Investing in your team will produce the best ROI
“Train people well enough so they can leave;
treat them well enough so they don’t want to.”
~Richard Branson
When it comes to managing a small business, items like salaries, team training, and professional development are considered expenses. But what if you shift your mindset and think of those as investments? Returns on these investments aren’t as easy to quantify as traditional investments, but nonetheless, the gains they provide are substantial and irreplaceable.
Imagine a team that shows up promptly to work each day. They are happy to be there, pleasant to work with, take ownership of their job, and leave with a feeling of satisfaction at the end of the day. They become loyal to your company, appreciating the training and growth opportunities provided to them. Their work/life balance is protected. The thought of searching for a different job never crosses their mind. This type of team has an excellent company culture.
The term company culture can have a broad meaning, but it essentially comes down to how the people are valued and treat each other. It’s more about relationships than perks, though the perks do play a supporting role. The tone for this is set by the leaders of the business. You can positively change your company culture and discover how to best invest in your team, by being in tune with them. Listen, communicate, and build relationships. Learn what they care about, what motivates them, and what their frustrations are. Then take action to create a positive culture based on what you learn.
When businesses invest in their people, a great culture will follow. And then, we see the returns on that investment. When there is a positive company culture, team members know they are:
Heard
Validated
Respected
Knowledgeable
Useful
Appreciated
This will result with:
Team engagement
Better communication
Higher productivity
Less absenteeism
Reduced turnover
High customer satisfaction
Greater bottom line
Increased productivity and satisfied customers will improve revenue. Employee retention will greatly decrease the costly expense of turnover. All positively affecting your company’s profitability.
There is no one-size-fits-all solution for investing in your team. This is where communication and understanding what is important to them is critical to deciding where to spend money investing in your team.
Here are 4 ways you could invest in your team:
Career development plan. Show your team that you are committed to their continued growth and learning.
Wellness programs - both physical and mental. Healthy people will perform better at work.
Recognition program to reward achievers. But provide rewards they really want and will appreciate. A company coffee mug is not a reward.
Feedback opportunities. The opportunity to voice opinions, questions, and concerns is essential to healthy work relationships.
Having a great culture doesn’t just happen by saying you will invest in your team. It takes effort, time, and follow through. Empty promises of a change in culture will be a detriment to your business.
As a business owner, you invest in the right software, technology, and tools that will allow your team to get the job done. Don’t forget to invest in your people. They are the most valuable and expensive asset you have, and the most important component to helping you achieve your dreams of a successful business.
Need tools to create a culture of worth in your company? Download the FREE Retention Process Toolbox below.
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