Virtually every aspect of your company can be upgraded. You can purchase newer and faster equipment, develop better processes and update pricing. But your greatest asset, and the one that deserves the most attention, is your employees. Investing in employees provides tangible and intangible benefits to your company in every area. It is also your greatest opportunity for increased returns.
So what are some benefits to leveraging your greatest assets?
Demonstrate You Value Them
When you invest in your employees they feel valued. They see that you want them to succeed and recognize their potential to do so. You nurture a sense of growth and opportunity which keeps them energized and engaged. This kind of employee will not only perform at their highest level but will seek out ways to exceed expectations.
When you equip employees with the knowledge and tools to do their job well, you give them ownership over their own destiny. They start to demand higher quality not only of themselves, but also of others around them. The pride they have fosters a stronger culture that will perpetuate greatness, and that culture will envelop new employees, forcing them to measure up or move on.
Once your employees develop a sense of ownership, they become more loyal and you have less risk of losing them to positions offering higher wages or better benefits. This results in better employee retention. By becoming part of their long-term plan, you foster a drive for continued improvement. Additionally, they will likely recruit others who they feel will measure up, therefore enhancing your talent pool.
Deliver Better Customer Experiences
When employees are fulfilled and have ownership, delivering good customer experiences becomes personal. Better customer experiences result in customer loyalty and referrals, and ultimately, increased revenue. This is a great position for businesses to be in and is amplified when employees are trained on the company brand and ideal customer experience.
Create Brand Evangelists
Employees who have pride in the company they work for become your very best marketing tool. Not only do they willingly sing your praises to existing and potential customers, but when potential customers see happy employees, they have positive feelings about the company. This can be a tremendous competitive advantage.
Recognize Greater Overall Success
Companies who invest in their employees have greater overall success. Look to the mutual fund, Parnassus Endeavor, who invests in companies with positive workplace ratings and has performed exceptionally well in the market for 10 years in a row. Forbes magazine published an article in December of 2017 titled “The Happiest Companies To Work For In 2018.” Some things employees said about these companies that made them happy were feeling supported, being in control of their own growth and career paths, and a culture that was highly collaborative and energizing.
When it comes to business, there are lots of ways to spend your money. Investing in your employees makes every other investment more valuable, resulting in noticeable growth to your bottom line.