Equity Leads to Organizational Excellence
If you understand equity (Fairness or justice in the way people are treated and a professional culture where everyone is getting what they need to succeed and thrive) then I have no doubt you are advocating and implementing it within your organization because equity leads to organizational excellence. Equity is one of the most efficient ways to empower and retain your entire team. Establishing equity will meet every need of every team member and allow them to advance their skill set and apply their constantly developing robust work ethic and expanded tools and knowledge back to the organization. While no amount of equity creates a perfect organization, an organization that achieves organizational excellence through equity will deliver promising results, outperform its competition and see continual improvement.
Equity leads to organizational excellence by:
Increasing favorable results
Bringing in timeless resources
Protecting and strengthening human capital
Increasing Favorable Results
When equity is implemented correctly, the results are not singular but widespread. Equity creates a domino effect of success and favorable results.
When you take an already talented team and give them frequent support and appreciation, continuous training, understand their career goals, and give them a clear path to advancement, they become loyal and are driven by results. They do not have to spend work hours advocating for themselves because you daily advocate for them. They will not lose focus on their responsibilities because they got lost in office politics and hierarchy because you as a leader have systems in place to remove these distractions. They will be the smartest and best person for their role because you provided the right tools to develop and support them that way. With a clear head, full support, and growing knowledge, they are able to achieve desirable results every time professionally and personally.
A stellar team coupled with stellar products and services creates the conditions for a recurring customer base. The loyalty and sales growth from your customers are the results your organization must constantly yearn for. A happy customer will keep buying and most importantly make referrals. Regardless of how technology and social media have changed the way we advertise and reach our target audience, word of mouth is STILL the most effective form of marketing. And, everyone must market their organization’s efforts as competition exists everywhere. Nothing beats word of mouth because it involves a trusted, verifiable source and no level of SEO or advertising dollars can replace the approval given by someone a consumer knows and trusts.
If your customers are happy and you are seeing a surplus of profits and ratings, you are able to serve your community. Your community benefits from organizational excellence because you have increased your hiring power, economic power, and perhaps your desire to engage in charitable contributions and community outreach will also increase. Your organization is a positive economic force.
Bringing in Timeless Resources
When your team is the best version of themselves their impact on the organization that you lead is timeless and will benefit your company even if/when they vacate their position. You no longer have actively disengaged employees as engaged employees are the norm due to new systems, methods, and company standards and processes that will continually benefit your entity. For example, your colleagues may develop a successful training method, community engagement program, sales techniques, create branding materials, and offer strategical planning, etc. that change the landscape of the organization for better and increase the organization’s long-term value. Other resources that organizational excellence will bring may include but are not limited to:
Expanded network of business relationships and decision makers
Media placement and recognition
Product or service development
Content or copy write material
Protecting and Strengthening Human Capital
The ability to retain a talented team is not just excellence, it is a common sense necessity for all organizations. Hiring and training a new hire costs the average U.S. company over $4,000 and takes over 40 days to fill the position. For a small business, $4,000 is enough to cause a company to miss a quarterly or monthly budget and throw finances into disarray. 40 days of an empty position causes value of a much-needed moving part to be missed. Bottom line, securing and enriching human capital is imperative. Human capital is your largest and most crucial investment. It prompts excellence within your organization and is created by equity. Guard your best asset - YOUR PEOPLE!
We will all have different opinions, values, and desires that determine what we consider to be of excellence. Whatever your scope may be, the importance of having quality results, resources, and talent is not just a matter of opinion but statistical facts. Life will throw so many curve balls and there are many factors beyond our control that can cause us to struggle to be successful in our endeavors. In a world of such uncertainty, holding on to the tools and people that can elevate our success is simply smart business sense. Providing equity creates excellence and legacies that we can count on.