Two focuses of my blog are Workplace Discussions and Organizational/Management Discussions. No matter which organization you’re running, your employees are one of your most valuable resources. As such you want to consider them when thinking about any purchases or updates. The following contributed post is entitled, Company Spending That Will Benefit Your Employees.
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It’s that age-old question for employers:
How should I spend company money?
This may be something that you have been considering today.
Of course, much of what you earn will be put into company savings. This is sensible as you never know when you might need the money you have put away. And when it comes to spending money, you will probably focus on marketing to boost your company profile. Again, this is understandable.
But when you are thinking about what you can spend company money on, consider the people who keep your business going. We could be talking about your customers here, but there are other people who push your business forward. We are, of course, talking about your employees. When you invest in them you invest in your company’s future, as your spending can make a difference to the ways in which they view and work within your business.
So, with this in mind, let’s take a look at areas of spending that will benefit your employees.
#1: Personal development
For your employees, this is a biggie. When you focus on personal development, your employees will be better equipped to do their jobs, and they will be less likely to leave your company. They will be more likely to stay because they won’t need to migrate to another company to grow and develop as people.
So, consider your employees as a group and as individuals. What training courses will develop their skills? What conferences can you book them onto? Focus some of your spending in these areas to improve and shape the employees in your workforce. They will benefit and so too will your business when they are able to excel in their roles.
#2: The workplace environment
For the sake of employee morale, do what you can to improve their environment. They will feel happier at work if you do and as such, they will also be more productive. So, at the very least, you should allow your employees to shape their own workstations. They could bring in photos from home, for example, and any other thing that could personalize their workspace.
But when it comes to spending, there is much you could do. If you have the funds to do so, you could opt for a full renovation. You could create more space, add fresh bursts of color, and create better break areas. Alternatively, you could do a little bit at a time, especially if you don’t have the funds for a complete makeover. Improving the environment with commercial wall decor is certainly one thing you could do. You could also purchase more storage to reduce the amount of clutter in the workplace. These are just some ideas but look at pictures of office fitouts online and consider the changes that could make a difference in your workplace.
When you develop your company’s technology, you will improve the efficiency and productivity of your employees. So, consider the tech that will make your employee’s lives easier and invest accordingly.
An obvious place to start is computer equipment, of course. If your employees’ computers are slow and prone to other problems, you will aid their productivity if you give them something new. Then think about the software your employees could be using. Look for those programs that will simplify the complicated tasks they may be doing manually. Take a look at these digital workplace technologies too and consider the benefits to your employees. There is much you can invest in so consult with your employees on the tech that could make a difference to them.
#4: Employee rewards
We all like to be rewarded for things we have done well, so consider what this might mean for your employees. Sure, a word of thanks and a pat on the back might sometimes suffice, but how about something tangible? Knowing that they will be due a reward could spur your employees on to work harder, so bear in mind that what you spend will also benefit the greater needs of your business.
You could spend money on your entire team. You could reward them with a meal out or a weekend away somewhere. When money is spent to bring your employees together in such ways, you might also encourage team bonding. You could also spend money on your employees as individuals. It could be something as simple as a gift card to their favorite store. Or you could splash out on something specific if you know it will please the lucky employee. You will find some good ideas in this article on creative employee rewards so have a read if you need inspiration.
Outsourcing doesn’t always make sense, especially when your employees are equipped to take on certain responsibilities. However, if they are already overworked and struggling to cope with multiple demands, you will make their lives easier if you outsource some of the tasks you have been asking them to do.
For your employees, this will mean a smaller workload. This isn’t a bad thing, especially if they have more than enough to do to fill their working week. Without the burden of tasks they might struggle to complete on time, they will be able to focus on quality work in the jobs they are given to do. They will also be less prone to burnout and the health issues that come with that common problem.
#6: Employee perks
Every business leader should include employee perks as they can improve the retention rate and make their company more attractive to new hires. There are all kinds of perks you could include, such as paying for child care for the employees who need it and providing healthcare insurance for all of your employees.
For more ideas, check out these employee perks. There will be an expense but as some of these perks will prove highly beneficial to your employees, they shouldn’t be ignored.
When you invest in your employees they will invest in your business. By this we mean they will devote more time and effort in what they do for you. So, consider these examples of employee spending and factor them into your budget if they make sense for you.