Employees First
Dear Readers,
Have you ever wondered if your customers or your employees are more important? One of our readers asked last month about how to create loyal employees. This week we will address Antoinette’s question regarding how to make sure her employees know that they are valued. Antoinette writes, “My business is doing well. I have a good team of employees. However, I want to make sure that I’m creating an engaged workforce so that I can worry less about employee turnover. How should I be investing in my employees?”
Josh: Great question. For the most successful business owners, the only people more important than our customers are our employees. Employees are more than just warm bodies that serve customers. They are a direct reflection of the business itself. Employees are a key piece to customer satisfaction and customer experience. As smart business owners, it’s definitely important to invest in good employees.
Pedro: Knowing to invest in your employees is the right start. Knowing exactly how to invest in your employees is a bit trickier. There are ways to invest in employees without spending a ton of money. A few examples include: creating a healthy work environment that prioritizes a fit lifestyle, encouraging your employees to move laterally to experience different positions, celebrating your employees work anniversaries with a personalized token of your appreciation, and giving your employees some time off each month to volunteer in the community.
Josh: Those are great ideas. Employee needs differ between each person. Competitive pay, paid time off, excellent benefits, flexible schedules, competitive 401K retirement plans, and the ability to grow within the organization are also ways to show you are investing in your employees.
Pedro: I’ve also always found it interesting that research shows that workers are happier in their jobs when they have friendships with co-workers. HEDC found that close work friendships boost employee satisfaction by 50% and people with a best friend at work are seven times more likely to engage fully in their work. Employees report that when they have friends at work, their job is more fun, enjoyable, worthwhile, and satisfying. Camaraderie is more than just having fun, though. It is also about creating a common sense of purpose and the mentality that we are in-it together.
Josh: That’s why it might be a good idea to create compensation packages based on “having some skin in the game.” Incentivize employees to take “ownership” of their job and to be empowered and accountable for doing the right thing for the business. Secondly, I think it’s important to invest in your employee’s personal and professional development. We want our employees feel connected and engaged. Creating recognition events or achievement awards is a great way to create a culture where employees feel value and appreciated. The reality today is that employees will not stick around forever. But we want the ones who stick with us to be the biggest cheerleaders for what we’re doing.
Pedro: I agree. The bottom line is if you’re not investing in your people, then you’re not investing in your business.
Thanks for your question Antoinette, and good luck making sure your employees feel valued. We’d love to hear from you. We are offering $100 gift card to the reader whose question is selected next. Please submit your business questions to together@lead.bank
