{"id":35555,"date":"2020-12-29T19:10:14","date_gmt":"2020-12-29T17:10:14","guid":{"rendered":"https:\/\/factorialhr.com\/blog\/?p=35555"},"modified":"2024-11-20T11:13:05","modified_gmt":"2024-11-20T09:13:05","slug":"grow-your-business","status":"publish","type":"post","link":"https:\/\/preproduction.factorialhr.com\/blog\/grow-your-business\/","title":{"rendered":"Grow Your Business by Investing in Your Employees- Advice from HR leaders"},"content":{"rendered":"<p>Traditional wisdom says that the customer is always right. But Executive Richard Branson famously said, \u201c<a href=\"https:\/\/www.inc.com\/eric-schurenberg\/sir-richard-branson-put-your-staff-first-customers-second-and-shareholders-third.html\" target=\"_blank\" rel=\"noopener noreferrer\">Clients do not come first<\/a>. Employees come first. If you take care of your employees, they will take care of your clients.\u201d <strong>What if the best way to grow your business is investing in your employees?<\/strong><\/p>\n<p>After all, happier employees make for happier clients. In &#8220;State of American Workplace,\u201d Gallup reports that <a href=\"https:\/\/www.gallup.com\/workplace\/238079\/state-global-workplace-2017.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">employees who are engaged are more likely to improve customer service, resulting in a 20 percent increase in sales<\/a>.<\/p>\n<p>In this post, we\u2019ll cover how you can invest in your employees to up employee engagement, improve retention, and attract top talent.<\/p>\n<ul>\n<li><a href=\"#invest\">Invest in Your Employees<\/a><\/li>\n<li><a href=\"#examples\">How to Invest In Your Employees<\/a><\/li>\n<li><a href=\"#companies\">Companies Investing in Their Employees<\/a><\/li>\n<li><a href=\"#benefits\">Benefits of Investing in Employees<\/a><\/li>\n<li><a href=\"#grow\">Grow Your Business<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/factorialhr.com\/templates\/download-hr-okr-freebie\"><strong>\u2705<span style=\"font-size: 14pt;\">Download Your Free Human Resources OKR Template!<\/span><\/strong><\/a><\/p>\n<h2><a name=\"invest\"><\/a><strong>Invest in Your Employees<\/strong><\/h2>\n<p><strong>When you invest in your employees, you invest in the future of your business.<\/strong> This will look different for each organization, but the important part is making sure that employee needs are being met. For example, improving communication, reducing micromanagement, and offering training and career opportunities are all investments that employees could benefit from.<\/p>\n<p>Be sure to consider short-term investments by appreciating employee\u2019s hard work on a regular basis. And don\u2019t forget long-term investments, like giving employees time to explore passion projects and innovative ideas.<\/p>\n<p>How will this help to grow your business? <a href=\"https:\/\/www.entrepreneur.com\/article\/315095\" target=\"_blank\" rel=\"noopener noreferrer\">Investing in employees increases employee satisfaction, productivity, and retention<\/a>. <strong>Remember, the true cost of replacing employees can be twice their base salaries depending on their wage, role, and experience.<\/strong> By encouraging employees to stick around, you\u2019re saving money in recruitment and training, not to mention benefiting from your employee\u2019s accumulated experience.<\/p>\n<p>When it does become time to hire someone new, your organization\u2019s sky-high employee engagement will attract top talent.<\/p>\n<h2><a name=\"examples\"><\/a><strong>Examples of Ways to Invest in Your Employees<\/strong><\/h2>\n<p>What is the best way to invest in your employees? Here are three techniques that will grow your business.<\/p>\n<h3><strong>Create Training Opportunities<\/strong><\/h3>\n<p>Employees want to work for a business that values their work and prioritizes their growth. In fact, 89 percent of Millennials say that <a href=\"https:\/\/www.gallup.com\/workplace\/236438\/millennials-jobs-development-opportunities.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">learning and growth opportunities<\/a> are extremely important to them. Further, an IBM study showed that employees who feel they are not developing in a company are <a href=\"https:\/\/www.shiftelearning.com\/blog\/the-true-cost-of-not-providing-employee-training\" target=\"_blank\" rel=\"noopener noreferrer\">12 times more like to leave it<\/a>. <strong>If you want to attract and retain the largest cohort currently in the workforce, your business needs to offer training and upskilling.<\/strong> Offering employees with personal development plans can also show them that their progress is important to management.<\/p>\n<h3><strong>Open Communication<\/strong><\/h3>\n<p>Put your money where your mouth is! One survey of <a href=\"https:\/\/www.shrm.org\/resourcesandtools\/hr-topics\/behavioral-competencies\/communication\/pages\/the-cost-of-poor-communications.aspx#:~:text=David%20Grossman%20reported%20in%20%E2%80%9CThe,communication%20to%20and%20between%20employees.\" target=\"_blank\" rel=\"noopener noreferrer\">400 companies showed that poor communication can cost companies tens of millions of dollars<\/a>. Investing in employees for many companies may simply mean giving employees the tools to communicate. <strong>That entails developing workflows for efficiently managing time-off requests, payroll questions, and expense reports.<\/strong> It should also include developing a culture of regular feedback and check-ins. The easier it is for employees to communicate their needs, the easier it will be for management to meet them.<\/p>\n<h3><strong>Offer Perks and Benefits that Matter<\/strong><\/h3>\n<p><strong>Compensation doesn\u2019t just come down to hourly pay.<\/strong> Your organization shows employees they matter in a variety of ways. Consider offering benefits and perks like great healthcare, flexible hours, childcare, or office snacks. The best way to make sure that employees have access to the resources they need is to ask them.<\/p>\n<h2><a name=\"companies\"><\/a><strong>Companies Who Invest in Their Employees<\/strong><\/h2>\n<p>You don\u2019t have to reinvent the wheel to grow your business. There are companies that have been successfully investing in their employees for a long time. Here\u2019s how some of the best businesses are prioritizing employee satisfaction.<\/p>\n<h3><strong>Virgin: Listen to Your Employees<\/strong><\/h3>\n<p>You remember Richard Branson, founder of the Virgin Group which today controls more than 400 companies in various fields? His secret to success is listening to employees. Virgin regularly seeks feedback from workers and implements their ideas wherever possible. <a href=\"https:\/\/www.virgin.com\/branson-family\/richard-branson-blog\/listen-to-your-employees-ideas\" target=\"_blank\" rel=\"noopener noreferrer\">This has led to improvements in office organization, customer promotions, and technical innovation across Virgin<\/a>. Businesses need input from workers on the frontlines. It\u2019s vital to invest in communication systems in order to open up dialogue.<\/p>\n<h3><strong>TargetProcress: Give Employees Time to Think Outside the Box<\/strong><\/h3>\n<p>In 2013, TargetProcess, a project management software company in New York, decided to implement Google\u2019s infamous <a href=\"https:\/\/www.tlnt.com\/this-small-company-is-making-20-time-work\/\" target=\"_blank\" rel=\"noopener noreferrer\">20 percent time rule<\/a>. According to this unique policy, Googlers (and now, TargetProcessors) can use 20 percent of their time working on projects outside of their usual scope that will benefit the company. Allegedly, this policy is responsible for projects such as GMail and Google Maps. Once they implemented a similar program, <strong>TargetProcess saw great results and a flourishing culture of innovation.<\/strong><\/p>\n<h3><strong>Adobe: Challenge Employees<\/strong><\/h3>\n<p>Adobe is well-known for offering employees generous perks, holiday pay, medical insurance, retirement plans, and education reimbursements. But did you know they also invest in employee potential through their Kickbox program? <a href=\"https:\/\/inside.6q.io\/adobes-award-winning-company-culture\/\" target=\"_blank\" rel=\"noopener noreferrer\">Adobe gives any employee that requests it a box of stationary, snacks, and $1,000 per-paid credit card to explore a new idea, no questions asked.<\/a> Of the 1,000 employees who have taken the challenge, 23 are pursuing further development with their ideas. While not every business has the resources to spend like this, all businesses can implement the spirit: supporting employees, however possible, and their ideas.<\/p>\n<p><a href=\"https:\/\/factorialhr.com\/request-demo\"><img decoding=\"async\" class=\"alignnone wp-image-145096 size-full\" src=\"https:\/\/factorialhr.com\/wp-content\/uploads\/2020\/12\/20105457\/Blog-banner-general.png\" alt=\"Factorial HR software banner\" width=\"1921\" height=\"908\" srcset=\"https:\/\/preproduction.factorialhr.com\/wp-content\/uploads\/2020\/12\/20105457\/Blog-banner-general.png 1921w, https:\/\/preproduction.factorialhr.com\/wp-content\/uploads\/2020\/12\/20105457\/Blog-banner-general-300x142.png 300w, https:\/\/preproduction.factorialhr.com\/wp-content\/uploads\/2020\/12\/20105457\/Blog-banner-general-1024x484.png 1024w, https:\/\/preproduction.factorialhr.com\/wp-content\/uploads\/2020\/12\/20105457\/Blog-banner-general-768x363.png 768w, https:\/\/preproduction.factorialhr.com\/wp-content\/uploads\/2020\/12\/20105457\/Blog-banner-general-1536x726.png 1536w\" sizes=\"(max-width: 1921px) 100vw, 1921px\" \/><\/a><\/p>\n<h2><a name=\"benefits\"><\/a><strong>Benefits of Investing in Your Employees<\/strong><\/h2>\n<p>It is well known among HR professionals that nvesting in your employees will grow your business in many different ways. Here are some of the key areas where you can expect to benefit from giving your employees a boost.<\/p>\n<h3><strong>Attract and Retain Great Employees<\/strong><\/h3>\n<p><a href=\"https:\/\/www.forbes.com\/sites\/williamcraig\/2018\/07\/31\/making-strategic-investments-in-employee-development-is-crucial-for-success\/?sh=6bead6a7140c\" target=\"_blank\" rel=\"noopener noreferrer\">Having a positive culture that prioritizes employee development and innovation is sure to win your brand a great reputation<\/a>. Take this reputation to the bank when your happy employees are more productive than ever. <strong>Further, a great brand reputation is sure to attract top talent when it&#8217;s time to hire<\/strong>.<\/p>\n<h3><strong>Increases Innovation and Performance<\/strong><\/h3>\n<p>Offering employees training and upskilling opportunities increase employee satisfaction because they feel valued. But a well-trained workforce won\u2019t just be happier! <strong>They\u2019ll be more skilled and therefore more able to complete their tasks efficiently and effectively.<\/strong> Talk about a win-win!<\/p>\n<h3><strong>Encourages Looking Forward<\/strong><\/h3>\n<p>You want employees that are invested in the future of your business. Investing in your employees lets them know that they are an integral part of it\u2014 and they\u2019ll be eager to help grow your business.<\/p>\n<h2><a name=\"grow\"><\/a><strong>It&#8217;s Time to Grow Your Business<\/strong><\/h2>\n<p><strong>In short, investing in employees means giving them the tools they need to do their jobs well.<\/strong> Software like Factorial streamlines HR processes so that your HR department (and your employees) can spend more time focusing on work that really matters.<\/p>\n<p>Rather than <a href=\"https:\/\/factorialhr.com\/holidays-leaves-software\" target=\"_blank\" rel=\"noopener noreferrer\">back-and-forth emails negotiating days off<\/a>, shift changes, or expense reports, employees can make requests directly through the platform. Managers and HR can accept or deny these requests on their own time. In this scenario, everyone saves time, energy, and effort.<\/p>\n<p>Managers can also use Factorial\u2019s <a href=\"https:\/\/factorialhr.com\/performance-management\" target=\"_blank\" rel=\"noopener noreferrer\">performance management software<\/a> to check-in with employees and offer opportunities for feedback or reflection. Opening up dialogue makes it easier to touch base with employees and see that they have the tools they need to succeed.<\/p>\n<p><strong>Using software to streamline HR functions is an easy but effective way to invest in your workers, boost employee motivation, and grow your business.<\/strong><\/p>\n<h2 style=\"text-align: center;\"><strong><a href=\"https:\/\/factorialhr.com\/get-started\" target=\"_blank\" rel=\"noopener noreferrer\">Step up your company\u2019s digital transformation with the help of Factorial HR \u2013 Try it for free.<\/a><\/strong><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Traditional wisdom says that the customer is always right. But Executive Richard Branson famously said, \u201cClients do not come first. Employees come first. If you take care of your employees, they will take care of your clients.\u201d What if the best way to grow your business is investing in your employees? After all, happier employees<a href=\"https:\/\/preproduction.factorialhr.com\/blog\/grow-your-business\/\" class=\"read-more\"> [&#8230;]<\/a><\/p>\n","protected":false},"author":136,"featured_media":47725,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-35555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-human-resources"],"acf":{"topics":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Grow Your Business by Investing in Your Employees | Factorial<\/title>\n<meta name=\"description\" content=\"To grow your business, you don&#039;t have to look much further than your own employees. Here&#039;s how you can invest in your workers to succeed.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grow Your Business by Investing in Your Employees- Advice from HR leaders\" \/>\n<meta property=\"og:description\" content=\"To grow your business, you don&#039;t have to look much further than your own employees. 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