Investing in employees to reduce employee turnover for small business owners.
Employees can be considered the backbone of the business. This is because in order to achieve constant growth and success in your business, the employees have to meet their assigned targets effectively with tenacity. A motivated workforce establishes a collaborative work culture and this improves relationships and communication between co-workers. Investing in employees will ensure that everyone is striving to accomplish their designated task to the best of their ability thus producing exceptional work that drives the business forward. Below are five (5) ways to invest in your business through employee investment.
1. Investing in an acceptable working environment.
Though many employers do not consider the impact of the working environment that they provide, it remains a very important factor. Many employees are motivated or demotivated by their physical work environment. Bright lights, comfortable chairs, and clean surroundings will effectively lift the mood of the employees and can remove negative emotions. Ensuring that the workplace is safe and well ventilated with well identified emergency exits and muster points will comfort employees and solidify their confidence in management. An optimistic ambience will increase work tolerance, motivation levels and the overall efficiency within the workforce. Employees who are comfortable are more likely to remain employed at the business.
2. Proper incentive programs.
Many businesses use incentives to encourage employees to work harder and be more efficient. However, some of these programs are amiss as they do not offer benefits that employees appreciate. Either the tasks assigned to be completed are unreasonable and/or unattainable or the rewards are unsatisfactory thus the employees are uninterested in putting in extra work. Implementing proper incentive programs with attainable objectives and valuable rewards will encourage staff to work harder and achieve the goals assigned to them ensuring productivity and performance.
3. Providing meaningful financial investment employee benefits.
These include both health and life insurance policies, vacation, sick and casual days as well as pension plans and gratuities. Many businesses believe that giving employees less time off will ensure more productivity however, this is not always the case. Helping employees to secure financial independence both present and future, encourages and motivates them. This can be done by providing proper employee benefits. Health and life insurance policies should also extend to the family members of the employees and the vacation, sick and casual days given should be reasonable. The pension plans offered should vary based on different salary ranges to ensure that it is affordable by all staff members and that options are available in which they can comfortably choose from. Gratuities offered should also be of a reasonable percentage.
4. Upholding your social and environmental responsibilities.
Yes. As a small business owner you do have a social and environmental responsibility to ensure that you are not operating with any supplier who encourages human right violations, child labor or environmental harm or damage. You also have the right to abstain from doing so yourself. This can be done by researching companies before making alliances to conduct business. Ensure that they know that you do not approve of them ignoring their social and environmental responsibilities and you are willing to cut ties with them if need be. Support companies that produce environmentally friendly products such as cleaners, water coolers and recycled paper towels and tissues. Simple solutions such as providing a business storage drive to save work instead of printing and using less ink helps the environment. Employees will be proud and comfortable working for a company that upholds their social and environmental responsibilities as it reflects that management holds themselves to a high standard and accepts accountability.
5. Providing employees with all necessary work supplies.
Having employees who are willing to work is not enough to produce efficiency. Management has the responsibility to provide them with the necessary supplies and equipment that they need to produce the work required. These include ensuring that current equipment being used are functioning properly such as printers, scanners, shredders, computers and computer software just to name a few. Regular servicing should be conducted on all equipment. Employees should be provided with stationery, comfortable work chairs and sturdy office tables. Office phones and phone lines should be working at full capacity and management should invest in a proper internet service to assist employees in getting their job done. For employees who work outside of the office, allowances should be extended to them such as travel, food and cellphone allowance.