Lesson for SMEs in leadership: Don't disregard staff well-being

 Lesson for SMEs in leadership: Don't disregard staff well-being

Ignoring the well-being of your employees is not just a moral failure, but it's also a calculated mistake with potentially disastrous results. Leaders that prioritize the wellbeing of their employees make investments in the long-term success of their businesses.

Ignoring the well-being of your employees is not just a moral failure, but it's also a calculated mistake with potentially disastrous results.

All leaders make mistakes sometimes, but what distinguishes them from one another is how effectively they own up to and learn from their errors. Taking staff well-being for granted might result in serious leadership errors. But its significance is often disregarded.

Leaders that disregard the well-being and happiness of their employees run the danger of experiencing not just decreased engagement and productivity but also harm to their reputation and financial losses.

There is a kind of knock-on effect. Neglecting the well-being of employees may have a series of negative consequences. Stress, burnout, and disengagement at work increase in frequency, which lowers output and increases absenteeism. This ultimately results in financial losses for the company as hiring and training expenses climb.

Employee burnout and mental health problems have been reported on several occasions as a consequence of the hard and often stressful work environment in India's IT industry.

Do you recall the Infosys employee who killed herself, purportedly as a result of stress at work? The event spurred discussion regarding the need for improved employee initiatives and the work culture of the sector.

Walmart, the company that now owns Flipkart in India, has been embroiled in a number of scandals involving the way it treats its workers, including poor pay and insufficient benefits. Negative press, employee protests, and even legal challenges have resulted from these concerns.

There are many instances of businesses of all sizes disregarding the welfare of their workforce. How can leaders make this mistake right? Such errors are always corrected by competent leaders using a variety of strategies and tactics.

For SME owners to think about, here are some instances from real life:Create a welcoming workplace atmosphere

For instance, Google is renowned for its culture that prioritizes its workers. Benefits include gourmet meals, flexible work schedules, and health initiatives. Google executives recognize the value of a happy workplace, which has increased worker happiness and output.

Make work-life balance a priority.

Consider Microsoft Japan, which tried a four-day workweek as an experiment to improve work-life balance. It had a forty percent improvement in output throughout the study.

assistance for mental health

Through the "Mental Health Allies" program, which Unilever had launched, staff members may get advice and assistance from mentors and specialists. This strategy encouraged employee wellness and lessened the stigma associated with mental health problems. A top HR leader's purported suicide attempt served as the catalyst for this.

Development of professionals

In this sense, GE's Crotonville Leadership Development Center is a legendary example. They make investments in leadership development, giving staff members chances to advance and learn, therefore improving their general well-being.

Given the strain that previous CEO Jack Welch held GE workers under with his strict performance review procedures, the employees needed this.

welcoming workplaces

Salesforce is well known for its dedication to inclusiveness and diversity. The business aggressively addresses racial, gender, and sexual orientation concerns in order to provide an inclusive work environment that promotes employee health. The increased healthcare expenses in a year when they were named the greatest business to work for served as the catalyst for this.

Frequent dialogue and feedback

The "check-in" method that Adobe uses in lieu of regular performance assessments causes stress in the majority of workers. This technique enhances the connection between employees and managers as well as general welfare by encouraging frequent contact and feedback.

Equitable pay and benefits

Costco offers a wide range of perks and pays its workers salaries that are much greater than those of most of its rivals. Although compensation isn't always the ideal option in most situations, this strategy may lead to a more motivated and satisfied staff.

According to Jeff Pfeffer, my great colleague at Stanford, it is not worth dying for a bigger paycheck.

Participation of employees in decision-making

One often cited example is Zappos, which instituted a "holacracy" structure in which staff members participate in decision-making. Employee empowerment and self-esteem are enhanced by this strategy.

Acknowledge and honor accomplishments

A system of frequent employee recognition and incentives is in place at many of the top firms in India and throughout the globe. A few SMEs also possess this.  These kinds of programs improve welfare and morale.

Encourage the professional development of your staff LinkedIn offers its workers the chance to grow professionally and progress within the organization. In a similar vein, SMEs may also provide this and raise worker happiness.

Ignoring the well-being of your employees is not just a moral failure, but it's also a calculated mistake with potentially disastrous results. Leaders who prioritize the well-being and productivity of their employees make long-term investments in the success of their companies.

Leaders may leverage companies that use predictive technologies to solve staff health concerns and increase productivity.