In business, it’s often stressed that it’s important to invest in your people. The Center for Management & Organization Effectiveness, which was created to help build long-term workplace partnerships, shares several reasons why this is important. Among them are lower turnover rates, the ability to attract more talent, a reduction of misdirection issues and greater employee motivation.
The question is: how can you invest in your people in a way that fosters these types of results? Here are five options to consider.
Foster their professional development
Some companies consider training a luxury. It’s something they’ll provide their employees when things slow down a bit, when they have extra money or if some other factor compels them to otherwise schedule some type of training event.
Others view the professional development of their people as a standard part of doing business. It’s something that’s non-negotiable and everyone is able to partake. Which one is better at retaining and attracting talent? The latter.
Look for training events that could help your employees do their job better, faster, or more efficiently. If you can’t afford to send them off-grounds, consider bringing a trainer in. Not only does this give your people the knowledge and skills needed to do their jobs, but it also inspires them to think of their own ways to boost themselves professionally.
Nurture their personal development too
While it may seem that personal development strategies would only benefit the employee, they offer advantages to employers as well. Teaching an employee how to reduce their stress levels, for instance, can help improve their health, thereby reducing their use of sick days. Teaching them how to follow a healthy diet or quit smoking provides the same effect.
If you are a big enough company, you may consider sponsoring personal development programs. Another option is to give your people stipends they can use to pay for outside programs designed to help them reach their personal goals. You might even give them time out of their workday to attend personal development events.
Create a mentorship program
Sometimes the best thing you can do for an employee is to give them someone they can go to for information, support, or advice. This helps them feel not so alone. It also gives them a person to turn to if they are struggling with some aspect of the job, enabling them to work together to find a suitable solution.
Creating a mentorship program can help achieve all of these goals. Pair experienced employees with newer hires and give them time regularly to meet and discuss any questions or concerns.
It can also be helpful to arrange regular meetings with just the mentors so they can discuss any challenges they face and brainstorm ways to overcome them.
Provide access to valuable resources
Some of the things that employees may need to have a better work-life aren’t necessarily things that you as an employer could provide. Maybe they need help with childcare, for example. Unless you have a daycare on company grounds, there’s not much you can do to ease this concern.
But what you can do is connect them with someone locally who offers this service, helping to ease their concerns so they can work and not worry about their kids.
Make a list of resources in your area that could be beneficial to your people. Consider challenges they may face regarding transportation, housing, healthcare, finances and more. Then find area resources that help address these issues, so you know where to send an employee for help if they have struggles in that area.
Plan regular company events and outings
You can also invest in your employees by planning company-sponsored events. This helps build teamwork while giving your people something to look forward to. It’s also an opportunity for them to get to know more about each other and create a more cohesive group.
Plan an annual picnic that employees can attend with their families, complete with good food and games. You could also schedule time for each department or division within the company to have a gathering at a local bowling alley, batting range, or similar venue.
Show them that you’re willing to invest in their life outside of work and they’ll likely give more while on the clock, creating a win-win for you both.
Looking for more ways to retain your staff? Check out our exclusive retention content library here or get in touch with our staffing experts.