and productivity of the business lie on the employee’s shoulders. They also have a big say on customer satisfaction and retention.
So, how can an organization keep its employees happy and maximize their employee potential? The ideal solution is to convert the job into a passion.
But it is a tough task and the traditional methods like regular performance appraisals, SMART goal settings, and team-building activities might not serve the purpose. Today’s workforce requires more motivation and engagement.
The growth of the millennial workforce and the availability of endless employment opportunities changed the landscape considerably. Companies are looking for novel ways to increase employee engagement and productivity. Employee partnership is one such concept that is fast gaining acceptance for its impact on transforming employees into owners and assets. This strategy can create a shared purpose among the employees and motivate them to put their best towards the common goal.
Employee partners – what are the benefits?
A partner shoulders the responsibility of the undertaking and shares the risks and profits while an employee executes the assigned tasks and meets the performance standards in exchange for the compensation.
So, which is the ideal choice for a company? It is the partner because of the unparalleled benefits he can bring to the business.
When employees are treated as partners it creates long-term commitments. They are more loyal and form stronger ties with the company. This would reduce the high attrition levels and the associated costs.
Partnerships increase engagement levels and thereby improve performance at work. The sense of ownership brings the willingness to stretch and make things happen. It also improves creativity and innovation as the employees feel free to express their opinions and also develop a personal interest in the organizational objectives.
An atmosphere of partnership leads to the employees identifying with the profit and losses of the business. They would be willing to take lower pay during downtimes without any resentment since it is their business as well.
How to develop employees as partners?
Here are a few useful pointers to help you create employee partnerships in your organization.
- Include all employees in the partnership model – The idea of a partnership should be communicated to all employees from top to bottom. It shouldn’t be restricted to performing employees or top managers. This would be a sense of respect and confidence in the entire workforce.
- Educate the employees on the mission and vision of the organization – Each employee should have a clear understanding of the company’s mission and vision. They would connect better with the organization when they can align their tasks with the organizational goals.
- Acknowledge their expertise – Employees know the ground situation better than the leadership. Acknowledge this and be willing to listen to their feedback on all decisions. Many times management hesitates to seek help or advice from the staff. However, involving them in the decision-making process would increase their sense of ownership. Besides, the organization also gains from the vast expertise they have from handling the customers. They have a better understanding of the customer pain points and could offer innovative suggestions.
- Share profits for achieving the goals – Establish a common goal at the workplace that aligns with the overall organizational goals. Each employee should have clarity on how his task affects the common goals. This would encourage them to work in unity. Offer higher rewards such as a share in profits for an excellent performance.
- Contractual agreements – You can start the partnership model through contractual agreements such as performance agreements or long-term value sharing plans. The employees who opt-in for such agreements might have to forego the annual incentives and regular perks. However, they would be rewarded higher with a share of the company’s profits.
The concept of creating a sense of partnership among the employees is still in its nascent stages. However, it is a powerful tool to transform the employee mindset, create a sense of ownership, and convert them from workers into true assets. Progressive organizations should introduce partnership into their workforce to reap its many benefits.