A five-year study found that employee emotions significantly impact a company’s success. Interestingly, when an employee makes a mistake and isn’t punished, they tend to perform better. A company wants its employees to try, experiment, and succeed, but it is hard for the company to grow if employees are blamed when they make mistakes or fail. Over time, the company can unintentionally become a bureaucracy, which discourages employees from working effectively. Conversely, when employees and the company work together toward the same goal, great success follows. We mistakenly believe that giving employees monetary bonuses will motivate them. However, more factors can encourage people than just money. Not only is money a limited motivator, but it is also costly compared to its effectiveness. When a company becomes an unpleasant place to work, managers, employees, shareholders, and customers all become unhappy. But when it becomes a good place to work, everyone is happy. There’s no ambiguou...
In a rapidly evolving technological market, companies thrive not by producing durable, long-lasting products but by continuously innovating new models. If car manufacturers create vehicles so robust that customers drive them for over 30 or 40 years, those companies risk failure. Therefore, product cycles are crucial in manufacturing: if they are too short, trust is lost; if they are too long, bankruptcy follows. Nevertheless, newcomers often aim to make them more robust. - Joseph’s “just my thoughts”