Companies want workers to invest in their jobs. But unfortunately, they often forget this is a two-way street. Here’s why it pays off to invest in your employees.
Top Benefits of Investing in Your Employees
Investing in your employees sends a message. Your organization values its workforce. Employees will recognize this. And in return, they will be more productive, dedicated and innovative.
Turnover is expensive. Between hiring, training and lost productivity, the cost of replacing an employee ranges from between 50 to 200 percent of their salary. When workers feel valued, they are more likely to make long-term commitments. This could save your organization thousands of dollars each year.
Better Customer Service
Employees who believe they are an essential part of a company want to see that company succeed. As a result, they will be eager to deliver top-notch customer service. After all, satisfied customers are good for the business and good for them.
A Stronger Brand
Loyal customers and dedicated employees are key ingredients in creating a strong brand. Committed employees lead to better products, better services and happier customers. All of which can help to build your company’s reputation.
Many organizations worry investing in their workforce will be too expensive. And, it’s true. To invest in your employees, you’ll need to spend money. However, correctly done the benefits (higher productivity, happier customers and increased sales) should far outweigh the costs.
Smart Ways to Invest in Your Employees
As the old saying goes, “You get what you pay for.” If your organization isn’t willing to compensate your workforce, you’ll have difficulty attracting talented workers. What if you can’t compete with the big corporations? Remember, money isn’t everything. For many people, extras such as profit sharing, flex time and generous retirement packages can be just as enticing as a large paycheck.
Provide Opportunities for Growth
Professional development opportunities are important, but don’t stop there. Allow your workers to excel within their current positions by providing stretch assignments and mentorship programs. Schedule one-on-one meetings to guide employees in defining and achieving their career goals. What if you don’t have time for individual meetings? Consider automatically including professional development as part of your existing performance review process.
Listen to Their Suggestions
Top employees want to contribute, and they probably have some amazing ideas. When you take the time to listen to and to consider your worker’s suggestions, you are reinforcing their personal value. What if some of the ideas are terrible? That’s okay. You won’t be putting every recommendation into practice anyway. Instead, you’ll be working together to figure out how you can make your business even better.
Are You Searching for Employees You Can Invest In?
At Connectology, our goal is to connect manufacturing companies with top-level talent. Our recruiters are industry experts who work with manufacturing organizations throughout the upper Midwest. Learn more about the benefits of hiring through us today!