Hich Of These Functions Are One-To-One Question 1 Options W Employees – Your Most Valuable Asset

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Employees – Your Most Valuable Asset

What is the most valuable asset a company has? Is it the name, customers, goodwill, physical resources, or product line? The answer is that it does not. A company’s most valuable resource is its employees. Any organization will only go as far as the people who drive it. In fact, a company is just a group of people who come together for a common purpose. They make up the organization.

The past few years have seen a shift in focus for some companies. For decades, management gurus have preached that the customer is the most important thing. You’ve surely seen the signs that say, “Rule #1: The customer is always right. Rule #2: Re-read Rule #1”. This concept has dominated business culture from the late 1970s to the present. However, organizations hoping to survive in the future must adopt a new perspective. That view is that employees are the most important aspect of any business.

This is not a call for employee preference or a return to the turbulent times of organized labor. That’s not necessary in most environments. The market drives the direction organizations need to take. Simply put, the advantage starts to favor the employees. Companies can no longer afford to take it for granted. Those who do will die.

The fact that the US will witness the exit of 50 million baby boomers in the next 10-12 years means that there will be a lot of people. It is estimated that there is a labor shortage of about 10 million or more. Some industries are already experiencing a shortage of qualified talent. Currently, salespeople and engineers are in high demand. The options available to employees are increasing at a rapid pace. Companies that maintain the status quo have already fallen.

The Internet is one of the greatest inventions we have ever experienced. It has done so much for the common man. At the same time, it is changing how business is done. Unfortunately, an unintended consequence is the lack of loyalty that comes with it. People are no longer loyal to a company. Insurance, a product once purchased based on a relationship with an agent, is now sold over the Internet. The lowest price wins this game. Travel arrangements are made online as opposed to going through an agent. People are used to switching brands without a single thought. Companies should keep this in mind.

Management trainers teach companies to look at the lifetime value of a customer. For example, a person who spends $50 a week at a store actually costs $2,500 a year. It is natural that we treat someone better if they are worth $2,500 to us than $50. However, this brings up an interesting question. What is the lifetime value of an employee in your organization? Think about it carefully keeping in mind that every customer is less valuable than before. Their tendency to buy elsewhere if a better price is offered makes them unreliable. The same is true if your organization experiences a high turnover of employees. The entire business is experiencing a decline in its reliability.

Let’s look at the value of a salesperson as an example. Let’s say that person sells $750,000 a year worth of product at a 10% profit margin. This person makes $75,000 in revenue per year for the company. How much is this employee worth over a 40-year career if production is the same? That individual is suddenly worth $3,000,000 to that organization. I think you would treat them differently if you looked at them in this light.

The same can be translated into non-trading positions. How much is a good bookkeeper worth? There will be financial issues and you will find out easily. Customer service people often don’t care until they drive a customer away. At that time it was easy to calculate how big its effect was. Of course, by maintaining customers and handling their problems, this person actually increases the bottom line. That has value.

It is important that managers and owners begin to realize that employees are the most valuable asset any organization can have. Those who embrace this new business model will structure their compensation and bonus programs to reflect this belief. Maintaining a happy and engaged workforce should be the primary goal. Failure to do so will result in an organization with low quality people that will spell its eventual demise.

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