It's admirable to invest in your employees. By looking out for your staff, you can ensure increased productivity over the short and long term, with loyal workers who want to be there.
By Team Savant
Image: Matteo Vistocco
Advance Employee Careers with Training
Businesses and startups rely on adequate management to function. But you can boost your company's potential by training core members of your team with shared ideas, visions and goals. CMI management offers unique courses to maximise the business potential from a management and leadership perspective. Strong leadership skills are natural to some people, yet others might not realise they possess them. Therefore, as an employer, it is your role to identify team members with the necessary skills and act upon them for continued success.
Pay for General or Further Education Qualifications
Further to management and leadership training, it could be the case some of your team members lack basic education. It's great that you have given them a chance where others would have passed. Yet a basic education in mathematics, English and IT skills is becoming more essential for menial jobs because of an increasing reliance on technology. Fortunately, most basic education courses are inexpensive, meaning a small investment can pay off significantly. Additionally, you will help an employee with skills for another if the worst happens.
Invest in Your Employees with Health and Wellbeing
Of course, there is more to investing in your employees than training. While it isn't your responsibility to provide care for your employees, it may be in your best interest. Mental health issues caused by work can cause burnout and long-term illnesses like stress and anxiety. A recent study has found that burnout rates have been up by 10% since the pandemic. Therefore, productivity is down. And this is bad for employees and bad for business. Fortunately, you can help with balanced workloads, encouraging healthy living or on-site counselling sessions.
Offer Incentives for Hard Work and Loyalty
Salary bonuses are nothing new. However, you can invest some money into offering desirable prizes as recognition for hard work. For example, like in sales and finance, you could reward employees with small breaks, popular items or paid leave for reaching goals or project milestones early. Rewards like this can also stimulate motivation and healthy competition between teams, increasing production. Additionally, loyalty for employees can also be rewarded. For instance, you could include a salary bonus for every five years of service to your company.
Be the Example to Your Team Members
This one is the best because it costs nothing. You can invest yourself and your time into your teams more than cash and rewards. As the manager or owner of the company, your employees already respect you. And you can increase and maintain that respect by being the example of change in your sector. Meeting modern societal demands and changing operating procedures for the better is excellent. For instance, make efforts to become more sustainable. And develop new policies around NSFW practices like bullying and harassment.
Summary
There are many ways to invest in your employees. Of course, cash and bonuses are classic tools. But you can also train employees and dedicate yourself as a shining example.