How to Create a Sense of Ownership
If asked, would employees say they work for you – or with you? If the answer is the former, your company must do a better job of creating a sense of ownership. Sense of ownership is one of 13 employee methods Dale Carnegie research studies found increases productivity while transforming team members into future leaders.
Employees deserve to be valued for their dedication, on-the-job success, and loyalty. Let’s explore several ways to improve company culture. Some strategies involve employee compensation, while others don’t cost a dime; they’re so simple, you can start today.
Why Creating a Sense of Ownership Matters
Employees that feel a sense of ownership are more likely to remain with the company. Also, employees put more effort into work when they feel a sense of ownership.
Employee retention and happiness equate to superior work in reduced time, often leading to increased company profits. That being said, let’s review a few tips to help you create a sense of ownership in your organization and team.
Tip #1 – Share Your Long-Term Vision
Employees are told what to do on a daily basis. Oftentimes, these conversations do not explain the “why.” Company executives and other management are aware; shouldn’t you arm employees with the same information?
The sharing of information could occur at a quarterly or monthly lunch meeting. Share company goals, initiatives, and objectives. Explain how they impact everyone. Next time you assign a project, reinforce the goals mentioned in the meeting, explaining why this project is vital to the company’s bottom line.
Tip #2 – Include Them in the Decision-Making Process
If you want employees to take more initiative, include them in the decision-making process. After all, there is a difference between completing a project and owning a project. As Dale Carnegie said, “people support a world they help create.” To do this, approach employees with the problem or challenge. Discuss options and solutions. This helps to create a micromanager-free culture that allows employees to solve problems.
Tip #3 – Reward Dedication and Success
If company leadership receives bonuses and other compensation for reaching initiatives, why not reward employees? Stock options are an example of literal ownership in the company. Stock options are a motivating factor for eligible employees, as well as new and potential employees.
Yes, an employee paycheck is a form of reward. But after-hours events paid for by the company, additional vacation time and monetary gifts are a great way of showing extra appreciation for the extra effort involved in reaching lofty company goals. Remember, employees want to feel appreciated, not just compensated. Here are examples of no-cost or low-cost rewards:
- Coffee mugs
- Handwritten “Thank you” notes
- Conference/seminar registration
- LinkedIn recommendations
- Social media shout-outs
13 Ways to Motivate Your Team to Become Leaders
We have trained thousands of individuals in organizations to prepare them for the leadership roles of tomorrow. This technique was just one of the thirteen ways you can begin to engage your key employees to become leaders.
Interested in learning all thirteen ways to motivate your team to become leaders? Click here.