What’s the biggest investment in your business? Of course, it’s your employees. The importance of every single employee in our business should never be underestimated, and the importance of hiring the right member of staff is worth more than spending years hiring and firing people who aren’t a right fit for the company. Your employees, on the other hand, can be nurtured and developed, rather than letting someone go for being a wrong fit. Why should we invest more in employees? Let’s find out.
Improving Their Value
On a fundamental level, investing in staff training is something that is done by big businesses on a regular basis, this is directly funding into improving your employees’ skills, but it also improves the value from within the company. Upskilling your employees is something that needs to be taken advantage of now. Especially with tighter finances, and the popularity of outsourcing right now, if you want to keep your employees, you need to make them as multi-skilled as possible. You don’t need to send them off to a week-long course on how to build a spreadsheet, there are plenty of options you can do in-house. Ultimately your employees will understand your business better than you, and you need them more than they need you. So by utilizing their skills and increasing their skill set in the workplace, they are all, individually, a much more valuable commodity than they ever were.
You Are Keeping Them On Side
By investing in them on a personal level, this is the one message you are communicating to them, especially in the startup environment, where finances are incredibly tight. There are suitable resources that you can take advantage of as a start-up company, such as workingcapital.co which can give you a suitable cash injection. The sense of meaning that you are almost willing to bankrupt yourself so you can invest in your employees’ skills is a fantastic way to show them how much you value their input into the organization. There are many other ways of showing your employees you care, from paying them what they deserve, providing little rewards, recognizing their performance by giving out custom engraved plaques, as well as the simple act of telling them how much you value their input.
It’s Good For Your Business Reputation
Not only does looking after your employees’ welfare serve you in great stead in-house, but if you work in an industry where you are required to train your employees in industry standard practices, this may show up your competitors. It’s important to note that almost every industry is oversaturated now, so by making little tweaks to fine-tune your reputation in this respect will go a long way, not just for the benefits of your staff, but for you as a business in your field.
Not only is investing in your employees solid business sense, but it is also solid common sense, you should be thinking about how important your staff is to your business on a regular basis, and you should show them how much you value them. Have a look on businessinsider.com and see the types of businesses that are deemed a great place to work, and take some inspiration! The reasons above is what will set you apart, not just as a productive and successful company, but as a place that is seen as great to work for.