Five Ways To Invest In Your Employees For Better Business Results

You probably already know the importance of investing in your employees. Companies with higher engagement are more resilient, productive, and tend to generate higher revenue.

Gallup defines employee engagement as “the involvement and enthusiasm of employees in their work and workplace.” Essentially, it’s the difference between employees who are engaged in their work and those just waiting for the clock to hit 5 p.m. each day.

Worldwide, 85% of employees from Gallup research are either unengaged or actively disengaged at work, despite more effort from companies. As a business owner, it’s tough to be in a place where employee engagement is lacking no matter what you do, especially if you’re actively trying to improve it.

Investing in your employees is one of the best things you can do. When your employees are engaged in their work, they’ll be more productive and loyal to the company. Let’s look at five ways you can continue investing in your employees.

Create Employee Development Plans

Employee development plans have always been crucial for growing businesses, but it’s even more important with 58% of employees surveyed by McKinsey working from home at least one day per week.

In short, an employee development plan is a kind of blueprint for how employees can progress in their careers. It looks at the employee’s current competencies and skills, then gives them actionable goals to work toward.

When done right, it can help aimless employees find greater purpose in their work. If you’ve never created employee development plans, the best way to get your staff to buy into the process is by making it fun and entirely optional.

If you tell your employees that it’s mandatory, you’re almost guaranteed to get pushback. Instead, foster an environment of transparency. Explain to them why you’re creating these development plans and how it’s in their best interest.

Offer Cross-Training

One of the most effective ways to help your employees continue to learn new skills is by offering to cross-train them. Cross-training gives employees a chance to perform tasks outside of their normal job duties. You’re essentially training them on skills and tasks required for another role in the company.

Cross-training is beneficial for both employees and the company. Employees like it because it provides some variety in their work and helps them build self-confidence, but it can also make your workplace more flexible—if an employee is out sick one day, another person can step in and fill in the gaps.

If you decide to implement a cross-training program in your business, take some time to evaluate who could benefit from this program the most. Look for more seasoned employees who could be involved in training their peers, but also make the program inclusive to ensure no one feels left out.

Lastly, make sure to follow up with any employees participating in the program. What did they like about the program, and what could you do to make it better? Take notes, implement the findings, and make sure to monitor the results.

Encourage Flexibility At Work

There’s a lot of debate about whether employees should return to the office five days a week or be allowed to work remotely at least part of the time. At the end of the day, there are good arguments to be made on both sides of the aisle.

What most employees really want is flexibility—they want to do their best at work while still managing the ongoing demands of their personal lives. A flexible workplace can lead to less stress and help employees enjoy their work more.

Workplace flexibility can look however you want it to look. For instance, you can give employees the option to come in early or work late if it suits their schedule better. You can also offer unlimited PTO or telecommuting options.

Offer A Competitive Compensation Plan

It’s hard to attract top talent to your organization if you don’t offer a competitive compensation plan. For instance, a competitive salary is “at market” or above. If you can’t provide an above-market salary, you can compensate for it in other ways.

Additional perks, like extra PTO or retirement savings plans, can make the overall compensation look more attractive. At the very least, a competitive benefits package includes health, dental and vision insurance. You should cover at least part of your employees’ premiums, too.

You don’t have to pay the highest salaries in your area, but you should look for ways to make employees feel adequately compensated for their work. Developing a strategic compensation package will help you hire, engage and retain the right employees.

Make Your Office An Enjoyable Place To Be

Is your workplace a fun place to be? Ask yourself this question honestly. Do your employees get along and work well together? Do they occasionally tell jokes or laugh at something that happened during the day?

If the answer is no, then this is probably the first place you want to start. If your employees don’t enjoy being at work, then it won’t matter what benefits package you give them.

An easy start is just focusing on encouraging your employees more. Recognize the valuable contributions they make to your business, and provide productive feedback whenever possible.

Take the time to celebrate an employee’s birthday or anniversary. Plan team-building activities where employees can get to know one another. If you’re unsure where to start, you can always solicit feedback from your employees about what they might like to do.

The Bottom Line

When you read through this list, you’ll notice that only one item really talked about money. Investing in your employees goes beyond just the salary and benefits—it’s the time and energy you put into developing your workplace.

Every employee is different, so what works for one person may not work for another. Continue to try new things and ask for feedback from your employees. Over time, you’ll find that your company culture—and your business results—start to improve.

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