The Importance of Taking Care of your Employees
Employees are your company’s most valuable asset. They impact almost every aspect of your business, from customer satisfaction to the overall company culture.
Here is why you should take care of your employees.
Increasing Employee Productivity
Many companies, both big and small, struggle with employee productivity.
Many factors impact employee productivity.
One of them is employee engagement. Research studies show that engaged employees are more present and productive, demonstrating a 17% increase in company profits.
Another major factor impacting employee performance is stress and anxiety in the workplace. According to statistics, stress results in a drop of about 5% in employee productivity.
Some other factors that may impact employee morale and productivity are:
- Career growth opportunities
- Poor communication among team members
- The silo mentality and the lack of collaboration
If you still do not invest in those employee satisfaction factors, it is time to rethink your approach. By addressing the issues mentioned above, you indicate that you trust your staff. Most importantly, you prove that you appreciate them and have plans for them in the future.
Reducing Employee Turnover
The costs of losing a top performer are high. According to research studies, employee turnover can cost your company 1.5-2 times their salary. These expenses include lost productivity, the recruitment process, new employee training, onboarding, etc.
Fortunately, you can reduce employee turnover by taking care of your staff members. Here are just some of the numerous reasons your employees leave you:
- The lack of appreciation
- Stress and burnout
- The deficiency of flexible work options
- Poor relationships with managers
- The lack of the company culture they can relate to
Enhancing Customer Experiences
Satisfied consumers are the backbone of your business. Spotless customer experiences increase sales, spread positive word of mouth, and inspire brand loyalty.
While creating unique products and services is essential for your business growth, it means nothing without exceptional customer service.
Customer relationship management goes hand in hand with employee satisfaction and engagement. When your employees are satisfied with their jobs, they will deliver better customer service. Survey findings state the same. Companies that have above-average customer experiences have 79% of highly engaged employees in the workplace.
How to Take Care of your Employees?
Employees’ well-being is not all about high salaries or physical safety. Your staff members’ satisfaction, engagement, and mental health also play a big role in their experiences with your employer brand.
Now, you can take care of your employees of several levels:
Ensure Workplace Safety
According to statistics, 5,333 workers died from work-related injuries. Amid the Coronavirus pandemic, the health risks in the workplace are even higher.
When they are worried about their safety at work, employees cannot focus on their jobs. That impacts their satisfaction and performance, as well as results in higher turnover rates.
To prevent that, you should create strict safety standards and policies in the workplace.
Encourage healthy lifestyle habits by providing employees with healthy snacks, gym memberships, workout apps, etc.
Consider investing in small business health insurance to build trust with your employees and boost their wellness.
As it could build stronger relationships with your key employees, accidents might still occur. You can protect your business with a life insurance policy that will cover the loss of an essential employee without having others worry about the company's status.
Communicate with Employees Transparently
In these uncertain times, workers feel uneasy about their professional future. That is why you should provide them with clear expectations. Start by creating weekly or monthly employee reports. They show workers understand the company’s requirements and improve their performance.
Most importantly, encourage them to talk to you. Be there for them and provide guidance whenever they need personal or professional help.
Improve Workplace Communication
The lack of communication and collaboration among team members can harm their overall morale and performance.
No matter whether your employees work side-by-side or remotely, ensure they communicate effectively.
Invest in the right team collaboration tools, such as IM apps or internet video conferencing tools. They allow your staff members to communicate in real-time, irrespective of their location.
Also, host various on-premise and virtual team-building events to create stronger employee relationships.
Over to You
In 2021 and beyond, employers are starting to realize the significance of employee satisfaction. It is a perfect time to remove the business blinders that block out employee satisfaction and experiences.
By applying the tips mentioned above, you will enhance employee morale, well-being, and performance. If you take care of your employees, they will take care of your business.
Most importantly, you will build a thriving company culture that attracts top talent.
I hope these insights will help you!
Eve Anderson is a marketing specialist turned blogger. Interested in sports and exciting travel destinations. Love to share content that can inform people.