All posts by NTI

Employee Retention: How to Keep Workers Productive and Engaged

While it may be every manager’s dream to wake up each morning and find their team eager, energized, and completely focused on their day ahead, this is simply not realistic. The truth is, it takes a lot of thought and effort to keep employees motivated and engaged. That said, employee engagement is one of the key factors to running a successful business. Employees that are engaged are happier in their jobs which leads to increased productivity. Research has clearly shown that employees that are engaged in the workplace have a greater likelihood of sticking around for the long haul. Therefore, it is critical that managers find creative ways to keep their employees motivated and engaged. Here are some tips that will help you master employee engagement within your organization. 

Get to Know Them Personally

This sounds simple and it is! Spending time with your employees and getting to know them is a simple yet effective way to keep them engaged. It is important that you see your employees as more than just a number or what they bring to the table. Take the time to learn more about their families, hobbies, interests, backgrounds, and personal goals. This will help you build a strong rapport with them and it lets them know you care about them as an individual. 

Provide Them with the Tools to Succeed

As a manager it is your job to oversee the daily operations within your team. However, it is also your job to make sure your employees have the tools and resources they need to succeed. For starters, ensure they have adequate training so they feel confident in what they are doing. Be willing to provide additional training and coaching as needed. Furthermore, invest in their potential by providing opportunities for professional development. This will give them the foundation they need to continue growing. 

Recognize and Reward Your Employees

If employees don’t feel appreciated for their hard work, it’s unlikely that they will be motivated to be more productive. A lack of recognition will undoubtedly lead to disengagement. Therefore, take the time to recognize and reward your employees for their efforts. This is one of the most motivating things a manager can do, and oftentimes it doesn’t cost a thing. A simple “thank you for your hard work,” an email, or verbal recognition during a team meeting can go a long way in making employees feel valued and appreciated. You can also take it a step further and offer incentives for excellent performance. Recognition helps to foster a positive culture in the workplace which is a key factor in elevating engagement. 

 

Provide Regular Feedback

It’s important to check in with your employees on a regular basis and provide feedback. One of the best ways to do this is by scheduling one-on-one meetings to discuss challenges, successes, priorities, responsibilities, and professional development. This is a great way to provide constructive feedback or to offer support to employees. Your employees want to know how they are doing and regular check-ins are essential for keeping those lines of communication open. 

Offer Flexible Scheduling

Today’s workforce is far more inclined to choose a job that offers some degree of flexibility. Employees want a healthy work/life balance and gone are the days of spending 40 hours a week sitting in an office. A great way to increase productivity and engagement is to offer flexible work schedules. Give employees the opportunity to work remotely, take more personal time, and reduce their hours in the office. Employees who have more freedom and flexibility with their work schedule are more likely to have greater job satisfaction than those with a rigid schedule. Furthermore, such flexibility empowers employees to work more efficiently on their own schedule, which can actually lead to greater productivity.

Blend Work and Fun

A job that is all work and no play is not going to be enticing to anyone. Oftentimes employees disengage because of the monotony of their job. Shake things up a little bit and give your employees something to look forward to. It can be something as simple as casual Friday, themed dress-up days, pot-luck lunches, or even catered breakfast once a month. You might even schedule out of work team building activities. When you give your employees a break and allow them to do something fun for a change, it can make their job more enjoyable and ultimately increase their engagement.

Best in Business: 10 Habits of Successful Business Owners

Success and good habits often go hand in hand, and this is especially true for business owners. That’s because business owners understand the importance of being consistent and focusing on every detail to get the most out of each day. They are intentional about everything they do and they make sure their habits push them to be productive. While some habits come naturally, others must be learned and acquired. Either way, these habits are essential to the survival of your business. Below are just some of the habits you will notice in most successful business owners. 

1. They Read

Owning a business is undoubtedly one of the most hectic and stressful jobs so it seems like reading would be put on the back burner. However, reading is critical because it helps you to build knowledge about your business’s industry and stay on top of current trends. In fact, Warren Buffet dedicated nearly 80% of his day to reading because he saw how valuable it could be. In addition to compounding knowledge, reading can also be a great way to relax and unwind after a long day. 

2. They Plan for the Future

Starting a business can be an exciting time and it’s easy to get wrapped up in the excitement of seeing this business become a reality. However, successful business owners think about the future and how they plan to grow their business. They create a financial plan that will carry them through those first few years and they also have a well-organized plan for emergencies, both big and small. They also create a plan for future heirs, employees, and stakeholders so they can ensure their business thrives even without their involvement. 

3. They Prepare for Each Day in Advance

Effective business owners don’t walk into the office each morning wondering what will be on the to-do list for that day. Rather, they prepare in advance for the days ahead. They have a nightly habit of preparing the next day’s tasks, goals, schedule, and any meetings or calls. They go to bed each night well-prepared for the day ahead. Not only does this make them more relaxed and confident, but it also makes them more productive because they aren’t wasting precious time figuring out what to do next.

4. They Exercise

Exercise is extremely important for both physical and mental wellness. Starting your day with exercise can enhance creativity, memory, and cognitive skills. Furthermore, exercise releases endorphins that can help you feel happier and cultivate a positive attitude. Many business owners have made morning exercise a part of their daily routine so they can feel energized and rejuvenated as they begin each day. 

5. Practice Integrity

It all goes back to the “Golden Rule”- treat others the way you want to be treated. Honesty and integrity are two of the most important assets of a successful business owner. Showing integrity helps to build better relationships with employees and customers, but it also keeps business owners grounded and reinforces their personal values and beliefs. Integrity is the secret to sustainable partnerships and long-term success. 

6. Saying Thank-You

Running a business is hectic and it’s easy to get caught up in the daily operations of the business. On that same note, when business owners work with high-performing teams, they recognize the value they bring to the table and they don’t forget to acknowledge that. A simple “Thank-You” can go a long way in fostering strong professional relationships and it helps to build a culture of gratitude. 

7. They Delegate

There are a million things you want to accomplish each day but this is not the job of one person. Multi-tasking can be extremely inefficient and can lead to stress and frustration. Instead, successful business owners trust their employees to take on tasks and responsibilities. Not only does this empower employees, but it frees up their time for more important tasks. 

8. Balance Work/Life

Owning a business can consume one’s time and energy and can easily take over their life. Successful business owners understand the importance of separating work and life and freeing up time for personal enjoyment. They set aside time each week for breaks and are intentional about stepping away from work to clear their mind and unplug from the hustle and bustle.

9. They Network

Business owners know they can’t do it alone so they build relationships to create a powerful network. They cultivate relationships with peers, mentors, and advisors who can provide support and assist when needed. Networking can help a business to grow exponentially.

10. Stay Positive

There’s something to be said for the power of positive thinking, but maintaining that energetic spirit isn’t always easy. It can be especially difficult when in the midst of chaos or when things aren’t going well. Nonetheless, successful business owners are intentional about focusing on the positive. This empowers them to have a better outlook on life which leads to greater productivity and increased success.

5 Ways You Can Avoid Burnout in the Business World

In today’s fast-paced and competitive business world, it should come as no surprise that employee burnout is a major problem. Many professionals feel overwhelmed by competing demands, intense deadline pressures, and overwhelming expectations. Add to that the fact that technology has made it nearly impossible to set boundaries between home and work life. The fact is, long hours and increased workload can cause exhaustion, lack of concentration, increased stress levels, and overall health problems. All of these are signs of burnout at work. 

 

The impact of burnout on organizations can be significant. Burnout in the business world can result in lower productivity, higher employee turnover, and decreased engagement. The good news, however, is that there are things that can be done to recharge employees and prevent burnout in the workplace. Here are a few strategies for dealing with burnout in the workplace. 

1.Create Realistic Goals and Expectations

When employees are met with incredible challenges and unrealistic expectations, they are likely to feel defeated, discouraged, and frustrated. It’s important that managers set realistic and achievable goals so that employees can feel like they are making progress. This might equate to breaking up large projects into smaller tasks or allowing more time to complete assignments. Doing so will allow employees to see measurable results and this will motivate them to keep going. 

2. Promote a Healthy Work/Life Balance

It is important for businesses to set clear boundaries regarding their employees’ work/life balance. Promote a healthy balance by discouraging employees from working extremely long hours. Shut the business down early for holidays and give employees plenty of time to spend with family. Encourage employees to take time off when needed to attend family events or personal obligations. Make sure employees know that their personal life is important and you respect those boundaries.

3. Make Well-Being a Priority

When an organization makes employee well-being a priority, it encourages them to lead healthy personal lives as well as meaningful work lives. Support employees by offering wellness programs such as a weekly yoga class or a meditation hour. Designation a quiet space in the office where employees can go to relax and decompress. You can also motivate employees to exercise by offering employee memberships to a wellness club. Consider keeping healthy snacks in the breakroom and allowing employees to take fresh air breaks. All of these actions support a culture of wellness. 

4.Create Social Opportunities

Many of today’s employees work from home, which can make it difficult for them to know when their work day stops. Furthermore, employees lack the ability to communicate with their colleagues which can leave them feeling isolated. While virtual offices certainly have their advantages, they can also present new challenges. It’s important to be proactive and look for ways to prevent feelings of burnout and isolation. One way to do this is by creating opportunities for employees to socialize. These can be virtual meetings or social outings where employees have a chance to engage with fellow coworkers. This helps to create a deeper sense of community and prevents employees from experiencing burnout. 

5. Take Breaks

Encourage employees to leave an hour early on a stressful day. Allow them to come in late after a long night. Reward hard work with an extra vacation day. Schedule a team lunch or happy hour. These are all great ways to take a break from the daily grind of work life. Taking breaks is a great way to rejuvenate and refresh as a team in order to prevent work burnout.

What Every Business Leader Must Know About Negotiation

Employee reviews, project planning, vendor selection, and spending budgets are all part of a leader’s list of responsibilities, but these situations also call for negotiation. That means business leaders will be involved in negotiations on a regular basis. Whether they are a CEO or a department manager, all leaders who want to be successful need to develop the mindset of a skilled negotiator. Let’s take a look at why understanding the art of negotiation will help any business leader. 

Strong Negotiation Skills Build Better Relationships

It is so important for leaders to remember that they are negotiating a relationship, not a transaction. The most successful leaders understand this principle and enter into a negotiation seeking a win-win solution. If they simply look at negotiations as a means for getting what they want, they will create friction among partners and this could damage the relationship. Conversely, seeking to understand the needs of another and working collaboratively to reach amicable solutions not only help deals get done, but it creates a foundation for stronger and longer lasting relationships. 

It Increases the Likelihood of Success

When a leader is a skilled negotiator, they increase their chances of winning. Therefore, leaders must learn to identify their desired outcome, understand the point at which they cannot compromise, and seek to find alternative solutions. By acquiring these skills, leaders will increase the likelihood of success for themselves and their company. 

Effectively Manage Conflict

In addition to making important decisions, leaders must also be ready to handle conflict when it arises. Conflict management negotiation strategies are an important part of strengthening relationships within the workplace. When there is a problem between two parties, leaders must be able to negotiate solutions that can provide a favorable outcome for everyone involved. Through good communication and negotiation skills, leaders can plan responses and find solutions to quickly resolve conflict. 

Divide Tasks and Resources More Effectively

Another important responsibility for leaders is learning to delegate effectively. Leaders that can negotiate will be able to assign tasks and complete projects in a timely manner. Likewise, leaders need to be able to make decisions about appropriately reallocating resources. Leaders may have to give or take resources from somewhere else in order to achieve their goals. A leader with strong negotiation skills will be able to do this in a way that satisfies all parties without making anyone feel less valuable. 

Their Actions Set an Example

People look up to a leader who can negotiate effectively with others. When they see their leader seek to make decisions that unite rather than tear people apart, they will follow suit. When leaders set a good example of being a strong and successful negotiator, those under them will also seek to polish their own skills so they, too, can be more successful. 

Essential Strategies for a Successful Negotiation

Negotiation is an important part of doing business in any industry. In fact, it’s not a matter of whether or not you will negotiate but rather how well you negotiate. No matter your industry or your position, you are bound to go through some sort of negotiation every day. From promoting a new product to a customer to negotiating a raise, every professional will find themselves negotiating at some point in their career. That’s why you’ll want to be equipped with the right strategies to help you land a better deal. The secret to achieving a positive outcome is the combination of thorough preparation and utilizing some of the most effective negotiation strategies. Here are some essential negotiating strategies that can help you succeed in a variety of business interactions. 

Do Your Research

One of the most important steps happens well before you sit down at the negotiating table: research. When you walk into a negotiation, you should already know as much as possible about the other party. What are their objectives? What are their values? How eager are they to reach a deal? This not only helps you to build a relationship with your counterpart, but it also arms you with the knowledge you need to approach the negotiation in the most advantageous way. 

Listen to the Other Party

All too often people spend a great deal of time preparing what they will say during negotiations and they fail to realize that listening is more powerful than speaking. Be prepared to actively listen to the other party so you can gain an understanding of what is most important to them. Not only will listening empower you with pertinent information, but it will make the other party feel like you genuinely care about satisfying their needs. 

Know Your Goals as Well

Not only is it important to learn what goals are important to your counterpart, but you also need to define your own goals as well. Prior to entering into discussions, think about what is most important to you and what you hope to achieve as a result of the negotiation. This will help you stay on track and work toward a mutually beneficial agreement.

Prepare Your Concessions Ahead of Time

Negotiations are all about give and take so it’s expected that both parties will make some concessions before reaching an agreement. That said, you don’t want to make concessions right there on the spot without giving them any thought. Otherwise you might end up conceding too much too soon. It is important to prioritize your concessions ahead of time so you can slowly concede as needed. Also, make sure that for every concession you make you get something in return. 

Identify Their Pressure Points

People naturally bow to pressures. Whether you’re a purchasing manager on a tight budget, a salesman trying to meet a quota, or a project manager facing a deadline, you have certain pressures to keep in mind and you know it. Now, as a negotiator it is important to look for these pressure points in your counterpart and use that to your advantage to forge a better deal and create a win-win solution for both parties. 

Work Toward a Win-Win Situation

A successful negotiation ends with both parties leaving the table feeling like they got a win. Rather than approaching the negotiation with a win-lose mentality, effective negotiators know the value of problem solving in order to reach a mutually beneficial agreement. It’s always best to propose solutions that address the needs of both parties, as this will lead to a better outcome and a stronger foundation for future negotiations. 

 

How to Negotiate for a Bigger Office

When it comes to negotiating professional perks most people assume that includes salary, vacation days, flexible work schedules, and stock options. However, one perk many people don’t think about is negotiating for a bigger or better office space. For many people, having plenty of space to organize their things can make them more efficient and productive workers. After all, there’s nothing as disruptive as piles of clutter and a disorganized work environment. Working in a private and more spacious office can improve your productivity and can ultimately be more beneficial for you and your company. When it comes time to negotiate better perks for your position, don’t be afraid to start by asking for a bigger office. Here are some tips for approaching your boss about improving your office setup. 

Explain Your Dilemma

When you approach your boss to ask for a bigger office, you need to have a reason why this is so important. Provide a general overview of the issues you are currently experiencing such as lack of space to organize paperwork and files or difficulty concentrating in a cubicle with other workers so close. Describe the impact this bad working office space has had on your productivity and ability to reach your company goals. Make sure your boss is aware that your sole purpose for wanting a bigger office is to improve productivity and efficiency in order to become a more valuable asset. 

Describe Your Idea and Possible Solution

Explain to your boss that you have put a lot of thought into this issue to try and resolve these problems and you think the best solution is moving into a bigger office. Be clear that you have considered the pros and cons as well as some alternative options and be prepared to give your opinion on these. Finally, offer to help move furniture, set up your own computer, and do whatever else is necessary to minimize the workload for transferring spaces. 

Discuss the Benefits

If you focus the conversation on the benefits of your idea, you are more likely to succeed in getting what you want. Use concrete examples to back up your ideas including increased productivity and efficiency. When you have more space to organize all of your work related belongings, you will feel less stressed and overwhelmed and more prepared to conquer your daily tasks. You will also have fewer distractions which translate into better performance throughout the workday. In addition, since you will be spending less time looking for misplaced documents, you can focus more of your attention on collaborating on important projects. 

Know Your Value and How This Relates

Finally, be prepared to brag on yourself a little bit. Share some of your most recent accomplishments such as a successful project you worked on, a presentation you delivered, or a new client that you brought on. Be prepared to show tangible examples of these successes so that your manager can see how valuable you are to the team. Let them know that you can bring even more value given the right working conditions. If your boss sees what an asset you are to the company, they are more likely to meet your needs in order to help you succeed. 

 

3 Tips for Negotiating a Raise

Salary is not necessarily the most important aspect of a job, but it certainly makes an impact on your overall job satisfaction. Therefore, the ability to negotiate a raise is one of the most important skills you will need in your professional career. That said, negotiating a raise can be a nerve-wracking process and it requires adequate preparation and a keen understanding of current market conditions. Successfully negotiating a salary also requires poise, confidence, and professionalism. Here are a few helpful tips for handling this challenging scenario in order to increase your chances of getting the salary you desire. 

Know Your Worth

If you feel you deserve a raise, you need to be prepared to explain why. This begins by tracking your accomplishments and making note of any specific achievements, successes, awards, or projects that you have completed. This will serve as tangible evidence of your value and can help you quantify your value to your company. You want to be prepared to show how your abilities have contributed to the overall success of your company. You need to be able to demonstrate that the value you bring to the company is worth the extra investment in your salary. Without actual evidence of your success, it appears that you are simply asking for more money. You need to be prepared to show your worth and make it clear that you are deserving of a raise. 

Research Current Salary Data

Aside from the skills you bring to the table, there are plenty of other factors that are important when it comes to successfully negotiating a raise. These include things like your geographic location, the cost of living in your area, and the current salary data for positions like yours in the area. Rather than just pulling a number out of the air, you need to make sure that the salary you are proposing for someone with your qualifications is in line with what similar positions are getting paid. You can research this information by using sites like salary.com or glassdoor.com. You also want to consider your years of experience, the current status of your company, and the size of your company to come up with a target salary that is fair based on your value and research.

Ask For More Than You Expect

You can’t expect your boss to value you if you don’t value yourself. Therefore, don’t sell yourself short. Be prepared to ask for a slightly higher salary range than you actually expect to get. This is especially true if you have evidence of accomplishments and your performance has been recognized. Your range should include the lowest amount you would actually take and the highest amount you feel you can respectfully ask for. It’s expected that you will negotiate until you reach a salary you both agree on. If you start with your bottom line, you may end up compromising on less than you want. 

Keys to Developing Rapport During Negotiations

Rapport is a powerful predictor of how well negotiators trust one another in order to reach an agreement. When there is a strong rapport between negotiators, you are likely to find a greater willingness to cooperate, more honest communication, and willingness to share important information. A good rapport also prevents misunderstandings, hostility, and frustration at the bargaining table. The ability to connect with people is the key to a successful negotiation, so here are some tips for developing rapport during negotiations. 

Earn Their Trust

Building a strong rapport with someone begins with establishing trust. Trust is the catalyst that pushes two parties forward to work together in a mutually beneficial way. You can earn the trust of someone else by taking a genuine interest in their needs. Rather than trying to come in and establish your position, you try to listen and understand the needs of the other person. This sincere effort immediately creates a feeling of trust between you and the other party. Rather than looking for an opportunity to advantage yourself at the other person’s expense, relationship-focused negotiators seek win-win solutions. This will help to build a legacy of trust between you and your counterpart which in turn will strengthen your rapport. 

Pay Attention to Non-Verbal Communication

You can also improve your rapport during negotiation by paying attention to your non-verbal body language. Maintaining eye contact, smiling, nodding your head in agreement, and leaning in to listen can all be indicators of openness and interest. Avoid crossing your arms, looking down, or furrowing your eyebrows as these nonverbal cues can indicate disinterest or frustration. 

Meet in Person

Whenever possible, it is always best to meet in person. It is much easier to build a rapport with someone through face-to-face interaction rather than through email or over the phone. Although the current pandemic conditions can make this more difficult, you should always try to connect via Zoom or another video conferencing tool if you cannot meet in person. It is still important to see each other and make that connection through more personal interaction. 

Learn About Them

Before just diving right into the discussion, spend some time making small talk with the other person and learning more about them. Talk about common interests, your family, or anything else that might help you connect with them. The more you know about one another, the easier it will be to find a commonality that builds trust. Besides, everyone wants to do business with someone they like, and asking about someone and taking a vested interest in them personally will help to strengthen your rapport.

How to Use Time to Your Advantage During a Negotiation

The use of time can be a very effective tool when negotiating. That’s because people become pliable under time pressure and it has a way of convincing people to make decisions they may not have made otherwise. When used properly, time can work for either side in a negotiation and it can be very beneficial. There are several ways you can use time to your advantage. Here are a few ways to make a ticking clockwork in your favor. 

Don’t Wait Too Long

You should never begin any negotiation until the person you are negotiating with knows they have a decision to make and it needs to be done in a short amount of time. You want to make people aware on the front end that you are seeking an agreement as soon as possible. If you give people too much time to make a decision, it will usually not be to your advantage. Not only do you want to avoid dragging things on and on, but if you give people too much time you risk them changing their minds and walking away. 

Identify Important Deadlines

Deadlines can have a significant impact on negotiations. For this reason, it is important to figure out which deadlines exist for both you and your counterpart. For example, do you have a quarter-end deadline or a certain quota to meet? Does your counterpart? Identifying these deadlines can help you move things along faster. 

Apply Deadline Pressure

Deadlines have a way of helping ease people into making decisions. Sure, they can be stressful, but deadlines force action and make things happen. For example, if you have someone who is teetering and can’t decide whether or not to pull the trigger on your deal, it’s time to apply some deadline pressure. Saying something like, “I can only offer this price until the end of the month, which means we need to decide soon” might incentivize someone who is hesitant to go ahead and sign the agreement. The key is for the salesperson to leverage the short window of time that the customer has to make a decision. 

Understand Their Sense of Urgency

You need to know what the timeline is for your customer. Are they in a hurry to make a deal? Are they desperate for your product or service right away? If there is an urgent need for your product or service, you can use this to your advantage. You know the person is in need of a quick answer, so you have the upper hand in the negotiation. On the other hand, if your customer is in no hurry to make a decision, you need to create a timeline in which the negotiation will conclude. This prevents the other party from dragging things on and on. 

Why Motives Matter During Negotiations

Prior to any negotiations, it is important to be properly prepared and this means collecting sufficient information about what is motivating both you and the other party. You need to have a solid understanding of both sides of the negotiating table so you can develop a strategy that will be beneficial to both sides. When you are trying to determine what is most valuable to the other side and how they will negotiate with you, one of the most important discoveries you need to make is to find out what is motivating them. 

Motivations are what drives someone to act a certain way. Basic motivations influence behavior and they can also influence the way the person approaches a negotiation. Their motive might drive them to employ a certain tactic to achieve their desired outcome. Therefore you need to answer this pertinent question: Why are they acting as they do? Understanding the answer to this question will help you navigate the negotiation process and have a better idea of the goals and objectives of your counterpart. 

There is a distinct relationship between motivations and objectives. Motivations are the ‘why’ in a negotiation while the objectives are the ‘what.’ 

Motivation: Why are they acting this way?

Objective: What are they trying to achieve?

Without understanding the motives, you are merely guessing at what the other person is trying to achieve. How can you possibly contribute to a win-win solution if you don’t know what the other person wants? This is one of the reasons why motives are so important. They help you steer your negotiation in the right direction so you can find a solution that works for the other party. 

On the other hand, you also need to understand your own motives. This will help you when it comes time to make concessions. By establishing what your motives are and what is most important to you, you can stay on track to achieve your objectives. You need to be well aware of your motives so you don’t concede something that is important to you. It can be tempting to give in when pressure is mounting at the negotiating table, but having a clear understanding of your motives and objectives will help you refrain from conceding too much too soon. 

Motives also help to establish the value of things. If you want to know how motivated the other side is to take your deal, you need to consider how much they value what you are offering. The more value your product or service has, the more motivated they will be to reach a deal with you. The logic is simple: the greater the value you can offer, the more likely a deal can be reached. 

Motivation is what drives people during negotiation so it is so important that you take the time to understand what motivates both sides. This will help you to understand why they are making the decisions they are making and it will help you to create better solutions. This mutual understanding of motives will ultimately help you close the deal.