As a small business owner, your mind should be on the people you employ. Your employees are the lifeline of your business, and if you’re not careful, they can quickly become your downfall.
Remember that your employees already spend most of their days working for your company. Sure, you might be offering the best salary, but are you making their lives easier? Most likely than not, you’re just helping them pay their bills, which is no longer enough. You take some responsibility for your employees’ lives if you don’t want them to leave your company.
If you don’t think that taking care of your employee is a good enough reason, consider that employee turnover is a trillion-dollar problem. Businesses in the US are spending an average of $1,500 on replacing each employee that leaves their company.
If you’re a small business owner, that number is probably lower. But even so, it’s still a significant amount of money that you could be spending on other things, like growing your business.
And it’s not just the cost of replacing an employee that you have to worry about. There’s also the cost of lost productivity. It can take a new hire up to eight months to reach the productivity level of a seasoned employee. So how do you reduce employee turnover in your company? By improving the small things. You can start by opening some bank accounts for your employees.
Help Them Start a Bank Account
Starting a bank account for new employees is more than just giving their salary. It’s a way for people to start their investments or even their savings. A savings account can come a long way for those who have only started their career. So help your employees apply for a debit card or a credit card. This will allow them to use their salary as they please and help them save up for the future. It can also help them save and invest for retirement.
Coaching and Mentoring
Learning something new is fundamental for every human being. But it’s not always easy, especially when you’re trying to juggle work and life. That’s why most people give up on their hobbies or learning new things.
As a business owner, you can help your employees by providing coaching and mentoring services. You can assign a mentor to each employee so they can learn from someone who is more experienced. It can help your employees be more engaged in their work and improve productivity.
It can also help them develop new skills that they can use in their career. And if you’re worried about the cost, don’t be. Many companies offer mentoring services at a lower cost.
Time is a crucial resource that people can’t take back, and time is even more critical during the pandemic.
Most people have been forced to work from home, and many companies are still struggling to adjust. But what if there’s a way to help your employees be more productive without changing how you do business?
By offering flexible working arrangements, you can give your employees the freedom to work whenever and wherever they want. It’s a simple change that can significantly impact their lives.
Many companies offer flexible working arrangements if you’re not sure how to start. You can also talk to your employees and see what would work best for them.
Giving Back to the Community
Your employees are part of the community, and they care about the same things that other people do. So why not give back to the community together?
There are many ways you can do this, but one of the most common is volunteering. You can encourage your employees to volunteer for a cause that they’re passionate about.
They will be able to make a difference in the world, but they’ll also be able to build their network and enhance their skills. And it’s a great way to show your employees that you care about them and the community.
Being Kind to Your Employees
Lastly, remember to be kind to your employees. They are the backbone of your company, and they deserve to be treated with respect.
So thank them for their hard work, give them compliments, and show your appreciation. It will go a long way in making them feel valued and appreciated.
And if you’re ever in doubt, remember that happy employees lead to a successful company.
These are just some things you can do to improve your employees’ lives. But remember, it’s not just about making their lives better. It’s also about making your company better. After all, happy employees lead to a successful company.
So start by making some minor changes in your company, and you’ll see a big difference in the long run.