Running a business isn’t cheap! You’re responsible for a lot of expenses as a business owner or business leader. And few things are more expensive than employees.
There’s a good reason for that, of course: your employees are your business’ most important asset. They’re the brains behind your business’ new ideas and the hard workers behind your business’ success. But they’re also a pricey investment! Employees cost money, and the better they are, the more they cost. As an employer, you cover salaries and benefits (like health insurance).
And you cover costs like unemployment, temp workers, new employee training, and other expenses that come with turnover. As expensive as employees are, they’re a lot cheaper if you can hold onto them! Outside hires can cost more than internal promotions, and the gaps that result when fired or quitting workers leave before their replacements arrive can cost you big bucks in the form of lost production and wasteful short-term solutions like untrained temps.
That’s why it’s key to keep employees efficient and happy. As with any big investment, from your house to your car to your business itself, that means spending money – wisely!
Invest in Employee Satisfaction
A happy employee is a productive employee. A happy employee won’t quit on you and leave you to scramble for temps and new hires. A happy employee won’t jump ship to the competition, bringing information about your company with them.
So one of your jobs as a business leader is to keep your employees happy. Here are just a few ways to do that.
- Don’t skimp on benefits – It goes without saying that you’ll have to offer competitive salaries to get good employees. But don’t sleep on benefits, which are getting increasing scrutiny from a savvy new generation of workers!
- Balancing act – Work/life balance is also a big draw to some modern business stars, so make sure that you’re matching things like time off as well as salary. Besides, burned-out employees won’t give you the quality work your business needs.
- Environmentalist – Your business environment is hard work’s habitat. Give your employees every chance to succeed (and every reason to enjoy doing so) by laying out your business space in a functional, attractive way and filling it with comfortable, functional office furniture.
- Nickel and dimed – When your employees are out of the office on business, make sure their expenses are covered. And remember, they’re representing you! Keep them happy and make your business look good by not skimping on things like hotels, car services, and flights. And are you able to provide a credit card instead of making them work through reimbursement? It might help.
Some of these things may seem like bigger deals than others, but when you put them all together, you have a very important combination of factors that affect employee satisfaction and productivity. While it’s not cheap to spring for new office furniture or a company credit card to use on business trips, a little extra spending in these areas can keep your employees productive and happy – meaning much more financial security for your business in the long run.