Engaged and excited team members can help a business succeed. According to a 2021 Gallup® poll, only 36% of U.S. workers are engaged in their current job, which means there’s an opportunity for improvement for many businesses. Investing in employees is a great way to increase engagement, improve retention and offer better service to customers.
5 ideas for investing in employees
- Offer competitive benefits
- Create a mentorship program
- Provide opportunities to learn
- Prioritize employee health
- Make growth transparent
1. Offer competitive benefits
One way to invest in your employees is to make sure they are being well-compensated for their hard work. Review your team’s pay scale for competitiveness, and, if financially feasible for your business, compensate your team accordingly. Keep in mind, that doesn’t have to mean higher salaries. Other options could include:
- Special one-time bonuses for specific achievements, like completing projects ahead of time or hitting profit goals
- Extra time off
- Flexible work schedules
- Work-from-home allowances
- In-office perks, like free snacks or drinks
- Tuition reimbursement
Incorporating one or more of these ideas can help your employees feel valued and committed to growing the business.
2. Create a mentorship program
Starting a mentorship program at your business is a fantastic way to build leaders and deepen relationships between team members, which can lead to increased retention and greater satisfaction at work.
Consider that 70% of Fortune 500® companies have established mentorship programs to help their employees thrive.
Thank veteran employees who sign on to become mentors with staff recognition gifts, like an outdoor speaker or wireless earbuds, to show them you appreciate how they give their time. Equip mentees with a notebook and stylus pen, so they always have a spot to jot down notes.
3. Provide opportunities to learn
Investing in training for your employees can show your confidence in them. Ask team members what skills they are interested in developing and support them as they pursue that knowledge. Offer opportunities for in-house seminar sessions or local and regional conferences. If one of your staff is interested in signing up for a certification course or degree program, you can help by allowing flexible hours on class days or extending project due dates when they have exams. They’ll appreciate your commitment to their development, and you’ll love having employees with the latest skills and industry expertise.
4. Prioritize employee health
Promoting physical and emotional health programs at work is a key way to invest in your employees. Whether you offer morning stretching sessions via video calls or partner with a local provider for discounted wellness services, your employees will appreciate that you care about their health, not just their productivity.
To take your health initiative even further, use staff recognition gifts as motivation. Give an aluminum bottle to anyone who participates in a hydration challenge, a jump rope in honor of heart health or a large screen pedometer to help them reach their daily step goals.
5. Make growth transparent
Employees like to know what to expect for their advancement in a company, as well as the next steps they need to take. Being clear about career pathways can help take some of the mystery out of performance assessments. Ask for employee feedback on company growth as well. Address any questions in one-on-one or team meetings. It might also be helpful to create employee development plans that list specific skills and responsibilities needed to progress in a particular role so employees can reference them later. They’ll be glad you’ve put in the work to demystify the process.
Prioritize investing in employees to help your business thrive
By investing in employees, businesses can enjoy a more supportive work culture, save money by retaining employees and better serve customers.
Key Takeaways
- Offer benefits that employees will appreciate
- Support staff learning and development
- Introduce mentorship and health programs
- Be clear about how employees can progress