Business Finance

Why Investing In Your Staff Makes Financial Sense

Why Investing In Your Staff Makes Financial Sense
Why Investing In Your Staff Makes Financial Sense

It is often said in the business world that customers are the lifeblood of any company, and there is certainly a measure of truth in that. However, this statement has a tendency to leave out another grouping who play a vital part in ensuring the success of any business – the employees. While any business worth its salt will focus resources and attention on customer retention, they are going to find themselves pushed to achieve these things without an enthused workforce.

This is something that is often touched upon by newer businesses who look at the issues of recruitment and workplace satisfaction as being inherently connected to the quality of service a business can provide. If you want your business to deal with anything that is thrown at it, it will help if the people working for you feel invested in the business. This is something that cannot happen without investing in those people – as the following points illustrate…

Dialogue beats diktat every time

Every business needs to have rules and regulations, and as the world changes sometimes those rules have to change along the way. Anyone who has worked in a modern business, particularly those who have served both in the main workforce and as a manager, will have seen how badly-received a rule change can be when it is simply announced and communicated in a statement. Reaching out to members of staff, seeking their feedback and finding the consensus between management needs and worker needs will ensure a much more harmonious working team – and a more productive one, too.

An audit of requirements can move a business forward

The glossy brochures and recruitment films any company puts out to encourage potential new hires are undoubtedly well-meaning, but they may not take account of the fact that most people are in work to get paid. The average employee doesn’t necessarily research a business’ working practices and worker relations, so you may need to go to them. For example, employees in need of modifications such as a Goldtouch ergonomic keyboard may not be aware that you can provide those modifications. Speaking to each employee periodically will allow you to audit what they need to be more comfortable, and thus do a more complete job.

Training and upskilling is cheaper than headhunting

In any workplace, people move on, they leave or are promoted to another role. The outcome of this is often money spent trying to find someone equally able to do their job – when what would be ideal is to promote from within. Once a member of staff is comfortable in their position, it is a good idea to glean from them what parts of the business they have real enthusiasm for, and to start upskilling them in areas which cover what they are interested in. When you later have to say goodbye to a valued member of staff, you can have a ready-made replacement who understands your business and its culture.

When you invest time and money into the employees you already have, your business benefits. Give your business a chance to grow naturally by creating the conditions where it can.

About the author

Harshita Sevaldasani

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