Happier Employees Make Companies Great

Image: n3rdabl3.co.uk

Corporate Challenge: A product developer increased their revenue 10-fold in one year.  The company opened to new investors, and made over-extended partnerships.  Soon, the employees were over worked, the product quality declined, and sales slumped.  Within a year the company considers bankruptcy.

Ironbound Strategy: A company’s most valuable resource is their team of employees.  Focus on creating employee value by reducing excessive workload and increasing perks.  An increase in product quality will be inevitable.  Collaborate with other developers to outsource work and meet the demands of the new partnerships.

Ironbound Action: Atari collapsed in 1983 after the company focused on profits rather than employee value.  In contrast, an upstate New York supermarket called Wegmans focused on treating employees as family members.  The more perks the company offered their employees, the more profitable the stores became.  Wegmans has become one of the fastest growing grocery experiences in the North East, and has been on Fortune Magazine’s national best companies to work for since the list began in 1998.