Untapped talent costs you time and money. It slows down their professional growth and restrains your business’s competitive edge. The edge needed to be innovative, stand out in your industry, and serve clients well.
Encouraging your team to add value is a mutually beneficial practice. It enhances the value of your team, improves the client experience, reduces operational costs, and can increase revenue.
How can you work together to leverage each position, skills, experience, interests, and goals to grow the business?
I encourage you to view your team as your competitive advantage. Start with these 5 questions and use them first in a 1:1 to get unfiltered answers. Then ask in a team meeting so they can build off each other’s answers and elevate ideas.
What opportunities do they see for improvement in daily work?
What skills can they develop to increase their value? Inside and outside of work.
What ideas + solutions do they have for recurring client pain points?
What are gaps in industry they notice that can be leveraged?
What new businesses have they discovered that would align with and benefit the business?
When “adding value” is a part of your team culture it challenges them to stretch their capabilities, seek out opportunities, and contribute to building something bigger than them.
Empowering them to take the lead enables ownership for executing ideas and solutions.
Recognizing them and how their value contributed to the business reinforces a sense of purpose and makes them feel appreciated.
When done well this can create a continuous cycle of growth and improvement for the entire team.
Compensate them when ideas and solutions create a positive impact on the business. Depending on the size of the impact the reward could be a bonus, gift card, or pay increase.
The most important part is to connect the reward to the effort and outcome.
I’m a big advocate for paying people well when they earn it, by creating or adding value.
Want to untap the talent on your team? Let’s chat!
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