Employees Are Your Most Important Business Asset

It’s no surprise that companies that actively care about the well-being and happiness of their employees find it easier to attract the best talent.

After all, we all enjoy feeling valued and appreciated and are willing to work much harder for a business that has demonstrated this.

That said, it’s not always easy for management, especially in a substantial corporate entity, to make time for each employee or even to know how to begin investing in their human capital.

Employees Are Your Greatest Asset

But it truly is an investment, as your company is virtually guaranteed to become more profitable when the staff feels empowered and acknowledged.

Losing key employees

Sadly, you often realize how much they contributed after employees leave the company. When someone pursues a better salary offer or a more favorable working environment, they take all of the skills, insider knowledge, and know-how they gained–and often, your competition will 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, they have little motivation to stay with you in the long run.

Whether it’s the receptionist, the admin clerk, or the junior manager, chat with them about the direction they’d like to go in.

Maybe they’d want to pursue accounting, payroll, marketing, or HR?

You’ll find that sending a junior employee for training in their chosen field not only makes them a more valuable asset but also makes financial sense, 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. 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 with 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, teaming up with a provider specializing in tailored corporate wear can greatly help staff who don’t find that the look comes to them quickly! Not everyone is a snazzy natural 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.

Even if you love your work, having a rude or unapproachable supervisor or direct manager can make all the staff behind them miserable. Be open to the fact that some people 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 contribute better (and probably be happier).

Performance Reviews

Have a fair performance review system in place and top reward achievers.

Every employee should know their responsibilities, and you should have a fair system to measure how well they’re doing.

Remember that not every reward needs to be financial. Many people would prefer going home early if all their tasks are completed over a small monetary incentive. However, put the ball in their court and let them decide what will motivate them. Ensure that someone making a noticeable effort to improve receives praise and an incentive to keep trying.