Due To Budget Cuts The Light At The End Of The Tunnel Has Been Switched Off

Due To Budget Cuts The Light At The End Of The Tunnel Has Been Switched Off
SHARE
THIS


What best describes you?

When it comes to budgeting resources, these decisions send powerful messages to your people about what’s most important. After all, money doesn’t just talk — it shouts your priorities through a megaphone. Every leader needs to make budgeting decisions that drive business strategy and goals. But too often, the financial aspect of your strategy is prioritised over the most important facet of your company’s long-term asset, the people.

The best strategy in the world won’t survive if your people don’t have buy in. As a leader it’s your role to get their buy in and you can do this by supporting your employees and nurturing their passion, then they’ll take care of your business. In fact, investing in your people can reap rewards that flow across your entire company and beyond.

A recent survey done by Gallup shows that companies with above-average levels of employee engagement reap 147% higher earnings per share. Even though this is an American study it’s relevant across the globe.
So undoubtedly, you need to start investing in culture and here are a few fundamentals to get you started:

First impressions are lasting: A new employees impression of how you treat employees is set from the beginning, even in the interview stage. I once heard someone call this their employees resting engagement, and through hard times this is always what they revert back to. So, if they have a great experience right from the very beginning in hard times they will still be highly engaged. During the recruiting process, the way candidates are treated sends a clear message about your company culture. These messages of expectations and values are reinforced during the on boarding process. This kind of investment will pay dividends down the road.

Remuneration and benefits: Remuneration is a massive and complicated topic in business, one that can’t be miscalculated. The majority of money of a company’s budget goes into remuneration. People’s total remuneration (not just their base salary) will drive all sorts of behaviours, but your plan must be designed thoughtfully. If it’s not, you may find yourself in a no-win situation with employees behaving in ways that maximise their personal gain but don’t move your company forward.

Rewards and recognition: Like remuneration, rewards and recognition require capital, but they also send clear messages to your people about what behaviours are acceptable and encouraged and which are not. Finding creative ways to recognise people who are creating value in your business is worth its weight in gold. Developing an understanding of what incentives will be the most appreciated is key.

Tools and equipment: When you’re budgeting to drive your strategy, a final key consideration is whether your people have the proper tools and equipment to fulfil those expectations. You can’t ask your people to get to the moon with a roll of duct tape and a spatula; it will only hold your team back from accomplishing your overarching goals. Saving a couple of dollars by not having the right tools can cost you much more in productivity and engagement.
If you don’t tell them “why”, fail to show them the “what” and don’t guide them through the “how,” your perfect business strategy will be left at the starting line, unable get out of the blocks.

Cassie Sacks is managing director at HR firm we.people

Please login with linkedin to comment

Latest News

ABC Replaces Lateline With New 10.30pm National News Bulletin
  • Media

ABC Replaces Lateline With New 10.30pm National News Bulletin

The ABC has announced it will replace its axed current affairs program Lateline with a half-hour news bulletin to be hosted by seasoned presenter Jeremy Fernandez. The 30-minute late-night edition news will air Monday-to-Friday Australia-wide from 29 January. Fernandez will also continue to present the NSW 7pm News on Fridays and Saturdays. ABC Director, News Gaven […]

On Air sign in a studio broadcasting via radio, podcast or wireless transmission.
  • Media

ARN Announces Departure Of Content Director & Radio Veteran

Australian Radio Network (ARN) has announced that Charlie Fox, content Director for WSFM and The Edge, and WSFM morning announcer Ron E Sparks, have departed. Fox has been with ARN since 2005, and Sparks joined WSFM in 2002. ARN national content director Duncan Campbell said the departure of Fox and Sparks are part of the […]

OMD Announces New MD For Melbourne
  • Media

OMD Announces New MD For Melbourne

OMD unveils new Melbourne MD, and it certainly wasn't among any of B&T's picks. Not that we were picking, mind you.

Sydney Festival Chooses Brightcove To Enhance Online Video Content
  • Media

Sydney Festival Chooses Brightcove To Enhance Online Video Content

Video cloud service Brightcove has announced that Sydney Festival has selected the platform to improve its user experience through online video content. Brightcove will do so by removing third-party branding and pre-roll ads, as well as adding autoplay functionality, ahead of the event in January. Leveraging the Brightcove video platform to host and publish video […]

Does Your Christmas Marketing Suck?
  • Opinion

Does Your Christmas Marketing Suck?

Remember the old Palmolive soap ad that asked, "Don't wait to be told"? This is sort of similar, albeit sans any suds.

Opinion

by Peter Harris

Peter Harris
Queensland Anti-Porn Crusaders Cop Ad Ban
  • Campaigns

Queensland Anti-Porn Crusaders Cop Ad Ban

We have a strident anti-pornography policy at B&T. Earphones must be worn at all times and strictly no little people.

by B&T Magazine

B&T Magazine
Nature’s Way Celebrates Big Things Little People Do In UCG Videos Via Wavemaker & Storyful
  • Advertising
  • Campaigns
  • Marketing

Nature’s Way Celebrates Big Things Little People Do In UCG Videos Via Wavemaker & Storyful

Health and wellbeing company Nature’s Way is celebrating the achievements of kids in a series of relatable and entertaining online videos that tug at the heart strings of parents. Instead of using actors to tell the brand story of Nature’s Way’s Kids Smart supplement range, Storyful has helped Wavemaker to license user-generated content clips of […]

DEC PR Wins Hisense Account
  • Marketing

DEC PR Wins Hisense Account

Electronics and whitegoods specialist Hisense has announced it has appointed DEC PR to lead its strategic communications remit in the local market, following a competitive tender process. DEC PR will work to support its brand building activities and managing corporate communications. The agency’s work will integrate closely with Hisense’s other marketing partners. Andre Iannuzzi, marketing […]

QMS Media Expands Presence In Melbourne With New Digital Billboard ‘The G’
  • Advertising
  • Media

QMS Media Expands Presence In Melbourne With New Digital Billboard ‘The G’

Outdoor media company QMS Media has strengthened its digital outdoor presence in Victoria, unveiling an iconic digital billboard in the heart of Melbourne’s famous sporting precinct. The launch of ‘The G’ sees QMS’ landmark digital portfolio ‘bookending’ arguably one of the most iconic and in-demand digital outdoor locations in Australia – Richmond Station Bridge – […]

HSBC Sydney 7s Creates New Visual Identity For 2018 Via Digilante
  • Advertising
  • Campaigns
  • Marketing

HSBC Sydney 7s Creates New Visual Identity For 2018 Via Digilante

As part of the HSBC World Rugby Sevens Series, the Sydney 7s event returns in January complete with a new brand identity, creative strategy and media campaign. With the 2017 Sydney 7s a sell-out event, the challenge for 2018 was to carry that momentum into the third year, defining Sydney’s place as the new ‘go-to’ […]

Bound Round Launches Family Travel Publication for Aussies
  • Media

Bound Round Launches Family Travel Publication for Aussies

Family travel platform Bound Round has announced the launch of its first e-magazine to Australian consumers. Travel Bound is a family-focused, digital quarterly publication available on all Virgin Australia flights through the carrier’s in-flight entertainment system, and is also available for consumer download via the Bound Round website. Bound Round founder and CEO Janeece Keller […]

SBS Unveils New Look, New App For SBS News
  • Media

SBS Unveils New Look, New App For SBS News

Do you like say "I only watch SBS" in an attempt to sound smarter than you are? Well, why not pretend to read this too?

by B&T Magazine

B&T Magazine
Ex-Samsung CMO Joins Amazon Australia As Marketing Director
  • Marketing

Ex-Samsung CMO Joins Amazon Australia As Marketing Director

Amazon Australia has appointed former Samsung Electronics chief marketing officer (CMO) Arno Lenior to lead its marketing division. Lenior worked as Samsung’s CMO for more than three years before departing in 2015. According to his LinkedIn profile, he has also held CEO roles at VR company Virtical and brand consultancy Blue Ocean Brands, and joined […]

by B&T Magazine

B&T Magazine
News Corp Names Its Car Of The Year
  • Marketing

News Corp Names Its Car Of The Year

News announces its annual Car Of The Year and it's not what you'd expect. Well, we certainly didn't expect it anyway.

Aussie Tennis Open & Country Road Announce New Partnership
  • Marketing

Aussie Tennis Open & Country Road Announce New Partnership

The Australian Open has partnered with iconic Australian clothing and lifestyle brand Country Road to supply the uniforms for next year’s tournament. Confirmed today as the official fashion lifestyle Partner of Australian Open 2018, one of Australia’s most loved brands will be worn by thousands of tournament staff at Melbourne Park in January. On-court officials including the chair and […]

Andrew O’Keefe Quits His Weekend Sunrise Duties
  • Media

Andrew O’Keefe Quits His Weekend Sunrise Duties

After 12 years with Weekend Sunrise, Andrew O’Keefe has decided to step away from his hosting and reporting duties. O’Keefe will continue his full-time role as host of Seven’s quiz show The Chase Australia, as well as focus on other projects with the Network. “The ideal job is doing work you love with people you love,” O’Keefe […]

Study: Brand Loyalty Hinges On Customer Support Experiences
  • Marketing

Study: Brand Loyalty Hinges On Customer Support Experiences

Fast and effective support will be a competitive differentiator for companies looking to win over digitally transformed customers and employees, new research has revealed. According to a study by IDC and LogMeIn titled Support Services as a Competitive Differentiator, nearly 67 per cent of consumers said that customer satisfaction was more important than price when […]

OMA Appoints Red Ant Design To Build Industry’s First Automated Proposal Platform
  • Advertising
  • Media

OMA Appoints Red Ant Design To Build Industry’s First Automated Proposal Platform

The Outdoor Media Association (OMA) has announced the appointment of Red Ant Design to build the out-oh-home (OOH) industry’s first automated proposal platform (APP). After an extensive global search and industry consultation, the decision to build the system in-house with a local Australian company was made. The APP will be built in an agile process, […]