There are many reasons why a business owner should take good care of their employees. If the employee is happy, they’re likely to do a better job and be retained, which saves time and money on finding another one. Treating employees well is the right thing to do and will ensure the business is built on positivity. But, if those reasons don’t sway you, taking care of your business and its employees can actually payout in terms of productivity and sheer revenue.
Workers Compensation
Insurance is the most important thing for a business owner. Should anything happen with an employee, then they could end up bringing the full force of the law back to you. So, a good business owner would begin by treating workers well and ensuring they have health care, while also making sure that the employee is enrolled in a compensation scheme. The worker’s compensation would render the employee compensated should anything happen, which would mean you wouldn’t have to pay out as an employer. It’s easy to get a worker’s compensation insurance quote, which can be customized and adapted depending on the type of work and the industry that you (and/or your workers) operate in. Letting employees know that you have their best interests at heart with such schemes can also help cultivate a stronger relationship.
Employee Investment
The better-treated employees are, the more likely they are to thrive in the business. If an employee feels they are making a real difference with the company and have a position that will develop, they will be less likely to merely make time at the job. If an employer offers advancement for their employees, ensures there are ways in which they can grow, and shows a real dedication to these individuals, this will bring out the best in them – and of course, positively impact the company. Not only will this cultivate the best talent but will create strong morale and genuine brand ambassadors. By retaining the best staff, who you ensure are fully trained, you will be able to grow organically as a business.
One of the main ways in which some businesses have been shown to treat their employees well has been through sharing the profits. Some companies offer their employees shares in the business – such as The Cheesecake Factory, Nordstrom, and GoDaddy. This can give an employee a financial incentive to ensure their work is the best so that the company continues to be valued highly. Other companies hand out bonuses for strong years. UK bakery Gregg’s recently offered its employees a bonus based on the high performance after a strong year of launching vegan alternatives to its meat products, offered alongside the traditional options. Equity programs that give back can work better than some short-term benefits, such as free fruit or gym memberships.
There are many ways as an employer to take care of your employees. While it might cost money upfront, the dividends that will be paid in the long run far surpass any amount. Show you care through compensation schemes, sharing the profits, or by investing in individuals and their career development.
