For the good part of the last decade, Tesla’s Model S has enjoyed an open ground in terms of competition in the market. Being the only premium electric vehicle, Tesla was the only choice for most people in the premium EV category. But things are about to change as Porsche’s Taycan 2020 is in the market now. Tesla is already facing some internal issues amid dwindling sales, and this is exactly what they want to avoid in the current scenario.
With low cash flows and a reported massive loss of $700 million in the first quarter owing to Model 3, Tesla is facing a severe crisis as a result. Porsche is looking to capitalize on this situation, and with a winning product, it can certainly make a dent in the Tesla empire. So, how should Tesla respond? And what it’s top management can do to motivate its employees in such a dire situation?
Through apt management, Tesla can motivate its employees and ensure its customers and stakeholders that it is offering a superior product. But to make sure Tesla continues to work as one of the best-known luxury electric car companies, it needs to break free from how it is currently being run. A complete overhaul of how the company is being managed is what is required to turn the fortunes of the company for the better.
How Can Businesses Survive the Cutthroat Competition?
In today’s business world, the right tactics and strategies are required to make employees more productive and eventually, the company. This is true for a startup, SME or even huge conglomerates but it is challenging, especially in the age of social media and smartphones where every information is at our fingertips.
However, if you implement the following 4 management practices, you can get more out of your team and boost their productivity more than ever.
It doesn’t matter if your team works in an office or you have several remote teams, communication apps are a must. Effective two-way communication is the key to success as sending a clear message across is vital. With effective communication, managers can get engaged workforce which is a big factor in achieving the required productivity at all levels.
Emails typically get the job done, but it’s so easy to lose track of individual messages within threads. Instant messaging apps, such as Slack and Twist, can offer you a wonderful experience for improved and clear conversations. Skype can also offer startups and SMEs free and reliable control over how their employees get in constant touch with each other.
Leaving out Micromanaging by Empowering Employees
One of the best ways to boost productivity is to make sure that employees are given total freedom to work. If you encourage them to take ownership of their work, they will perform better instead of micromanaging. For any employee, constant pressure from a superior in the form of checking the progress of a task or project every now and then can be a headache. It can lead to less productivity in a team or overall in a company.
For some managers, micromanaging is something that they can’t let go. They think of it as a necessity to check the performance of their subordinates so that they don’t take their daily work easy. Managers and top management need to trust their employees here as they can become nervous and can commit more mistakes if micromanaged constantly.
Increased Employee Satisfaction
Workplace rewards motivate employees as they see it as a recognition of their hard work. So, it may be a mystery to anyone as to why not all companies have such reward system in place. In addition to building self-confidence, rewards certainly play an important role in increasing motivation, allowing for peer recognition at work, and providing a greater sense of job satisfaction.
Bonuses, perks, and freebies (on special occasions and holidays) can make employees work with full commitment. These are rewards that many employees look forward to at the end of financial year or a period specified by the companies. A surprise in this regard can motivate an employee to no end. Gary Vaynerchuk says that as a leader you “have to understand what your employees want at a deep level. You have to be constantly adapting to their needs and what they want from the organization.”
He cites the following example which makes a ton of sense to me.
“One of my employees might want higher pay when he’s 24. But maybe he falls in love at 28 and decides he wants to spend more time with his family.“
When you as a leader are able to surprise your employees by proactively responding to their needs, you make sure they’re go to the end to deliver the maximum to your cause.
Tools and Apps that can Enhance Productivity
Tools and apps concerning productivity can enhance the way how teams can work in collaboration. With the right tool or app, you can get a streamlined workflow for better results.
Time and Productivity Tracking Apps
Completing a virtually infinite number of tasks that any team has to complete, use of task tracking software or tools can be really beneficial. For increased workplace productivity, softwares like TaskQue can help businesses in monitoring task progress thereby giving you a real-time view of which tasks a particular resource is working on. You can easily assign specific tasks to each team member based on a queue, so the free resource is automatically assigned a task.
With collaboration apps, teamwork is simplified. Working together in real-time is highly beneficial, as in this way, ideas come more naturally. These tools can come in the form of apps related to project management or file storage and access apps like Google Drive.
Making employees more productive is what every company looks forward to, but not all of them put a solid effort in achieving the goal. Developing and maintaining a consistent management approach can yield better results. Managers need to act proactively with getting regular feedback from their team about what they think that can be done to enhance productivity, can be an excellent way forward.
I am sure that some of my readers would like to offer their bit about they think is good for enhancing productivity. If you can add something valuable to this blog, need further guidance for any of the aspects mentioned here, or just want to offer your feedback, please use the comments section below.