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Invest in Your Team With Competitive Benefits Packages

By: Andrew Deen

 

invest in your team

Invest in your team? Isn’t that what you did when you hired them? There’s definitely some truth to that. Payroll and benefits are some of the biggest expenses that most businesses experience. Unambiguously, it is an investment.

Here’s the thing, if you aren’t pumping cash into making your business a good place to be, you’re basically filling up a basket with a hole in the bottom. Turnover is a major expense for businesses all over the world. Not only does it cost tons of money to recruit and train new employees, but vacancies also result in major productivity lags.

You don’t want that. What you want is to create a rewarding environment that will get people to stick around. Below, we take a look at ways you can invest in your team to boost morale and generally improve your outcomes.

Tailor Your Benefits

Here’s a little secret— we don’t actually know you. We don’t know your business. We don’t know your employees. Any recommendations we make will only be very general. You are familiar with the dynamics of your office.

You need to make an investment that is specific to that knowledge. Fortunately, there is no need to guess or assume what your people want. If you aren’t sure, ask them!

Not only will this help you make sure that the money you invest in employee wellness is well spent, but it will also result in a significant morale boost amongst your employees. People like thinking that their boss cares about them. Demonstrate that you do and it will improve the vibe immediately.

Wellness

Wellness has been a big buzzword lately. People don’t want work to feel like something that is a train on their physical and mental health. For decades, however, that’s exactly what it was. Wellness initiatives can vary pretty significantly.

Part of the equation, naturally, is to make sure that your staff has adequate healthcare coverage to meet their and their family’s needs.

However, that’s just the tip of the iceberg. You can further improve wellness at your business by introducing tools and resources to help people take care of themselves on the job.

Some businesses supply their staff with gym memberships or yoga classes. But of course, those are just examples. Once again, you want to make sure that any initiative you introduce is catered to the people who are going to be impacted by it.

Figure out what they want and determine the best way to give it to them.

Flexibility

Flexibility is another hot topic in the world of employment. Businesses all over the world are experimenting with flex hours or four-day work weeks to help promote a better work-life balance. And the remote work model has moved on to more than just an experiment. For many people, it is the norm.

A lot goes into workplace flexibility, but here is the basic premise: People don’t need management breathing down their necks to get work done. Give them a little more space and autonomy and they will usually perform better and be happier doing it.

This concept doesn’t work for every business. Some work environments need to be hands-on and direct. However, many companies have found that they can give their employees more freedom by tweaking certain features of how they operate.

Do people need to come in, or can they communicate just as effectively online? Can we declutter the schedule at all? Maybe there are too many meetings.

And of course, you benefit as well. People are usually happier when they have more autonomy at work. And remote work situations have allowed thousands of companies to reduce their overhead expenses, saving loads of money in the process.

Professional Development

Many employees actively seek opportunities to expand their skills and improve their credentials. Some do this through traditional college education while others seek specialized training. Regardless, professional development opportunities are highly sought after.

These can range pretty significantly based on your resources. Some businesses may offer stipends that help their employees pay for college courses. Others may bring the training directly to their staff with special events.

Regardless, it is an appealing opportunity that many employees are excited to take advantage of.

Recognition and Incentives

There was a stat floating around a few years ago that suggested people trust strangers more than they do their own employers. It’s a sad, alarming, kind of funny fact, but there is a good reason for it. Think about the typical dynamic at work.

Supervisors are busy. They don’t have time to chat up an entire floor of people all day. Usually, when they do approach an employee, it is to discuss something that went wrong. Naturally, this creates a negative association between employers and the employed.

How can you work around this dynamic? One way is to emphasize celebrating workplace achievement. Spotlight when someone has a big achievement. Make small talk. People love talking about their families, so ask about the kids.

You may also get good results out of incentive programs. Develop a reward program that encourages people to achieve specific goals. Not only is this motivating for employees, but it can also do a lot to improve productivity.

In essence, these are the dual goals of any employee-based initiative. You want your staff to feel good at work. You want those good feelings to result in more productivity. Figuring out what moves will accomplish both results is a gradual process.

Workshop ideas, try different things. Most importantly, be transparent about what you are doing with your staff. Communication is one of the biggest and easiest ways to improve your relationship with your staff. And the best news? It’s free.

Not every investment in your team will share that distinction. However, it is important to keep in mind that “investment,” is still the operative word. The money you put into making your team feel appreciated and recognized will positively influence results and lead to boosted revenue.

Published: September 13, 2023
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Andrew Deen

Andrew Deen has been a consultant for startups in almost every industry from retail to medical devices and everything in between. He implements lean methodology and is currently writing a book about scaling up business. Twitter @AndrewDeen14.

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