A good business owner knows just how valuable their employees are; organizations of any size are proven to perform better and deliver higher rates of customer satisfaction if the employees are satisfied in their roles. Keeping employees happy isn’t rocket science; you don’t need all-expense-paid vacations as perks or private sushi chefs to bribe your employees to do well, you just need to show them you truly care. Simply put, if you invest in your team, they’ll invest back into your business.
One way to invest in your employees, improve their skills, and increase career satisfaction within your team is by ensuring employee development is a top priority. This can look different for each employee, depending on their role. Sending an analyst to an analytics seminar can be a great way to offer them new skills that you cannot teach yourself; sending your sales team to training can provide them with the tools they need to feel empowered in their roles. These are just a few basic examples, but it’s critical that you keep employees happy, and not just for them.
Happy Employees = Better Finances
Did you know that an employee leaving can end up costing 2x more than what you pay annually in their salary? By the time you have hired someone else and trained a new person due to constant turnover, you’re spending more money than you would have ever realized. High-performing employees often deliver 400% more productivity than average employees, so losing your top-tier employees can be an even bigger hit.
Aside from the money you’ll save in hiring and training a new person, the time you and your leadership team are dedicating to onboarding may be better spent elsewhere. With leaders, their time is incredibly valuable, and constantly running through the hiring process means they are not building strategic plans and expanding your business opportunities. That is a huge trade-off.
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Employee Investment is Worth It
A conference may cost anywhere from a couple hundred dollars to a couple thousand, which can feel like a big sticker shock at first, especially if you have multiple employees seeking development opportunities. Classes can be even pricier. Before you jump right to thinking that you haven’t budgeted for this amount, consider the cost of losing unhappy employees.
If cash flow is difficult and the extra $10,000 annually hasn’t been planned, consider taking out a small business loan to get the funding you need. Small business loans are a great way for organizations to make strategic investments and investing in your people is one of the most strategic moves you can make.
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Partner with UBF
At United Business Funding, we know how important it is to make employees feel valued, and we would love to help you make that a reality. Our team provides hassle-free loans to businesses that have been operating for longer than 3 months, make at least a $10,000 business deposit each month, and have an owner with a healthy credit score. If you qualify, the money can be in your account within a number of days, allowing you to show your employees how much you value them, before it’s too late.