Tips for Store Leaders by Stan Phelps

Offer constructive feedback regularly to help employees understand their strengths and areas for improvement. This promotes professional growth and strengthens their commitment.

Long before he became CEO of iProspect, back as an analyst at Bain Capital and KPMG, Robert J. Murray had an idea on how you should run a services business. “One thing that always surprised me in prior work experiences is when your assets walk out the door each day, why aren’t companies doing more to value the people doing the business?” Mr. Murray thinks he’s found the answer to that, and quite a large number of his employees happen to agree. Mr. Murray’s formula: hire competitive people; promote early and often; give constant feedback, including iProps—notes of encouragement. “We are a meritocracy. When positions come open, we don’t care if you’ve been here six months or six years—we will promote the best person into that position,” he said.

Tip: Foster a culture of open feedback and continuous improvement.