“It takes much more energy to continue to highlight the mistakes of others than it does to correct your own” -Neca C.Smith
What is Ownership?
Ownership is all about instilling in an employee a culture that gives him or her the freedom to choose wisely and the acceptance of the results of that choice. It’s important to take responsibility for your work and develop an acceptance of mistakes. Regardless of function, experience, or classification, it is expected to be exhibited from every single seat for organisational growth.
In this article, we explain “How companies can foster a culture of ownership at work” and various approaches in doing so:
Enhancement of Employee Information Sharing:
Educating employees broadly about the company’s strategic, financial, and operational decisions is a crucial first step in developing an ownership culture. Employees who possess employer equity are interested in how the business is doing. By providing them with this knowledge, you can gain their trust and give them the confidence they need to feel like they are making a genuine difference in the operation of the company. This promotes employee loyalty and may increase their desire to hold additional stock.
Provide programmes for training and development:
Offering leadership training for employees to improve their talents is another aspect of fostering an ownership culture. Programmes for improving role-related competence as well as chances to foster communication and teamwork may be among them. These initiatives make tactical sense in two ways:
They first give workers the chance to do a better job on the job and earn rewards for doing so.
They also assist companies in reiterating to staff that they are an important component of the team. As a result, the workplace may be more stable and productive and employee retention may increase.
Ask for the opinions and pay attention to them:
The development of employees’ autonomy and self-confidence depends in large part on this. Everyone wants to believe that their opinions and trust are valued by others. Once that habit is established, workers will do it more frequently.
However, to sustain confidence and a climate in which staff members feel free to speak out and express their thoughts and opinions, you must:
If you need more information, ask follow-up questions and then provide feedback once you’ve carefully listened.
Be sure to give it some thought before criticising or rejecting it out of hand.
If you are unable to implement a suggestion at this time, politely explain why.
Encourage them to continue to share.
Recognizing and Rewarding Ownership:
Recognizing and rewarding ownership further strengthens the culture within an organization. Acknowledging and celebrating employees through executive leadership coaching who demonstrate a strong sense of ownership reinforces the desired behaviours and encourages others to follow suit. Publicly recognizing individual contributions and team achievements demonstrates that ownership is valued and appreciated. Rewards can take various forms, such as promotions, bonuses, or simply sincere appreciation and acknowledgment, which reinforces a positive feedback loop and encourages ongoing ownership at all levels of the organization.
A culture of ownership among your employees can go a long way towards assisting them in improving their financial well-being, forging a stronger bond with the company, and developing into more productive, engaged workers in a world of uncertainty, financial pressures, and organisational change.
BeLeader is one of the leadership training companies in Pune that offers comprehensive corporate leadership training that helps in providing a sense of ownership of employees at the workplace. Connect with us to book a free 20 mins appointment.