When companies grow, they cannot always employ the same management strategies that previously guided them. Not adjusting the administrative approach during expansion can result in long term challenges. Team dysfunction, inefficiencies and stress are some of the adverse outcomes of failing to recalibrate management style and implementation.
Avoid these challenges and reap smart business growth with these four strategies for how to manage a growing team:
1. Nurture Culture & Learning
Company culture matters. Did you know that the turnover rate for companies with poor culture is nearly 50%? While companies with exceptional culture have a mere 14% turnover rate?
Company culture influences every aspect of business, and when done right, facilitates teamwork.
Communicate to employees and new hires what your company stands for via a clear mission and vision statement. Of course, your company's actions need to align with these statements.
For example, if learning is a core value, then be sure to have a learning program in place that allows employees to strengthen their skills and learn new ones.