What is the one thing a small business should do with their employees to be successful? The answer is: Build trust. A recent study from PayScale shows that when employees feel like their bosses trust them, they are happier and less willing to look for a new job. The research found 72% of workers feel satisfied in their job when they can make decisions on their own and feel trusted by their employers. For a small business, this is the state to achieve; happy, productive employees and high retention. Here’s how a little five-letter word like trust can have a big impact on your business.
Why Trust Matters to Your Small Business
Trust means that an employer can walk away and the daily operations of a business and it can sustain itself. The practical effect of trust is that it frees up the employer or supervisors to focus on more important things, such as building the business or improving it in some way.
But trust does great things for employee satisfaction. One study showed employees who say they feel trusted by their employer have a 26% higher satisfaction rating on the job. Since you want your best workers to stick around, this statistic shows that trust can also have a positive impact on employee retention. Given that 70% of the workforce is disengaged, trust is a way to build relationships with your workforce that help overcome this costly trend. The goal is that your employees feel they can make a difference in your company and that they care enough to want to.
So, how can you build trust with your workforce?
How to Build Trust with Your Workforce
Gallup studied trust in the workplace. Their research found that employee recognition, constant communication, and trust create better and more productive relationships between workers and their bosses. They state, “Trust is a foundational piece of any successful business. A level of autonomy and a sense of empowerment will create a stronger workplace and a more successful business.”
To build trust in your workforce, employers must first, trust their employees. Establish routines and responsibilities that allow the employee the autonomy to do the job and don’t micromanage. Set up weekly accountability meetings but don’t hover.
Management should always walk the talk by practicing work behaviors that the employees emulate. This is a culture-building process that aligns the values of your company with the daily actions of your teams.
Managers should be taught to be impartial and fair. Employees should be held to consistent standards. Team leaders should be professional. Gossip or complaining shouldn’t be tolerated. There should be a transparent communication environment that helps employees know there are plenty of avenues for sharing both positive and negative thoughts without resorting to watercooler gossip. Exelare cares about the state of your business and the workforce that keeps you running every day. That’s why we offer a best-in-class applicant tracking system to help you manage recruiting and your workforce. Talk to us about a demo today.