Investing in your team is an important part of creating an engaged workforce and an effective way of reducing turnover for your business. It is important to understand that an investment in your team can range from personal development to financial incentives, to activities that bring ‘happiness’. The ultimate aim is that you need to show genuine care towards your employees, and in return, they will take care of your business. Firstly, you must invest in their personal and professional development. Typically you will see a positive correlation between personal and professional progress.
The fact is, if you’re not investing in your people, you’re not investing in the future of your business. Investing in your employees is an important part of creating an engaged workforce and an effective way of reducing turnover for your business. Start using these tips to invest in your staff and reduce employee turnover before it takes a turn on your profits (and your workplace culture). Once you create your strategy for investing in your workforce, we can help your business get the financial structure you need to get the ball rolling.
1. Development ; Personal & Professional
The reality is, many people feel disconnected and disengaged at work, and a big part of that is due to a lack of challenges and development. When workers feel like they’re stagnating or heading towards a dead-end, your employees will undoubtedly look for employment opportunities elsewhere.
So, how can you invest in your team’s personal and professional development and ensure this doesn’t happen? One idea to consider is something called an Individual Development Plan (IDP). An IDP is a fantastic tool to help employees set and reach both short- and long-term goals. IDPs empower individuals to ask themselves, “Where am I now, where do I want to be, and how will I get there?”
To really get the most out of each IDP, managers and their direct reports need to conduct some type of monthly check-in. If you aren’t helping your employees consistently track against their goals, then they won’t make any real progress. Schedule a monthly chat to help them hold themselves accountable to their goals and give them direction on how to make continued improvements to achieve them.
2. Quick Integration of New Hires
More than half of all employees who quit voluntarily do so within their first year. One of the top reasons? Lack of engagement. While your instinct may be to get new employees working as quickly as possible, it’s important for them to feel plugged into their job from day one. Getting new hires comfortable with their roles and responsibilities before the actual work begins can go a long way in reducing employee turnover. The next time you hire a new employee, make sure they receive:
- Clear First Day Agenda
- Business Values Overview
- Insight into Their Contribution to the Big Picture
- Initial Expectations for Their Role
- Opportunity for Feedback and Questions
- Meet & Greet with Coworkers
3. Work/Life Balance as a Priority
Building a business doesn’t leave much time for sleep, but don’t forget that your employees’ performance directly impacts your success. They’re often the public face of your work, interacting with customers and doing the day-to-day tasks to keep things running smoothly. You can’t afford to burn them out.
If you keep asking more from employees than they’re physically able to give or expect them to sacrifice more than they expected or want to, they won’t stick around for long. Do your best to avoid scheduling long shifts back to back or asking them to work regular overtime. Be flexible when they request time off. Your business may be your life, but the people working for you have their own lives outside of work as well.
4. Team Building Activities
While you obviously can’t force friendships in the workplace, there are ways you can foster them. Events like scavenger hunts or playing team sports are some great ways to get everyone working together. They both get people into groups and require people to work together to achieve a common goal (just like your business). You might also want to consider doing a yearly team offsite. Offsites give your team a chance to step away from the day-to-day work and build camaraderie. Plus they’re a ton of fun and can give your team something special to look forward to each year.
5. Competitive Compensation
You aren’t the only one concerned about your bottom line. Nearly 90 percent of working Americans are worried about finances. Paying minimum wage won’t be enough to attract the most qualified job applicants or convince your best employees to stay.
Check out Payscale and Glassdoor for average pay ranges based on role, industry, and location. And remember: compensation includes more than just hourly pay. You may not be able to give everyone a raise, but you may be able to add in benefits like extra paid time off, more flexible work options, or an employee stock option program (ESOP).
Note: Reevaluate pay at least once a year. Once you know where you stand as far as employee compensation, set a reminder to check back in annually. More than 1 in 3 employees will look for a new job if they don’t receive a raise, and almost half expect a raise in the next year. If you aren’t compensating your employees competitively, someone else will.
6. Perks & Benefits
When it comes to perks and benefits for your employees, there is no magic bullet. In order for your perks to be effective in keeping your employees happy, they need to be tailored to their specific needs and desires.
For example, if your team works around the clock and regularly puts in overtime, a service like car washes and dry cleaning would help them save time in their personal lives. If you have several members of your staff with young children, consider childcare services. You can also offer a stipend that goes towards things like books, conferences, and courses that are related to personal or professional development.
Another perk that most employees can rally around is free food. A survey conducted by Peapod found that 67% of full-time employees with access to free food at work reported being “very” or “extremely” happy at their current job.
7. Healthier Work Environment
Researchers from Harvard found that medical costs decrease by about $3.27 for every dollar spent on wellness programs. In addition, absenteeism costs are reduced by about $2.73 for every dollar spent on wellness.
When you also consider that 87% of employees consider health and wellness offerings when they choose an employer, it’s obvious that focusing on health at work is important to both the employee and employer.
8. Weekly Recognition Events and Monthly Achievement Awards
The #1 reason why most Americans leave their jobs is because they don’t feel appreciated at work. While praise and recognition aren’t the only things that motivate employees, being recognized for hard work goes a long way. To really succeed in creating an environment where employees consistently feel appreciated, try integrating recognition into weekly and monthly activities. Something as simple as a weekly team meeting to recognize excellent work or achievement by another member of the organization can be super impactful.
9. Create a Feedback Culture
Taken by surprise when your last employee quit? Not a good sign. The moment you realize an employee is unhappy shouldn’t be when they turn in their resignation, especially not on a small team. Good workplace communication means that you feel comfortable showing employees where they can do better and your employees feel safe enough to speak up when something isn’t working for them. After all, everyone needs feedback to improve.
One simple way to gather feedback is by sending out a survey. Try an email survey or pass out paper surveys at the beginning of a shift and let employees fill them in during downtime. Ask questions about how engaged they feel at work, what they enjoy doing, what they believe is working well, and what could be better. Then take some time to sort through their answers afterward. Keep an eye out for any trends and overall levels of engagement.
Once you decide the best strategies for creating a strong, dedicated and happy team, you can make the investment. You can never go wrong with taking the time and budget to invest into your team. To run a successful business, you have to have a strong team, one that is reliable and motivated to perform to the best of their ability. We have the experience to help you get the financial structure to make it all possible. So what are you waiting for? Give us a call to find out how much you will be able to invest into your team and your future success.
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