How to look after your people so they look after your small business
/As a small business, it’s sometimes hard to find a balance between working on your business and working in it. Ultimately, as any decent business coach will tell you, you want to be working towards doing more of the former and less of the latter.
If you’re continuously working in your business – by which I mean carrying out the day-to-day activities that are directly linked to revenue generation (for example, making sales calls) – the chances are you’re not paying enough attention to the things that actually impact on financial performance.
Perhaps the biggest risk in that scenario is the way in which your people are looked after. We already know that an organisation is only as good as its people, but in small businesses – especially start-ups – there is a natural focus on growth, and this is often defined by the bottom line.
Yet business leaders who run small organisations need to be braver and more single-minded about how they look after their employees in order to create a work environment and culture that ensures a positive work environment, boosts morale, and ultimately improves productivity and retention.
But how can you do that without taking your eye off the operational element of the business that is essential to any growth journey?
Reward fairly and competitively
Candidates are not necessarily looking for the job that pays the most – but they do want to be paid fairly. Ensure your employees are rewarded based on industry standards and local cost of living factors.
You might also consider offering performance-based bonuses or profit-sharing plans to incentivize productivity and loyalty.
Add value through a benefits scheme
If you can, offer a comprehensive benefits package that includes health insurance, retirement plans, and other perks like dental and vision coverage. Most employees would expect their employer to offer paid sick leave, holidays and compassionate leave.
Offer flexibility
In a post-pandemic world, and wherever possible, most businesses allow flexible working arrangements, such as remote work or flexible hours. Employers who accommodate employees' personal needs, such as family responsibilities or health concerns, are likely to be rewarded with loyalty and goodwill.
Train for tomorrow
Invest in employee training and development programmes that allow your employees to progress through the organisation and build their skills and knowledge. This not only makes your people feel valued, it also helps to protect institutional knowledge and expertise.
Look to create clear career paths and development plans for employees who aspire to grow within the organisation, potentially achieving this through continuous learning initiatives and financial support for relevant courses or certifications.
Find ways to provide opportunities for advancement within the company to retain talented employees. This may be through secondments or deputising for senior staff when they are away.
Healthy and safe workplace practices
Safeguard your employees by providing a safe and comfortable working environment, wellness initiatives such as gym memberships, and emotional support when it is needed.
Keep talking
Many small businesses underestimate the power and importance of communication, so foster open and transparent communication channels, where employees feel comfortable expressing their concerns and ideas.
If you can, conduct regular one-on-one meetings with your teams and establish a performance review process to provide feedback and set goals effectively.
Promote a positive company culture
You can encourage employee engagement through team-building activities, company events, and social gatherings, all of which will help your employees to remain engaged in delivering success to your business.
If you seek employee feedback – and you should – make sure you are also seen to act on it to improve the workplace.
Equity, Diversity and Inclusion
Any organisation that’s serious about success should also be serious about EDI. If you can create a diverse and inclusive workplace that values different perspectives and backgrounds you are more likely to see the end product of that diversity translated into your bottom line.
Implement diversity training and policies to ensure a welcoming environment for all employees.
Remember that every business is unique, so tailor your approach to employee care strategy to align with your company's values, resources, and the needs of your workforce. Regularly assess and adjust your strategies to ensure they remain effective in meeting your employees' needs.
If you’d like to find out more about how Constantia Consulting can help your small business to look after your employees in a way that builds a culture of collaboration and success, please get in touch for a no-obligation introductory chat.