Why Investing in your Employees is the Best Business Decision You Can Make

People are the backbone of almost every business. Great teams drive great results, particularly in industries with frontline services. The best employees are not only great at their jobs but highly involved and engaged with their role as well as the company they work for. This is true for every level of employee, whether they are a senior executive, cashier or waiter. Every worker across your frontline team is an essential contributor to the success of your business.

So how do you, as a business owner relying on the quality of your service, create an excellent frontline team that stands the test of time in an industry with the highest employee turnover rate?

Invest in your team! This does not merely mean offering them more money. Show them you care, empower them to make decisions and perform their role to the best of their ability. Put in the same effort that they do.

Here are five ways that investing in your staff can make a big difference to your business.

Listen to Their Views

Chances are, your staff on the ground have insights that you could never have without experiencing it yourself. There is substantial value in providing your employees with the autonomy they need to feel motivated. A 2017 Study found that employee empowerment is an effective “motivational strategy which gives employees a sense of satisfaction towards their job and organisation.”

One great way to empower your staff to share their opinions and unique knowledge is to formulate and share a “Staff Recommendations” section on your menu, or a personalised social media post. They will feel heard and respected, improving their engagement with their job and your business.

Implement a Buddy System

A big reason people enjoy work is that they develop a positive connection with their teammates. In fact, 70% of employees report that having friends at work is essential to having positive work experiences and a similar number say that having a close friend increases their engagement with their company brand.

Try setting up a buddy system with new hires and experienced staff. While they may not become best friends, the warm connection will undoubtedly help improve the onboarding process and get them more comfortable with the role, sooner.

Offer Opportunities for Professional Development

The service industry is often seen as a stepping stone towards other careers, with little opportunity for advancement. While this may be true, and most staff will eventually move on, providing opportunities for your employees to develop their skills or hobbies is not a waste. Helping your team reach their potential, whether that’s by helping them with tuition or providing an online learning community membership, is only a good thing. Your employees will value your effort and give this value back to your business while they work for you.

Celebrate and Appreciate Your Workers

One of the most valuable things you can gift your employees is appreciation and respect. A survey by Forbes found that two-thirds of staff will look to quit their jobs if they felt unappreciated – a figure that jumps to over 75% among millennials.

Make a serious effort to communicate with your staff, letting them know when they have done a great job. Reward your employees with a paid day off, a mention in your internal newsletter or a simple gift to recognise their efforts.

Consider Alternative Job Benefits, Like Paytime

Not everyone cares about health insurance or their superannuation plan. Many businesses now provide their employees with free gym memberships, mental health services, increased work flexibility and on-demand access to their earned pay using services such as Paytime, an Earned Wage Access app (also commonly known as a Paycheck advance app). Paytime allows your employees to access their earned wages before payday, even on a weekend, targeted to improve your employees’ financial wellbeing.

Your frontline team members are one of the most critical assets in your services business. Treat them right and motivate them to do a great job. If you do this, when other business leaders do not, you will surely attract and retain better talent – improving your competitiveness and financial returns.

If your business wants to empower your employees and improve their financial wellbeing, workplace engagement and productivity, contact PayTime today for a demo!