Your employees are the heart of your business. They’re the ones interacting and building relationships with patients and delivering the standard of service you’ve set. A strong leader will steer the ship in the right direction, providing support where needed, but the employees are the ones rowing the boat and getting you where you need to go.
When you invest in your employees, you’re investing in your business.
What Does It Mean to Invest in Your Employees?
Investing in your employees should be considered as important as investing in other areas of your business. Employees are a driving force behind your company’s growth and your connection to the overall patient experience.
This means spending time and money to ensure they feel valued and are well informed and trained for what they need to do. It can be simple things like a card, flowers, or gift, or larger investments such as creating an employee training program.
So why is this important? Investing in your employees leads to higher engagement and, therefore, employees that meet and exceed expectations. Engaged employees help to achieve:
- Greater profitability
- Higher productivity
- Lower turnover
- A better patient experience
- An improved bottom line
Ways You Can Begin Investing in Your Employees
Investing in your employees can look different from business to business. Finding what works for you and your employees is essential to the effectiveness of your time and money spent.
You may not need to implement all of the following employee investment strategies within your business to see growth; it may take a little trial and error. Working with a mentor can help you understand your employee’s needs and help nail down your ideas to see them flourish.
Knowing the salary ranges for the positions you’re hiring will help ensure your employees don’t feel under-compensated. If employees feel dissatisfied, it can lead to voluntary turnover. This doesn’t mean you have to pay the highest salaries; you just have to keep it competitive.
Compensation also includes health & benefits. A benefits package can be a big factor in gaining and retaining employees. It can build the confidence that they’ll be taken care of and reduce the time taken off due to illness.
Recognizing Achievements & Celebrating Milestones
Bring value to your employees’ wins—whether big or small. It can be done through an e-mail or small gift, to bonuses and raises. Don’t underestimate the power of recognition. It can help you retain great employees and extract other top talent.
Celebrating milestones is another important form of recognition. From birthday cards to employee anniversaries, it shows your employees you care and value their contributions to the business.
Making Time for Team Building
Team building allows employees to connect, get to know each other, and build a strong team morale. A stronger rapport between employees can increase trust, teamwork, communication, and productivity.
When a team works well together, goals can be achieved.
Establishing Company Core Values
Determining your company’s core values can help align the behaviors of your team. They are the guidelines for how your employees approach each day and the decisions they make.
When your employees understand and connect with the established core values, not only is everyone pointed in the same direction to reach the business’s goals, but it diminishes the toxic attitudes within the workplace.
Providing employees with valuable feedback both recognizes the value in the work they do and helps them grow. It goes beyond saying “good job.” Think about what you can say that contributes to their development.
You can deliver feedback either informally or through structured one-on-ones. See what works for your employees and their career goals. Regular feedback can help engage your employees in their work.
Emphasizing to your employees that you value a work-life balance shows them that you care about them as a person, not just a cog in the machine. Well-deserved time away from work can help avoid employee burnout, which increases productivity in the long run.
Conduct Exit Interviews
Even great employees leave. When they do, conduct an exit interview. It’s an opportunity to learn more about why that employee is leaving and how you can lessen the likelihood of the same thing happening in the future.
Understanding What Works for Your Employees
Every employee is different. Check-in with your employees so that you can invest in them effectively.
Ask them questions. How do you like to receive feedback? How do you want to be recognized? Their answers can help you tailor your approach to your business and how you invest in your employees.
Investing in your employees is not a cookie-cutter strategy. It will require some adaptability and changes along the way. Continuously evaluating what’s working and what isn’t can help you, your employees, and ultimately your business achieve success.
Begin Building Your Empire
Investing in your employees is not a one-time occurrence. It’s an ongoing process that should be monitored and changed when needed.
You can begin to see your business succeed when your employees feel valued. It can result in increased engagement, productivity, and better patient experience.Don’t know where to begin? Dr. Scott Colonna has extensive experience helping companies grow and achieve their goals. Start with a conversation today!