It’s no big surprise that companies that take an active interest in the wellbeing and happiness of their employees find it easier to attract the best talent. After all, we all enjoy feeling that we are valued and appreciated and are willing to work a lot harder for a business that has demonstrated this to us.
That said, it’s not always easy for management, especially in a substantial corporate entity, to make time for each of their employees or even to know how to begin investing in their human capital. But it truly is an investment, as your company is virtually guaranteed to become more profitable when the staff feel empowered and acknowledged.
Losing key employees costs your business
Sadly, it’s often only after an employee has left the company that you realize just how much they contributed. When someone pursues a better salary offer or just a more favorable working environment, they take all of the skills, insider knowledge and know-how they gained with them – and quite often, it’s your competition that’s going to acquire them.
Aside from the costs of hiring and training someone to replace them, projects they were working on can grind to a halt, and other projects might suffer while your remaining employees are forced to try and pick up the slack. All of this directly affects your business’s bottom line.
So how do you prevent this from happening? Here are a few examples of how to go about investing in your company’s most valuable asset:
Train from the bottom up:
When you hire a new employee in a junior position, have a career path in mind for them. If there’s no chance of moving up the ranks and improving themselves, there’s very little motivation for them to say with you in the long run.
Whether it’s the receptionist, the admin clerk or the junior manager, chat to them about the direction they’d like to go in.
Maybe they’d like to pursue accounting, payroll, marketing or even HR?
You’ll find that sending a junior employee for training in their chosen field not only makes them a more valuable asset, but it also makes financial sense too, as the cost of the training is offset by not having to hire a new employee with a degree or tertiary training of their own already under their belt. And most importantly of all, it shows that you care about them and are willing to help them grow in the company.
Throw in a few perks that your competitors aren’t offering:
Working for a company that has a ‘cool’ image can be a big selling point for employees, so get your thinking cap on and let them have a say too.
There are loads of ways you can go the extra mile, from allowing casual Fridays with after-work snacks to offering flexi-time working hours for people with kids or who commute from a distance or implementing a work shuttle from the nearest bus or train station. Allowing people who don’t have to be onsite to perform their duties to work from home can be a massive selling and retention point too.
If your company has a very corporate image, then teaming up with a provider that specializes in tailored corporate wear can be a great help for staff who don’t find that the look comes to them easily! Not everyone is a natural snazzy dresser, but if you have a partnership with a company that offers just the look you’re going for, it takes a lot of pressure off everyone!
Invest in your managers, but realize when it’s just not working
Even if you love your work, having a rude or unapproachable supervisor or direct manager can make all the staff underneath them miserable. Be open to the fact that some people just don’t do well in such a position, and keep your eyes and ears open for signs that you might not have the right person in that role. Explore areas where they could make a better contribution (and probably be happier themselves too).
Have a fair performance review system in place and reward top achievers
Every employee should know exactly what their responsibilities are, and you should have a fair system in place to measure how well they’re doing. Remember that not every reward needs to be financial – many people would prefer the option of going home early on a Friday if all their tasks are complete to a small financial incentive – but put the ball in their court and let them decide what’s going to motivate them. Make sure that someone making a noticeable effort to improve receives praise and incentive to keep trying.