Your employees – not your customers or your product – are the most important resource of your company.
If your company is to become profitable and sustainable, a lot would depend on the caliber of employees you have and their attitude and willingness to work.
Unfortunately, workers are not loyal by default. You would have to work to earn their loyalty – over and over again. Because employees can make or break your business, you have no choice but to make sure they are happy and fulfilled. To reduce the turnover rate of your company, you would have to put a number of measures in place. Here are three such measures:
Create and Sustain a Strong Company Culture
There is a reason why behemoths like Google, Apple, and Amazon spend millions trying to create the right atmosphere at their workplaces. It is because productivity is heavily hinged on the motivation of workers.
A company’s culture is its life. It consists of the values, traditions, practices, and beliefs that characterize the company. A strong and clear culture preserves your brand identity and helps transform your company from a collection of individuals to a full-fledged team. Even if your company has been running for some time, you may need to do an audit of your culture to see if it is practical and impactful or needs to be reviewed.
In fact, a lot of prospective employees consider the kind of culture that thrives in a company before taking up an offer. Other companies, with better culture, can turn the heads of your best employees. So if you want a top-notch team to make your business idea work, make sure you take time to create and nurture a culture that is not toxic but encourages productivity and teamwork.
Invest in Your Employees
According to the Association for Talent Development, businesses that train and develop their workers have a 218% higher income per employee.
Every employee is looking for an opportunity to grow and develop. As soon as workers sense that you are in to take advantage of them for your own purposes, they will lose the desire to work. However, if you spend time and money training and developing employees, they will be beholden to you. Create opportunities for them within and outside your company, make room for promotions and progress.
Mike Jeram, National Secretary for business and environment, couldn’t have put it better: “Companies that invest in their employees’ professional and personal development will gain a competitive edge over their rivals and a more committed workforce.” How true.
Streamline Your Payroll
Every worker expects to be paid. What they do not expect is to have delays, inconsistencies, and errors in their payments. Such occurrences breed mistrust, dissatisfaction and lower morale within an organization.
The smart thing to do is to have a payroll management system. It is a critical aspect of ensuring your employees are happy. You can engage experts to handle payroll services for you.
Payroll management is not just about processing payments. It is about a structured and reliable system that eliminates inaccuracies and errors thus ensuring payments, bonuses, and compensations are on time and are compliant with regulations.
There are many reasons workers move from company to company. Most workers are looking for a company that values their work, offers opportunities, and creates an atmosphere that allows them to thrive and be relevant.
Any company that does the above-listed things is almost guaranteed to have low staff turnover and high productivity.