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As employees feel happier at work, they become more productive. What they produce for your company is higher-quality as a result. Better work means more quality for your enterprise overall, whether you directly produce fintech products, provide financial services to customers or other businesses, or anything else. And as your organization yields better quality products or services, your reputation will improve, and your company will be more likely to thrive. Happy employees, happy balance sheet and happy you.
Improve your bottom line: Making it easier for employees to do their work and fostering an environment of creativity, collaboration and empowerment has a direct benefit: It can improve business performance and profit.
Attract new talent: But investing in your employees by helping them develop new skills is also crucial because it can help you to attract new talent. And as word of your organization spreads, youll be more likely to attract top-tier talent in your niche, which can, in turn, help the work your company produces to become even better.
After all, you dont want the lowest common denominator applicants sending in their resumes for open positions. Instead, you want the cream of the crop, the competitive talent that only wants to work at a top company.
This effect is cumulative. The more high-quality talent you attract, the easier it is to get more high-quality talent to follow.
Should You Invest In Staff Over Other Business Aspects?
Compete With Other Employers
Employee development helps organizations stay competitive, which is critical in a tight labor market. Todays top candidates have their pick of employers that are eager to hire them. Offering a strong development program can be a key differentiator that sets you apart from comparable employers in your market.
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Making An Investment In Your Employees And Your Business
Investing in your employees takes some money, time, and effort, but its an investment worth making. Implementing any of these suggestions can give you real financial returns and benefit your company in the long run.
Creating a culture of engaged, happy employees is well worth the effort. Ongoing training and growth opportunities support, develop, and sustain a vibrant workplace that will attract and retain talented employeessomething thats good for them, their work, the team, and the business.
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Foster A Healthier Work Environment
Researchers from Harvard found that medical costs decrease by about $3.27 for every dollar spent on wellness programs. In addition, absenteeism costs are reduced by about $2.73 for every dollar spent on wellness.
When you also consider that 87% of employees consider health and wellness offerings when they choose an employer, itâs obvious that focusing on health at work is important to both the employee and employer.
Here are some really simple ideas you can implement to create a healthier work environment:
- Do some quick exercise before your next company meeting. This can be something as easy as jumping jacks, squats, and pushups.
- Throw down a challenge like the 7 hours of sleep challenge or the mile a day challenge . Challenges and contests are a great way to get people involved in wellness programs, especially if thereâs an extra incentive for winning .
Get To Know Your Employees
Last, but not least, get to know your team. This might not be a direct way to invest in your employees, but knowing them beyond their professional titles and pay grades will help ensure you are connecting with them in the right ways and at the right times. Depending on your work environment, the degree to which you get to know your employees will vary.
If youre a tight-knit team of four or five, youre inherently going to get to know your employees better than if you run a team of 50. Regardless, learn as much as you can about those you work with.
Learn their passions, their goals, and what makes them tick. Having this additional information about who is backing you up on your team will be beneficial for the health of your business. Being aware of interests of different team members will help you assign projects accordingly. It will also ensure that those who tackle new assignments will be motivated and invested in reaching their goals.
Investing in your employees needs to be top of mind in nearly everything you do. While it can seem overwhelming remember that employee management is a marathon, not a sprint. Incremental changes can go a long way toward improving retention and building engagement. Give it a shot and see how people power can help drive your business.
This post was provided by the team at ShopKeep the friendly, intuitive iPad point-of-sale system for a wide range of retail businesses from cafes to boutiques and everything in between.
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Why You Should Invest In Your Staff
Roy Ferman is the founder and CEO of Seek Capital.
Any executive at the head of a company with more than a dozen or so employees will need to make some big decisions, particularly surrounding where they should invest their time and resources. Theres only so much time in the day, after all.
Id like to throw my proverbial hat into the ring and recommend that you invest in staff just as much as you invest in other aspects of your business. Investing in your staff through reorganizing and developing useful training modules, fostering a productive and employee-focused workplace, and making sure each member of your organization is appropriately compensated, rewarded and held accountable can have wide-ranging and beneficial effects on your company.
But why should you invest more time and resources in your staff, specifically? Ill explain in more detail.
Why Invest In Staff Overall?
There are several key reasons why any forward-thinking finance industry executive would want to invest in their staff as much as or even more than other aspects of their business.
Improve productivity: Organizations that maintain a high-development culture are more likely to have engaged employees. Plain and simple. This seems obvious, yet it has always surprised me how many executives fail to grasp this simple lesson.
How Toimprove Employee Well
Many employers mistakenly believe that investing in their company culture and employee well-being means providing a kitchen stocked with snacks and a foosball table. And while these things are nice to have, they are nearly meaningless if youre not investing in employees with more substantial cultural support measures.
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Celebrate Their Anniversary With Something Personal
Staying on the theme of appreciation for a second, itâs so important to celebrate and appreciate your people on their work anniversaries.
A study conducted by Entelo found that people are most likely to leave their jobs after their first, second, and third year at a company. Given this data, itâs crucial that employers make people feel awesome on their work anniversaries to help combat the yearly spike in voluntary turnover.
My top recommendation for business owners is to have the employeeâs manager, someone from the executive team and a coworker come up in front of the team to honor this person on their special day. Share stories of their hard work, highlight some of their accomplishments, and communicate how grateful you are that this person chooses to help your business move forward every day.
Another thing I recommend to business owners is to write a hand-written note to the person celebrating a work anniversary. We use this to fortify relationships with our customers and vendors, so why not do it with your employees too?
It Does Wonders For Your Corporate Image
Its worth considering the concept of investing in employees from three different angles: your customers, the competition, and your employees themselves.
To take customers first, genuinely investing in your employees helps you exude an aura of corporate social responsibility . While CSR is typically associated with activities that affect the public, it also applies to a corporations stakeholders and employees. By adopting a socially responsible posture towards your employees you naturally boost your brands value, awareness, and customer loyalty.
Culture Change That Empowers Workers
When DBS Bank launched a digital curriculum to retrain more than 20,000 employees, the culturally sensitive company wanted to ensure that every employee understood, embraced, and embodied the changes in addition to building new digital capabilities and competencies.
We embarked on an organizationwide cultural intervention to equip and enable every single individual to be comfortable with new digital skills, says Ying Yuan Ng, DBSs chief learning officer and group COO, human resources. The curriculums dual purpose is clearly understood: to benefit the banks bottom line and demonstrate to employees that digital disruption creates new opportunities for them. We want our employees to know that DBS supports me in transforming myself both as an employee and an individual, Ng explains. We invest heavily in our people. Our philosophy is to leave no one behind.
Which Skills Are Companies Prioritising
There has been a growing demand for softer social and emotional skills in the workplace and advanced cognitive skills.
The skills currently taking top priority when it comes to reskilling employees are:
- Interpersonal skills and empathy
- Quantitative and statistical skills
- Critical thinking and decision-making
Experts predict that to succeed in the new world of work, companies will need to place empathy at the heart of their operations. Nearly 2 in 3 employees were already heading for burnout before the start of the pandemic, which clearly shows that going back to normal wont be sustainable in a post-pandemic world.
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Putting Mental And Physical Health A Priority
Stress at work, depression, anxiety Those are all silent disorders that have become so common that are considered as something normal, with workplace being the cause number one. With greater responsibilities comes greater worry, but there is a point at which that worry significantly starts to decrease their efficiency. As silly as it sounds, but encouraging your employees to speak about their problems and feelings will give you the chance to maybe help them in the appropriate way if there is one, or simply tuning in with their needs and desires. Not only that it will help you build humane core values at your workplace, but it will also prevent employees burnout which is one of the leading causes of low retention rates.
This also goes along with personalized benefits, since it will help you know your employees and their needs much more on a personal level.
Putting efforts in boosting energy and productivity within your workforce is something that is becoming more and more important, and young people more than ever are in the search of a meaningful job that will give them satisfaction in their personal life as well. So, creating a distinguishable culture and strong core values within your company is the first step you can take to set your company up for a success.
Help Your Team Members Build Networks
The tenth thing you can do to invest in your team members is to help them build networks. Besides helping them grow their opportunities inside of your organization, help them build their opportunities outside it. Now, youre not building their networks so they can leave your company. Youre building it so they can bring more business to your company and so they can build strong connections that will help them improve their own skills within your company.
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Why It Is Critical To Invest In Employee Training And Development
Henry Ford allegedly once said, The only thing worse than training your employees and having them leave is not training them and having them stay. This statement, regardless of who its true author may be, will never lose its relevance. There is no manager who doesnt want highly skilled specialists on their team.
Unfortunately, a lot of these very same managers consider professional development to be the employees concern, not the companys.
If you believe that hiring an experienced employee trained by someone else is less expensive than training employees yourself, you are mistaken. Such an employee will never feel loyal and devoted to your company. They will be much more likely to leave than employees in whom youve invested time and money. When they leave, youll have to go looking for a replacement hoping the next one doesnt leave as well.
Employees are your companys most important assets. Their training and professional development is something you should invest heavily in.
The Benefits of Investing in Employee Training and Development
1. A Competitive Advantage Over Other Companies
Competition for talent is growing. Offering an employee development program as part of your perks and benefits is a good way to attract candidates to your organization rather than your competitors.
2. Increased Employee Loyalty
3. Decreased Turnover
4. Flexibility in the Market
Invest in a Learning Management System
When selecting an LMS for your organization, remember the following:
Offer Employee Training And Workshop Courses Online
While there are benefits to in-person training, online classes and workshops are more conducive to a hybrid workforce. A virtual learning platform for employees offers many educational formats, allowing workers to select the content that fits their needs.
According to the , earners who use social features Q& A, course shares, and learning groups watch 30 times more hours of learning content than learners who dont.
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When You Invest In Your Employees They’ll Give You A More Profitable Business Back
Whats a business without its employees? As the owner, you might be the driver, steering the car where it needs to go. But the people you employ are the enginethey do the work to get your business from A to B and beyond. To drive fast and true, you need to invest in your employees.
Your team directly impacts:
- The relationships you have with your clients
- The quality of work youre delivering
- Your ability to produce work at the pace you need to
It takes an investment in both hard and soft costs to reap the rewards for your bottom line.
Benefits Of Employee Development
If youre wondering, Is employee development really all that important? you can rest assured that it is. Employee development is vital for any employer that wants to thrive and aims for its representatives to do the same. Offering learning opportunities to your employees is a win-win because it will benefit your organization as much or perhaps even more than it benefits the eager learners who sign up for your employee development program.
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Offer The Perks And Benefits That Matter To Them
When it comes to perks and benefits for your employees, there is no magic bullet. In order for your perks to be effective in keeping your employees happy, they need to be tailored to their specific needs and desires.
For example, if your team works around the clock and regularly puts in overtime, a service like car washes and dry cleaning would help them save time in their personal lives. If you have several members of your staff with young children, consider childcare services. You can also offer a stipend that goes towards things like books, conferences, and courses that are related to personal or professional development.
Another perk that most employees can rally around is free food. A survey conducted by Peapod found that 67% of full-time employees with access to free food at work reported being âveryâ or âextremelyâ happy at their current job.
Investment In Retaining Talent During 2020
Various countries adopted temporary policies to help protect the jobs and incomes of the population by incentivising employers to retain their workers despite the financial challenges of 2020.
Wage subsidies:The UK, Ireland, Australia and Canada all introduced a new wage subsidy scheme during this time. Meanwhile, countries around the EU adapted their pre-existing schemes. The US doesnt have an explicit wage subsidy scheme but offers multiple other schemes that encourage businesses to continue employing their staff.
The UK offered a maximum payment of £580 per employee per week via wage subsidies. Ireland provided £360 per week, while Australia paid the equivalent of £410 and Canada £500 per week.
Unemployment benefits:Many countries also introduced temporary benefit programs or increased the generosity of existing unemployment benefits for those unable to work. For some countries, this was an entirely new benefit. For those with an initial offering in place, the UK provided claimants with an extra £20 per week, Australia paid £150 extra per week, and the US paid an extra $600 per week.
Work from home allowance:With the sharp rise in remote working during the pandemic, more workplaces are also being encouraged to cover employees for expenses incurred while working at home .
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Why Should Companies Invest In Their Employees Future
Train people well enough so they can leave. Treat them well enough so they dont want to. Richard Branson.
Many of us consider undertaking professional qualifications or further education to enhance our skills and employability, but are deterred by costs of tuition and finding the available finances to fund our studies.
But, what if more companies thought like Richard Branson and recognised the benefits investing in staff development can bring to their business?
Employers who offer funding for professional development generally see greater staff retention and satisfaction and more innovation in the workplace. Investing in your employees is also one of the most effective ways to show you value and see potential in them, and by creating an environment where learning is encouraged, businesses are more likely to be forward thinking and remain competitive.
But with all this said, many employers still struggle to prioritise staff training, especially if budgets are tight. So if you want to pursue a qualification but dont have the means to fund it yourself, how can you show your employer the benefits theyll gain by sponsoring you?
Progress your career without taking time away from itA concern often voiced by employers is how will you manage to complete this course whilst continuing to work your normal hours and giving 100% to your job? Learning online offers many students the perfect solution to this.
Our top five tips to do this are