Creating a happy and stable workforce is an essential factor of success. It’s harder than ever to attract and retain the best talent, and a high turnover of employees is detrimental to your bottom line. Other than the time lost training new employees, it can also point to problems that are more fundamental. In most cases, the problems that make employees likely to leave will also be reducing your efficiency and productivity, and therefore, your bottom line.
Why investing in employees is important
When you invest in an employee, it sends an important message. You believe in them. You value them. You want them to stay. This helps to increase loyalty.
If an employee is feeling like they are just going through the motions of their daily grind, then personal and professional development will engage and challenge them in new ways, increasing their job satisfaction.
When your workforce is happier your business becomes more productive.
How to start investing in employees
There is no single route to success for employees. Each has their individual personal goals and desires, both in the short and long-term. They all also have their strengths and weaknesses.
A good way to start is to make a plan with each employee for his or her own development. Something that generally says, ‘This is where you are. This is where you want to be. This is the best route to get you there.’ Once they have some clearly defined goals, you can let them know you’re willing to help them make that journey, committing to their future success as they commit to yours.
For some employees, it will involve further education, such as an online MBA from James Cook University. For others, it might simply involve developing their self-confidence or leadership ability. What they need to progress as a person and employee should ultimately help you as a company.
If your workforce is already content and moving in the right direction, then consider organizing some team building activities. These can help them to gel as a unit, improve morale, and blow off some steam.
Clearly define your goals
Whether you use a new mission statement or an internal memo, a reminder of the bigger picture goals will give a sense of a greater purpose, and help employees to become more invested in the company’s mission. Employees should know why their position and duties are critical to the company advancing towards this greater goal. This can be a great way to foster team unity and help strengthen your company’s core values.
Show you care
It’s important that while you’re investing in their professional development, you’re considerate of their personal time too. It’s easy for a business owner to keep expecting more from their employees, but an employee will never be as committed as the owner and is more likely to just move on when pushed beyond what is reasonable.
Taking simple steps to avoid long back to back shifts, consistent over time, and being as flexible as your business allows when it comes to booking time off can help to show you care. You can even request feedback from employees intermittently to see if they have experienced any problems of which you should be aware.