When most people think of ways to enhance a company’s profitability, they may visualise effective cost-cutting strategies, waste reduction plans, and cutthroat, no-holds-barred marketing crusades.
What they may not think of so readily, however, is investing more money in schemes designed to boost employee wellbeing.
Sure, employees need to be content and work, but HR takes care of that sort of thing, and after all, as long as no one’s having a break down and everyone’s keeping their heads down, there’s no problem, right?
Well, think again. Here are a few ways in which investing in employee wellbeing is not only good for morale and your own personal sense of ethics, but can also be great for the profitability of the business in the long run.
Granting employees more autonomy enhances pride and attention to detail in their work
Employees who are granted a greater degree of autonomy in how they go about meeting their targets, fulfilling their professional obligations, and completing projects, are simply far more likely to be attentive to detail and creative while carrying out their work.
A large amount of this has to do with the fact that those employees feel trusted, and important, enough to want to repay the company at large, with high quality work to show that their trust had been well placed. There’s also, of course, a good degree of self-interest at play, as people strive to do their best in order to ensure that they get to continue enjoying the benefits that have accrued to them through their current working arrangement.
Introducing schemes which allow for greater autonomy can be a great way of improving the quality and quantity of work output, which in turn has an overall impact on the company’s financial performance. These schemes can be as simple as allowing employees more freedom over how they allocate their time throughout the working day, or as advanced as allowing for a completely “open office” environment with remote working as an option, as long as employees continue to meet their targets.
Employee retention rises with employee satisfaction
Constantly training up staff only to have them walk away from the company shortly thereafter is both a logistical nightmare, and a terrible waste of company resources. Many companies go to great lengths to screen and recruit the best talent, either through headhunting established professionals or reeling in new talent with graduate schemes.
It should come as no surprise to anyone that the best way of ensuring employee retention is to invest adequate resources and attention in creating a hospitable environment for those employees, so that they feel it would be in their best interests to stay with the company, and also that they owe the company a sense of loyalty for the positive way it’s treated them.
If the office environment is rife with backbiting and mean-spirited office politics, if managers constantly chew out their underlings rather than communicate with them in a respectful manner, or if people feel that their roles within the company are poorly defined, they will always be looking for an out. At best, they’ll be staying for the money, until a more lucrative offer comes along.
A more lenient approach to brainstorming enhances team creativity
Creativity is a real asset for any company, and many businesses spend large amounts of money on bringing in professional analysts and advisers for the sole reason that their own in-house team seems to have exhausted their creativity in dealing with a particular issue, or coming up with effective approaches in dealing with a given project.
Often, the cause this apparent dearth of creativity has little if anything to do with the actual creativity of the team members themselves, and a lot to do with how comfortable they feel with expressing and exchanging ideas in the workplace.
Creating a more lenient, tolerant environment with regards to meetings, group discussions, and brainstorming sessions, can encourage staff to come out of their shell and investigate new and dynamic approaches to various issues. If they feel that the pressure is on for every idea they express to be worth it’s weight in hold, or if they’re made to feel snubbed or overlooked, on the other hand, they will be unlikely to add anything much to attempts at problem resolution.
A less hostile office environment improves team communication and synergy
A team that communicates well and openly will always be more effective than a team of isolated individuals who interact with one another as little as possible.
Many office environments become toxic, either because gossip and drama is allowed to flourish, or because the leadership structure is set up in such a way as to be highly authoritarian and closed to discussion.
If the members of a team are constantly engaging in attempts to undermine one another, curry favour with the higher ups through self-aggrandisement, or simply isolate themselves from the rest of the team, synergy within the business is going to be all but nonexistent, productivity will suffer, money will be lost, and extra expenses will be accrued in order to try and resolve issues which could have best been dealt with in a non-bureaucratic way.
Using the services of an HR recruitment agency can be a great of nipping this kind of negativity in the bed, and ensuring that teams are working together in the best interests of the company.
Happier staff means happier customers
If the members of your customer facing staff are happy and content in their work, the customers they interact with will in turn pick up on the atmosphere of positivity, and will be more inclined to do business with the company in future.
Not only that, but happy staff are also more likely to go the extra mile in resolving customer issues and establishing good relations in the first place. People, by and large, can tell when those they interact with are genuinely motivated to help them and when they’re just going through the motions because of their contractual obligations.