Management mistakes doom a company to failure or at least to mediocrity. Satisfied employees remain loyal to their company and reward it with a high level of commitment. All of this is reflected in pennies and pennies for the employer. According to the study “2018 Fortune 100 Best Companies to Work for”, US companies with high employee satisfaction generate twice as high returns on the stock market. One reason: Satisfied employees remain loyal to the company and work on its growth. According to the study, fluctuation in companies with satisfied employees in the healthcare industry is only a third of the industry average.
These five management mistakes contribute significantly to the failure of a company:
# 1 overwhelming
Bosses can demand top performance from their employees. In return, however, they have to create the right conditions for this. Realistic time management plays a major role in this. In turn, it is crucial that the boss actually knows how much effort is required for certain tasks. Too many superiors, however, have never done their employees’ jobs. Here it is important to trust the signals from reliable employees. Excellence: Yes, Superhuman: No.
# 2 micromanagement
A good manager has an eye on all areas of his company. A bad manager interferes everywhere. Strong leaders in particular can find it difficult to give up responsibility. From a certain company size, however, this is essential – also in order to create reliable organizational structures that, if necessary, function without the constant presence of the boss.
# 3 Too passive
For many managers, delegating responsibility is a license to withdraw from many areas of the company. Especially with rapid growth, it can happen that the boss suddenly loses track of his own company. Who are these new people in the kitchen? Why did an important customer suddenly drop out? When it comes to such questions, it is high time to be more committed.
# 4 Denial of fallibility
Setbacks are part of the implementation of daring business concepts. Sometimes it takes a radical 90 degree turn to make an idea a reality. Anyone who orders these changes without clear communication inevitably offends the employees who have just been cheered on with passionate speeches. A good company boss communicates instead of demanding blind obedience. Successful managers are not infallible gods, but they are reliable leaders. This knowledge is also good for employees.
# 5 Lack of decency
Managers are naturally in a position of power, but equally in a relationship of dependency. Anyone who is unable to hire or retain committed specialists in the company will sooner or later have a massive problem. For self-interest alone, decency should therefore be one of the guiding management principles. Employees are neither humiliated nor exploited. The decency extends to the dismissal / termination, in which an ex-employee is appropriately recognized for merits and adopted. Silence may be the easiest, but ultimately attests that the person responsible has weak leadership. No successful manager can afford that.