To invest in your employees means to invest in the future of your organization. A good employee is a happy employee, and a contented employee is more likely to stay. Otherwise, you risk a high turnover rate that will eat your bottom line and your time. Investing in your employees is an essential part of creating an engaged staff, but too often, employee recognition, incentive, and reward programs are perceived more as an expense instead of an investment.
When a company invests in employees, it’s a win-win benefit so take a look at these unique ways to invest in your personnel.
1. Invest in Their Development
People often feel disengaged and disconnected at work because they lack development opportunities and challenges. When they feel like they’re stagnating, it makes them passive. You can invest in your employees professional and personal development by using an IDP (Individual Development Plan.) It empowers them to think about where they are now, where they want to be, and how to get there. Schedule a monthly meeting to talk about their goals and give them advice on how to make the necessary improvements to reach them. Provide in-person and online development programs. Plan in career advancements opportunities, and provide access to some great learning courses.
2. Foster a Positive Work Environment
The workplace is the most critical place where employees spend a big part of their days. Don’t design workplaces around the building, but around your employees. Their environment should reflect their work, make them feel comfortable, and be more productive.
3. Integrate New Hires as Quickly as Possible
Many of the employees that quit within their first year do that due to lack of engagement. They need to feel plugged into their role from day one. Provide them with an overview of your company values, insights into how they can contribute, opportunities to interact with their coworkers, and the chance to ask questions.
4. Prioritize Wellbeing and Work-Life Balance
Instead of pushing themselves to the limit (and neglecting themselves entirely in the process) today’s employees want a chance to nurture and maintain their wellbeing. You can’t afford to burn them out. Avoid asking them to work overtime, and be flexible when they ask for some time off.
5. Give Fair and Open Compensation
Everyone worries about finances, but most people today are satisfied with fair compensation. So be sure to check for average pay ranges based on industry, role, and location. Throw in some benefits, such as more flexible work options or extra paid time off.
6. Create an Open Feedback Culture
Your employees should feel comfortable and safe about speaking up and sharing their opinion whenever something is not working for them. We all need feedback to improve, so foster an environment where’s it’s desirable for them to provide it openly. Ask them personally or via a survey about what they enjoy doing, how engaged they are at work, what they think is working well or not.
Investing in your employees is great for both parties – your company and those who work there. And in many cases, it doesn’t even require spending money, but more acknowledging them and the value they bring to the organization. However, it will make a huge difference in the lives of your personnel which is something that will instil loyalty and make them happy in the workplace.
At Lionstep we make it our priority to understand the company’s culture and requirements as well as the candidate’s expectations and wishes. Don’t hesitate to contact us if you are looking for your next superstar employee.