Businesses of all sizes practice their own variation of the infamous sink or swim principles. If you’ve been part of the workforce in the last decade, chances are good that you’ve been put through the ringer by this frame of mind and felt powerless to change it. But, as a business owner, you have a choice. Here are 4 reasons why practicing the sink or swim principles is an epic fail in business.
Practicing sink or swim principles in your business can cause:
Low Employee Morale
The first domino in the sink or swim game is always employee morale, and it happens to be the shaky ground that everything else stands on.
Sink or swim principles often mean a lack of training and an overwhelming amount of work that no one else wants to do, which results in low employee morale. Your talent winds up feeling frustrated, trapped and unsure of when to say “no”.
Because this is the first step on a downward spiral, a hit to employee morale often leads to…
A Decrease in Quality and Productivity
Feeling trapped and overwhelmed can often lead to a drop in productivity and the quality of work across the board.
No matter how capable or self-sufficient your team may be, a lack of training and the sheer stress that sink or swim principles can create may prove too much for even the most resilient professional. A gradual decrease in quality of work, productivity and general love of the job sets in, and this lack of efficiency hurts the business and the employee in more ways than one.
The Loss of Your Brightest Talents
No smart business owner wants to watch their brightest talent walk out the door, especially if there was something that could have been done to prevent it.
Losing your shining stars due to sink or swim principles seems pretty senseless. Doesn’t it? That’s because it is!
You want to be a great place to work and increase profits by having great people, and it only takes a little compassion and forward thinking to keep them around.
A Lack of Qualified Employment Applicants
For most businesses, your people are your most valuable assets and your most vocal supporters. Unfortunately, if sink or swim principles are part of your business plan; eventually, word will spread.
When it comes to people or companies who tend to be hard to work with, qualified applicants will take a hard right or left and avoid your brand like the plague. No matter how large or small your business is, you can never afford to have this sort of stigma attached to you.
Unfortunately, businesses that you know and love are guilty of using sink or swim principles, and the ugly truth of it is often hidden behind closed doors. As a business owner, you can make good on their mistakes by opting to choose people over profit rather than sink or swim.
Learn more about the people over profit principles on our recent blog, Book Report: People Over Profit by Dale Partridge.