At a time when businesses are seeking to tighten their budgets so as to best weather a recovering economy, it may seem counterintuitive to increase staff expenditure. Rewarding employees at an appropriate time, typically for demonstrated service or ‘going the extra mile’ is a more standard practice. However, those businesses that are choosing to invest in their staff more generally are finding that there is substantial return, one that benefits not only the employees but the company as a whole.
It is well-known that happier staff, those who are motivated and feel dedicated to the business, will perform much better. A 2019 study demonstrated that not only is this true, but happier employees are likely to be around 13% more productive. And, yet, because of the difficulty businesses have quantifying productivity themselves, often overlooking the willingness of teams to cover emergency shifts, many remain hesitant to increase their spend on employee rewards and incentives.
To better understand how to develop your staff and business simultaneously, we have collected three popular and proven business undertakings.
Professional development is a high priority for many employees with some accepting new roles specifically for the experience they can achieve, enabling them to progress further at a later date. Corporate training courses are a widely endorsed example because they demonstrate how improving the education and management training of staff directly impacts a business. Operations are run more smoothly and with better communication, staff are able to feel confident and decisive, and your business develops with a stronger team.
Offering mental health counselling in the workplace is not yet widespread among businesses. However, following the rise of mental disorders in the wake of COVID-19, businesses have become to take their staff’s wellbeing more seriously, ensuring a duty of care.
By choosing to offer workplace counselling, a business works to reverse the mental health stigma that the majority of workers experience and help to support a culture of good mental health. 50% of employees would not be willing to discuss their mental health with their line manager. When considering that a number of employees are likely to disguise their mental ill-health with physical symptoms, the cost of workplace counselling becomes negligible in comparison to that of numerous sick days and the culture of embarrassment among employees.
Directly rewarding employees for their work is occasionally problematic because it can lead to a culture of commission, one that sees staff prioritising the short term gain of a sale or profit at the cost of alternative long term goals. However, appreciation can be shown in other ways, developed through a general workplace culture.
Staff who feel valued by their employers, enjoying the benefits of appreciation, even if it is a simple as a team-building activity or office party, will find themselves more dedicated to their role, both in motivation and when considering their career path. This improves a business’ reputation while reducing turnover and the costs associated with it.