The modern businesses is marked by large size of assets, revenues and the number of employees particularly in IT , HOTEL, SHOPPING MALL AND HOSPITALITY industries. Many entrepreneurs including NRIs have set up their businesses in those segments. The success or failure of the companies depends mainly on the quality workforce which can only be achieved by creating a pool of satisfied workforce. In the contemporary corporate society the relation between the owners or promoters of the business and the employees has acquired the significant importance. The emphasis of an entrepreneur must be on a satisfied employees mass so that the employee can produce the best at the lowest cost and also can provide satisfying service to the customers. The matter has no relation with the size of the company and brand of the products. It does not matter whether an entrepreneur has a start-up or existing business. A great place of work is one where the employees trust their employer cum entrepreneur, have pride what they do and enjoy the people they work with. It reduces turnover of employees which gives several benefits to a company besides decreased costs associated with recruiting and training new staff. Moreover the company attracts better employees even at lower salaries!
The most important driving force behind satisfaction of employee mass is the quality of work life (QWL} in the organization which depends on the continuous support and commitment v of top management. The positive attitude and conducive behaviour from that desk creates a favorable work environment in the company. The employees spends a major part of the day in the office and they should not go back home distressed after the end of office hours. For example, highly satisfied employees at a departmental store certainly ensure an increase in customer satisfaction resulting in higher profitability for that store.
The most important factor in building an organization as ‘great place to work’ is to develop high trust between the employees and the entrepreneur which depends on the followings:
- participation and sharing attitude of that entrepreneur { these are known as positive attitudes},
- job enrichment of the employees,
- making the employees feel as part of management,
- right compensation for the right employees,
- accessibility between employees and entrepreneur or his senior management ,
- subordinates are opened for discussion to the superiors,
- employees participation in building strategies or tactical moves,
- right employees for the right positions,
- provision for non-monetary incentives,
- employees knowledge regarding objectives, policies and culture of the company,
- active role of managers in developing motivated workforce where active role of HR should be existing,
- appraisal of employees on regular terms and fulfilling the commitments as per targeted performance.
- Transformation of a new idea by top management and applying change management process,
- creating an open environment for free discussion and sharing information, and
- Arrangement of facilities for work and work place too.
Another important matter is manager’s perception of management. This is very important that what managers feels the top management thinks about them. More important than the manager’s perception of management‘s reliability is what managers feel about the credibility of the entrepreneur and his top management. So the entrepreneur himself and top management must show thankfulness and appreciate the good work done by the managers. Entrepreneur can instruct his immediate subordinate or top management or HR as the case may be, to select those who deserve special recognition and give them award. They may maintain a list of birthdays and anniversaries of all managers and employees to wish them. This will certainly create a personal rapport and regards.
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