8 Smart Ways to Get Employees to Take Ownership
How to Get Employees to Take Ownership
1. Use stock and stock options
As the business owner, you want your employees to feel and act invested in the company. You want them to care about the business as much as you do.
However, this is difficult to accomplish if your workers do not own a piece of the business. At the end of the day, they go to work to get a paycheck. That’s it. That’s reality. Sugarcoating the truth will not help.
If you want to change your employees’ mindset, then use stock as a form of compensation. Your workers will then also be business owners, even if they own a tiny sliver of the company.
As a result, they will be incentivized to do things to increase the value of their stock. Instead of just thinking about their next paycheck, employees will also think about the company’s well-being. They might brainstorm and initiate projects to increase revenue or decrease expenses.
This is what taking ownership is all about.
2. Offer performance-based compensation
If you are unable or unwilling to give up equity, then performance-based compensation is the next best thing. It will foster a results-driven work environment.
Ideally, employees would get a salary plus a bonus depending on how well they do. If they want a big bonus, then they will try their hardest to meet or surpass performance thresholds. They will optimize for productivity and be the best workers that they can be.
3. Hire the right employees
The process of getting employees to take ownership starts before people even become employees.
It starts during the interview process.
Ideally, you should hire people who are genuinely passionate about the field. These folks will read about the industry and learn things on their own time not because they have to, but because they want to. It’s interesting to them.
If you hire these people, then there is not much else that you need to do. They already have passion. You just need to give them work to do. Then, you can be amazed by their thoughtful questions and exceptional outputs.
So, how do you know if a job candidate is passionate about the field?
There are a few clues that you can look for.
For example, pay attention to their body language when they talk about the industry.
Do their eyes light up with excitement?
Do they look and sound enthusiastic?
You can also gauge their technical expertise. If they know things that not even your current employees know about, then they are most likely passionate about the field. They are also qualified to do the job well.
4. Talk about the benefits of taking ownership
Employees should take ownership because of two primary reasons. For one thing, it benefits them. If you hold yourself accountable, then you are more likely to make sound decisions and create high-quality work. Workers who produce good results are more likely to get raises and promotions.
In addition, taking ownership benefits the entire team. If everyone approaches work (and life) in such a manner, then things will less likely fall through the cracks. Situations where you have to pick up the slack for someone else will become rare.
Therefore, employees who don’t take ownership will not only hurt themselves but also the entire team. Diligent workers do not want to disappoint anyone, so they will do whatever it takes to avoid bad outcomes.
5. Have growth opportunities
If you want your employees to take ownership, then you need to reciprocate by investing in them. Give your workers the necessary resources to be successful in their current roles.
You also need to make sure that there is room for them to grow within the company. That’s because people get bored when they do the same thing every day. Bored employees start applying for other jobs.
Therefore, you need to make sure that there is always something new to learn. Pay attention to how your employees are feeling and be proactive with talent retention efforts.
6. Sell good products that make a difference
As a business owner, you want to make money. There’s no shame in that.
However, does the company have a good mission?
Are you making the world a better place to live?
Are products created and sold to help stakeholders in addition to shareholders?
If yes, then employees are more likely to take ownership. They will feel proud to work at a place with such virtuous ambitions. They will be excited to go to work every day because their values align with the company’s values.
7. Provide tools for employees to be independent
As the business owner, you might not always be available to answer your employees’ questions. Maybe one day, you need to meet with a client in another city. On another day, you might have a family emergency.
In these situations, will your employees be able to handle things on their own? Can they diagnose and solve problems by themselves?
First, create a good training program to limit the number of possible questions that your employees may have.
Also, make sure everyone has access to reference materials. For example, employees should be given handbooks and databases.
This is how employees can be independent and answer their own questions. They will be able to find answers regardless of their initial knowledge base.
Ultimately, as the business owner, you will be able to create an organization that runs smoothly even when you’re not there.
8. Just tell them
Getting employees to do something doesn’t have to be complicated. Being direct can go a long way.
You can just tell your employees that you want them to take ownership. You can casually tell them in passing or during an official performance review.
Explain to your employees what taking ownership means. Provide vivid examples of workers who have taken ownership in the past. Give them ideas on how they can take ownership in the future.
Your workers will keep these things in mind when they start a new project. Then, they can apply the things that they’ve learned and become even better employees.