What makes a company successful? Is it growth, riches, or a positive impact on the industry and world? For each business, success is defined in unique terms, but all successful companies share certain common visions. Here’s a rundown of the visions of the most successful organizations to ponder.
Learning from Failures
It’s easy to let a business failure ruin the company. But, the best leaders and most successful companies know that failure is a part of learning how to do things better. Just think about Henry Ford who said, “Failure is simply the opportunity to begin again, this time more intelligently.” He went on to become the most successful automobile manufacturer in history. Be sure to have a system for reviewing failures and coming up with a plan of action to do better the next time.
Hiring Top Candidates
It should be obvious, but one of the best methods that will dictate business success is to hire only the best employees from the candidate pool. Make it your company vision to focus on hiring for quality and culture fit, rather than just credentials. Look at personality as a key factor in hiring decisions, and work with a staffing agency to identify top tier candidates.
Continual Investment in Employees
A company that doesn’t recognize this early on is in trouble. Along with hiring the best possible employees, investing in their learning and development is what keeps them on board for the long term. Studies have shown that investing in employees results in, “40 percent lower turnover rate, double the amount of revenue per employee and 38 percent higher engagement.” (Source: Huffington Post)
Promoting Work Life Balance
A vision that needs to be in place, particularly if your company wants to succeed in hiring and retaining Millennials, is to provide a reasonable work life balance. This contributes to the overall positive culture that can work in your favor. Any company that has a vision of creating a workplace that honors work life balance is already ahead of the game.
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