Every organisation is different. Every challenge is unique. But at the heart of every successful company are its people. People from all over the world, leave their jobs for many different reasons and you’ll be surprised – it’s not money!
A small minority of these reasons are out of our control and include emigrating to follow a partner or family, relocate for a promotion or giving up a role to start your own business.
However, the majority of reasons why employees leave their jobs, are under the control of YOU – the employer. Such as:
- Lack of recognition from their manager
- Unable to contribute to/unaware of the goals of the company
- Bored or unchallenged by their daily workload
- Unhealthy relationships with their co-workers
Employee turnover doesn’t just eat into your time, but also your bottom line. Therefore you must ensure that you are investing in your people – if you are not, then you are not investing in the future of your business. People are your company’s most important asset and their training and professional development is something you should be investing heavily in.
Offering money would be a simple fix, but it probably won’t help. Remember your competitors have it, too.
So… call me your trusted advisor! Below, I have listed 12 ways in which you can invest in your people:
- Time – We don’t have equal opportunities or recourses, however we all have an equal 24 hours in the day. Time is free and if used wisely you can spend it effectively to help, guide, mentor, listen, teach etc.
‘How you spend your time is more important than how you spend your money. Money mistakes can be corrected, but time is gone forever’
- Healthy Work Environment – Consider the aesthetics of the work space, is it colourful and clean? Do you staff have use of showers/changing rooms if possible to allow them to be active on their breaks? Is your workplace supportive? Are you promoting wellness? A happy and healthy employee is a productive employee and people who enjoy their jobs are more likely to engage in their work.
- Praise – We are more likely to respond better, take action and show autonomy if we are praised, recognised and rewarded for our work. Think about introducing a weekly award for the staff who go above and beyond, to show them that they are valued. These can be humorous, silly and totally bonkers or serious, thoughtful and meaningful. However, please remember awards and prizes should be inclusive of everyone – not every award you give out has to be alcoholic and not every incentive prize has to be a holiday or watch.. Find out exactly what your team want and tailor it to them.
- Coaching – Invest in their personal and professional dreams! It’s very important to coach your employees regardless of your business. Within coaching, you can create ‘Personal Development Plans’ allowing them to visualise what the future looks like. This can be in both their professional and personal lives. It is a great tool that can be reviewed monthly to create accountability for both the team member and for yourself. Coaching increases productivity, increases team spirit, produces a high return on investment, improves relationships and drives positive change.
- Informative Integration – The faster new hires feel as if they are part of a team, working towards values and singing from the same hymn sheet – the faster the ‘good stuff’ happens. Implementing a clear and precise induction process is paramount and will increase retention rates along with employee morale and acceptance into the organisation. As we all know it can be very daunting to meet new team members and fit into a new work culture, however this process can be joyful.
- Personal Branding – Allowing your employees to work on their own personal branding is highly respected and increases company credibility by breaking down trust barriers. Allowing your staff to be themselves online and in person drives potential customers and clients your way, to purchase services or products. For example, employees should be trusted to run their own LinkedIn account, which isn’t managed or governed by you, where they feel empowered and inspired to post their own content. The personality of the people you hire will shine through, reflecting positively on your company. A happier workforce are more likely to share their job role with an audience online, in turn spreading awareness which results in an increase of exposure.
Other ideas include:
- Introduce a buddy system
- Incorporate flexible working hours/settings
- Host various team building activities
- Provide opportunities to shadow more experienced staff
- Re-evaluate pay and benefits annually
- Volunteering opportunities
If you are not compensating your employees competitively then someone else will. If you would like to find out more on how to compensate your employee’s competitively, then I would be more than happy to arrange a phone call or meeting.
Please email me at: firstname.lastname@example.org