What does it take to truly motivate an employee? While big pay checks can help, a worker's motivation is often based on opportunity and how happy they are with what they do. Both are such important factors that it takes a visionary leader with great communication skills to meet both of these needs. A business is really only as good as its people, and unfortunately half of CEOs today believe their organizations are not prepared to deal with the ever increasing complexities of the business environment!
1. Constantly Evaluating the Business Environment
What really keeps chief executives losing sleep every night? 60% of CEOs think industry transformation is the #1 cause of business uncertainty. So naturally as markets change rapidly, those in leadership positions must continue to identify new opportunities and threats in the landscape.
2. Managing Projects Efficiently
Unfortunately, in 2011 only 64% of projects met their original goals. To speed up project execution, business leaders need to possess skills like budgeting, cost analysis, resource allocation, organizational structure, scheduling, human resources, and managing quality and risk. In fact today, 71% of organization use risk management as part of their processes.
3. Cultivating Strategic Thinking and Innovation
The business models of yesteryear are no longer attracting Millennials to join companies. Two out of three consider innovation a key factor in the attractiveness of a job, yet only 26% believe business leaders today are actually fostering innovation. Executives looking to take their businesses to the next level must consider strategic yet nontraditional frameworks for brewing innovation. This could include actually listening to employees' ideas, hosting hack weeks, and enabling other creative activity.
4. Managing Change and Uncertainty
Unexpected change can strike at a global or organizational level. 73% of organizations use change management to help drive their projects. And when things do change, sadly a whopping 82% of people don't that employers will tell them the truth behind the situation. Having a good boss is hard to come by these days, even though good bosses are highly desired. 65% of employees would rather have a better boss over a salary increase!
5. Shaping Your Organization's Future
If you're a business leader or small business owner, you have the chance to shape your company's future by standing up and encouraging innovation. 78% of future business leaders believe innovation is key to the success and growth of a company, however, only one out of five organizations actually encourage and reward creativity or new ideas.
So what about you? If you were offered a better boss vs. more cash, which would you take?