You work hard to hire high-achievers. When their attention drifts in that two to four-year…
Ellen Warden, SPHR, SHRM-SCP
WorkPlace Synergy, LLC
Wouldn’t it be nice to sit down every morning and see all the progress in your practice that doesn’t require your direct involvement? Of course, it would. But it won’t happen without successfully delegating.
Delegating responsibility is a powerful statement to employees about how much they are trusted and how competent and valued they are to you and the company. Delegation is an investment in the long-term success of both your team and your firm. As with any investment, it’s about the return.
- Your team members will gain confidence and independence.
- They’ll feel good because they are learning and growing in their career and making meaningful contributions to the team.
- You’ll be able to serve more clients, further grow your firm, and still feel confident in the quality of work that your team is producing.
What’s the cost of NOT delegating? Higher than you think.
- Employees who feel underutilized are more easily frustrated. Loyalty fades, and the job hunt can begin. According to an IBM study, employees who don’t see a path for career development are 12 times more likely to leave.
- Retaining current employees is cheaper than hiring new ones. Directly replacing an employee can run as high as 50 to 60 percent of their annual salary, and total associated costs of turnover can rise to 90 to 200 percent, according to The Society for Human Resource Management.
- Active delegating leads to increased productivity and profitability. Employees who feel more valued and empowered are more engaged. Engaged employees want to learn more and refine their skills to take on more significant challenges.
- Time is money. The cost of delays compounds when you let yourself be a bottleneck. Not delegating reduces service to clients. More qualified employees and faster/more efficient processes are possible when you share the work and remove the backlog.
- Stress is the business world’s silent killer. The American Psychological Association estimates that job stress costs U.S. industry more than $300 billion a year in absenteeism, turnover, diminished productivity, and medical, legal, and insurance expenses. Much of your stress can be managed by learning to share the burden.
The next time you look at your to-do list, ask yourself whether someone else on your team could handle that item. Hoarding work can cost you turnover, reduced trust creativity, innovation, and cooperation among your team members. You can’t afford NOT to delegate!
Do you need help designing development plans for employees? Ellen Warden works with BV/LS practices around the country to help them align their HR solutions with long-term objectives. You can reach Ellen at WorkPlace Synergy.