We’ve spent the past two weeks talking about the importance of investing in yourself, and how that investment can result in some serious ROI for your business. But the truth is, it won’t do you any good unless you’re willing to invest a little in your employees as well. Investing time and resources into your team is the number one way to boost employee morale and retention, which in turn boosts your profits.
But if you’re wondering where (or what) exactly to invest (aside from the obvious–more training, better technology, and the tools they need to succeed) we’ve got some tips for you.
Sure, recording a “Welcome” video for your new employees is an easy and cheap way to introduce them to you and your company, but investing the time to sit down with them and introduce yourself one on one will ensure that your new hire feels respected and appreciated–therefore solidifying their new position within the company. Some of you might argue that spending an hour with each new employee isn’t the best use of your time (after all, time is money), but when you realize that the cost of hiring a new employee can be anywhere from one to three times the cost of an average salary, you might change your tune. When your new employees feel welcome and respected from day one, they’re less likely to leave and you’re less likely to be forced to replace them.
An investment of your time is good (what employee wouldn’t benefit from an hour of their boss’ time?), but an investment of your knowledge is better. Think about it–by sharing your wisdom and experience with those around you, not only do you increase their wisdom and experience (after all, they learned from the best!), but you might just develop a clearer understanding yourself. Those employees suddenly feel more confident in their position and more valuable to the business. They’re more likely to reach their full potential and lead your company to success.
We spent an entire month talking about the importance of company culture, but it’s worth mentioning again. If you only choose to invest in one thing (not recommended), make it your company culture. In a recent survey, a group of employees who claimed they were “very happy” with their job listed the top three reasons they felt that way: 1) they felt like they worked in a pleasant work environment; 2) they had a good relationship with their supervisor; and 3) the job was challenging and held their interest. You’ll notice things like “decent salary” and “appealing benefits” didn’t make the list. A small investment of time and money into your company culture can do wonders for the overall success of the company. After all, a happy employee is a profitable employee.
When it comes to your business, the most valuable long-term investment is YOU, but the best investment you can possibly make is finding, recruiting, training, and retaining great employees.