Small business owners tend to wear a lot of hats. They are the vision-makers of their companies, in addition to acting as the CEO, CFO, COO, accountant, tax preparer, and more. The success of your company falls on your shoulders at the end of the day. It’s a lot of hard work!
Are you looking to boost your company’s success this upcoming year? Here’s our number one secret to having a successful company: invest in your employees.
Your employees are your biggest asset in so many ways. While you are the vision behind your company, your employees are its arms and legs. They help your business function day in and day out, in order to achieve the goals that you’ve set out to accomplish. Your employees are the face of your company, too. Chances are, you rarely interact face-to-face with customers or clients. Instead, your employees are engaging with your clients and representing your business.
For these reasons, it’s so important to invest in your employees. By employing strong candidates, compensating them fairly, and giving them the tools they need to succeed, your company will go further than you’ve probably ever imagined.
Here are our favorite tips for investing in your employees.
Make Hiring a Company-wide Decision
Many small business owners approach hiring as a private task. They assume they know what’s best for the company and hire according to their own opinions.
We’re here to tell you: do the opposite. Rather than making hiring decisions on your own, make new hires a company-wide decision. Send candidates through multiple rounds of interviews with management and fellow team members. Ask for input from the whole team before making any hiring decisions.
The answer is two-fold. For one, your managers and employees may be able to see things in hiring candidates that you may not be able to see. They’ll be able to ask more role-specific questions. Plus, it’s always good to have a second pair of eyes on a vital member of your team.
More importantly, however, is that involving potential teammates in hiring decisions shows employees that their opinions and experiences are just as valuable as yours. Additionally, it will show your employees that you care who they interact with every day and that their happiness matters to you.
Finally, learn how to do a background check and perform one on every potential hire. That way, you’ll know who you’re hiring.
Offer Competitive Compensation
According to research, 1 in 4 people who quit a job do so because they feel they’re underpaid. Every day, good employees leave companies because they aren’t being compensated fairly or they feel they could receive better compensation somewhere else. Fair compensation is a big concern for employees—and understandably so!
Once you’ve built a strong team, make sure that you maintain it by compensating each team member fairly! Stay up to date with current industry trends on salary. Keep an eye out on your top competitors and look at what they’re offering in terms of a benefits package. These days, benefits aren’t just about health care and dental. It includes things like paid time off, gym memberships, parental leave, free lunches, mental health allowances, and more.
Invest in Their Futures
For an employee, each new job is an open door to an entirely new future. A new job is ripe with the possibility of learning new skills, progressing to new levels, and achieving new goals. Employees begin their careers ripe with possibility and hope, and ready to jump at any new opportunity.
Maintain that passion and excitement by investing in your employees’ futures. Meet with employees regularly to discuss their goals and ambitions. Understand what their interests are and consider how they can pursue those within your company. Show them options for progression within your company and help them understand what it takes to get there.
Additionally, provide regular education for your team. No matter your industry, there’s a wealth of information and opportunities for learning online. Set aside time for your employees to research, read, and learn. Finally, give them opportunities to use the information they learn to better your company.
By putting time, effort, and money into your employees, you’ll find that your company will go places you’ve never imagined. With a bit of effort, your employees will take your company to new heights.