Our business is constantly changing. It’s the way of the world now. And I want to share something really wonderful that has enhanced the performance of our company. This is the concept of psychological ownership.
Psychological ownership is something I am researching deeply for my next book. And I’m all done.
By definition, the theory of psychological ownership (Pierce et al., 2003) suggests that individuals experience a cognitive-affective state in their interaction with the object, that is, when individuals feel that the target object is “theirs”.
“But wait, this is my company!”
I think when entrepreneurs and small business owners start our companies, we think about how we will implement it. Us The idea, create Us Effects, and crystals Us Mission great! But it is incredibly important to remember that a great leader of a company leads a great team so that it effectively takes place and creates that imaginary effect. So hire a great team, take part in their game, see!
When I started, yes, it was just me and at one point I must have thought I could do it all. I was compelled. It was, after all, my company. Maybe I’ll hire an assistant. I did. When he began to work in a more comprehensive capacity, he was an obvious fit to be president of the company. Then over the years he brought in wonderful staff, who then introduced others. And, we still offer the team new responsibilities when they ask or we deem appropriate. If necessary we recruit new members.
What I find is that there is a healthy amount of arrogance that your company needs to remove in order to build everything. There is no pigeon holing in the classification here. If you have a big brain to tap into innovation, we want to.
Adding a team to your mission, not just your mission, is a game changer. Your missions are realized faster and more effectively.
Yes, you are still the leader. Besides, you steward.
And that’s more important than governing your roast. One steward leads the rest of the team by giving ownership. Why? Because when you do, your whole team will be as dedicated to your business as you are. It’s priceless.
What gives your team members a sense of ownership?
So this all sounds good, doesn’t it? Let’s take some practical steps for you to implement psychological ownership in your business.
How to establish employee ownership through physical ownership – and get your employees involved in the game.
- Reciprocity – A lot of reciprocity is expected here, no doubt. To be successful you must exchange your assets and offer a high degree of trust and communication.
- Autonomy – no micromanaging! At the same time, it does not deny the importance of communicating and using a project management platform for updates. We would like to have a private meeting to make sure that we have the time. Having a status update is enough to keep your finger on the pulse of the project. But if you get too involved, the idea of ownership will diminish and your team members will start expecting you to actively or subconsciously finish the project.
- Creative License and Voice – Similar to autonomy, bringing someone to the table with their creative ideas will enable them to take more responsibility for their ideas and outcomes. As a byproduct of feeling ownership in the company and in their jobs, employees feel more efficient. There is still some work to be done to consider The Great Regiment.
What can you do to get your co-workers to take a bigger stake in your company?
If you want to give your team a sense of ownership, make sure they are involved in creating something If you share your ideas with your team, they may accept it, but they probably won’t feel ownership. Conversely, if you approach your team to request their ideas and input, the increased engagement alone will excite everyone.
The benefits of psychological ownership: I know all this sounds very, well, “beautiful”. And it is done. The fact is, there are studies and data that back up how employee ownership positively affects your business. Psychological ownership:
- Increases the performance of the company
- Creates better company stability and employee retention
- There is a close relationship between what is being produced and the revenue results
- Opens the door to innovation that has yet to be explored
- Increased motivation
- Company stewardship
- Increases productivity – efficiently
- Incorporates or creates ideas to work for the betterment of the company
When your team not only aligns with your mission, but pays extra for it with as much fidelity as you can, it’s a game changer, an “ah ha!” The moment your mission is realized in a more efficient way. So you can focus on the next great offer for your client and the world.
Mike Michalowicz first appeared in the post Why Employee Ownership Is So Important.