How to invest in your employees beyond giving a raise
When it comes to retaining your team, money isn’t everything.
Sure, salary increments are always going to be an employee’s top concern, but there are other ways to show value that doesn’t equate to another zero on the end of a paycheque. Personal investments are often more valuable and effective than financial increases, and will set the path for a mutually beneficial relationship.
Everyone wants to earn more, but increasing an employee’s salary doesn’t address other issues that often equate to a high turnover. By approaching your staff as people first, and employees second, you will be creating a company that cares about its team on a deeper level. In many cases, it will motivate the team further.
Whether you’re a small business owner or a Fortune 500 company, there are several ways to advance an employee without a title change or payment increase:
Offer staff the option of working from home a few days a week, or allow them to start and end the work day any time between 8 a.m. and 8 p.m. The key for managers to adapt this approach is to first establish trust, set measurable targets and expectations and communicate effectively.
Hitting a quarterly target or bringing in new clients are perfectly good reasons to say congratulations and express thanks; however, don’t forget the small actions that lead to those big achievements. Thank someone for showing up to every meeting on time, helping on-board a new employee, or even cleaning up in the lunchroom. Just make sure it’s sincere and delivered authentically so that they understand they’re appreciated.
Provide professional development Investing in your employees’ skills sends several messages. The first is that you want to foster a long-term relationship and cultivate their future. The second is that you’re open to giving them more responsibility by adding to their skill sets. And finally, that you don’t want them to get bored in their current role. Whether it’s a night course, weekend workshop, or in-office training, offering continued education will not only help build loyalty but also propel your company further by advancing your team’s skills. In all, it’s a win-win.
Whether you implement flexible work hours, exercise more appreciation, or offer professional development, these investments will do wonders for your workplace culture and morale. A company that sees their team as people rather than merely staff is an invaluable metric that far outweighs the dollar sign.