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What is the most valuable asset that a company has? Is it the name, customers, goodwill, physical resources, or product line? The answer is that it is none of these. A company’s most valuable resource is its’ employees.
Without your employees your business is nothing. If you’re a manufacturing facility you depend on your employees to produce a good product that you can sell to your customer. If you’re a big box store or small corner store then customer service is what your business is built on. The same is true if you’re selling services like insurance. Regardless of your business the employee is your most valuable asset.
If you want to retain your employees and get the most from them, empower them. Make sure that you provide them with all of the training, education and motivation they need. For the most part, people do not fail because they want to it is because they do not have the tools to succeed. Management alone cannot ensure the success of your company.
As the leader, you need to give your team a chance to show their strengths and really put their skills to work. If you don’t, you may be losing your next superstar to the competition. An asset running away to the competition is the last thing you want for your business.
Assets are something that you invest in. When you invest in your employees, whether it is through better benefit programs or educational opportunities, the money you spend is not an expense. It is an investment in your most valuable asset.
And remember, just because the job market may be bad right now doesn’t mean that you should be caring any less for your assets. While your employees may be “chained” to you at the moment, they can and will find an employer who will treat them better at some point in the future if they are being treated poorly by you. Happy employees are employees that not only stay with a company, but give it their all. Better attitudes, performance and productivity all impact your bottom line, even if you can’t see it in black and white.