If you are an entrepreneur and look into it deeply, you will know the reason why experts and critics say that employees are the best investment for an entrepreneur. Well, it is your employees that will create a culture of autonomy and longevity, which by itself is very difficult and extremely costly. However, history shows that creating such a culture within the workplace is worth every penny.
In most of the cases, it is seen that entrepreneurs consider their business management to be solely transactional, and do so rightfully. This is because every cent spent on it and every minute invested by an entrepreneur matters the most. It is for this reason the entrepreneurs are often found to be more interested in learning new ways in which they can better their return on investments.
Employees are important
However, in the process of learning the ways in which you can earn the highest rate of return on your investment you should not ignore the benefits and interests of your employees. It is true that a higher ROI will help you manage your business, time and money even more efficiently and effectively, but you should also focus on other different and equally important aspects such as:
- Caring for your employees
- Prioritizing your more valuable clients
- Committing to your advertising strategies and
- Creating and abiding by your company culture.
This will not only help you to provide better products and services but will also yield the highest number of new leads, in turn, every month.
However, in spite of the relevance and importance of all of the above, ideally, the most imperative and most rewarding investment that any entrepreneur can make is not in the marketing strategy or in a client. It is in their team of employees. You will be able to make your business thrive even in impossible conditions in ways impossible if only you spend more time and money on your workforce rather than neglecting them.
Steps to follow
There are a few essential steps to follow in order to make your investment on your employees a real success and high yielding.
Scouting and onboarding:
It all starts with proper scouting and onboarding process that you intend to follow. Proper screening is essential to recruit the right employees just as you will need to properly select the best money lender to fund your business, whether it is an Angel investor, a traditional bank or any online lending resource like liberty lending the USA. To ensure you have the right employees in your team you will need to:
- Look for the right type of employees to fill the right ranks
- Equip them with the right items and right training that they will need to prove effective for the jobs related to those positions
- Focus on hiring employees by checking off tasks on a list
- Fill the positions as quickly as possible so that the job is not interrupted
- Spend some extra time and put in some extra effort to have the right people for the specific jobs
- Investors to hire more talented people and
- Look for people who are more motivated to share your brand values.
Once you are done the hiring, you should now focus on spending time and money to make them fit for the jobs. You will need to invest in providing proper training and mentoring your employees correctly. This will equip them with the required knowledge and expertise they need to more productive and integrated members of your team to improve the bond between the teammates as well as instill your values and company culture.
Health and wellness:
This is another important area to look for and invest when you want the most productive. Fit and happy members of your team. Investing in the health, safety, and wellness of your employees is paramount these days. You will need to invest on more than the bare minimum of purchasing Worker’s comp insurance or ensuring the basic safety standards in the workplace.
Investing simply on the bare minimum will not help you to take out the best and most out of your employees. You will also need to invest time, effort and money on other things such as:
- Supporting them with all-inclusive health benefits
- Designing a better health program that will ensure that they eat better and exercise and
- Helping them in adopting other positive habits.
You will be better off if you go a step ahead and emphasize on health in the form of offering:
- Three nutritious meals in a day
- Onsite yoga
- Fitness reimbursement for gym memberships
- A robust healthcare package at a reduced price
- Free wellness and fitness Bootcamp classes
- An open gym
- Subsidized massages and
- Various health fairs and clubs.
All these will mean that you will have fewer sick days and increased energy and focus of the employees at work. This will, in turn, result in greater productivity overall.
High morale and retention
If you want to have long-term success, you will have to focus on employee morale as well.
- This will have a significant effect on how the employees engage with each other.
- It will also make sure that they are always and highly motivated to achieve your business objectives, goals, and values.
If your employees are high on morale, they will be more and how inclined to pursue with your company for long-term.
This will save you a lot of money and hassles as well in turn. According to one study conducted by SHRM, it is found that a company spends an average of six to nine months’ salary on hiring and training a new employee. This translates to $20,000 to $30,000 a year. On the other hand, a manager makes $40,000 a year.
This means that with a very small amount invested will keep the manager happy enough to continue with your company long term. This will in the process reduce your overall costs dramatically.
Therefore, make sure that you invest in ‘culture of responsibility’ in your employees that will encourage them to stay and perform their duties well to be more productive.