How to Take Care of Your Most Valuable Business Assets: Your People
By: Paolo Arguelles
You don’t build a business. You build people, and then people build the business.
– Zig Ziglar
Business owners need to know how valuable offshore employees are to their ventures. Great people are the foundation of successful businesses. Even with the latest tech tools, equipment, processes, and machines, quality human touch is still essential to operate and grow companies.
Starting a business is a massive achievement that not everyone can do. It takes a special kind of person to commit to the journey. The path consists of blood, sweat, tears, and a lot of investments. Among them are your employees, which will prove the most critical element to maintain if you aim for business growth and success. Employees determine the growth pace of an organization. Their performance and contribution are the company’s operational success. With so much of a business directly tied to employees, the modern business owner must invest in their most valuable business asset.
Why is it so Important?
Taking care of employees might initially feel like additional work. However, business owners must dedicate resources and funds beyond wages and benefits to ensure that workers feel satisfied in their current position. Especially nowadays, income is no longer enough to convince people that they are in the right company.
Employees are on your venture’s frontline, interacting with your customers, maintaining business continuity, and directly affecting operations. So why should entrepreneurs invest in taking care of their hardworking employees? Here are a few reasons why:
Employee Wellbeing Reflects on Performance Results
Who doesn’t want to receive proper treatment and care? Despite efforts to separate work and life, it can be challenging for employees to consider their careers outside their personal life. After all, most people spend the majority of their time working.
Treating workers well is necessary because when employees feel like their employers acknowledge their efforts and reciprocate, they’re more likely to perform better. The employer-employee relationship is often give-and-take, and great care and treatment result in positive results and performances.
Employee Turnover Rate is a Defining Measure of Growth
Technology advancements have changed how businesses view growth and success. It is now easier to collect reports and statistics to assess profit margins and annual revenue growth rate. Those are some of the figures entrepreneurs use to measure success and determine if their investments are going somewhere. Now, where exactly do your employees fall in this equation?
Businesses ready to expand typically invest in a higher headcount. However, it can get challenging to grow when experienced and well-trained employees leave as replacing and retraining employees incur otherwise avoidable costs.
Companies that thrive in lowering employee turnover rates can sustain their expansion plans. Resigning workers affect business continuity, even on the smallest of scales. Making employees feel cared for can convince them that your company can become their second home.
Genuine Care Promotes Loyalty
Quality employee engagement and retention strategies can already help reduce the turnover rate with resounding success. However, on top of that, it’s better to have a passionate worker dedicated to the company than an individual just going through the daily grind. Loyalty and passion to perform largely depend on employees’ dedication to the company and its greater cause. But of course, with genuine care and effort, the management can inspire and instill these values in their workforce, helping them become better assets for your company.
Employee Mental & Emotional Well-being
The daily grind, hassles, and larger economic environment can understandably stress out employees. The job demands can get overwhelming and take a toll on their physical, mental, and emotional health. Beyond being the most valuable assets for businesses, employees are first and foremost human beings. Depression and anxiety are becoming rampant across work teams nowadays, considering the challenging times. Caring for employees’ mental well-being could come in many forms, but it can be as simple as listening to their concerns.
What Happens When You Fail to Take Care of Employees?
Taking closer care of your employees might feel like an additional tedious task, but it is necessary. Why? While the events vary from company to company, here are a few scenarios you might encounter with unhappy employees.
How to Show Care to Your Most Valuable Assets?
The scenarios in the chart above are not ideal for both employees and businesses. Fortunately, business owners and leaders can make the necessary changes to address their people’s concerns better.
Companies across the globe are beginning to realize this, especially the shift in today’s job market. It is now an employee’s market, with businesses struggling to hire and retain the team members they need. Job security, fair wages, comprehensive benefits, and a safe work setup are necessary to keep employees satisfied and engaged.
Mental and Physical Well-being is Top Priority
The COVID-19 pandemic left many employees jobless, with businesses requiring layoffs and terminations to survive by the skin of their teeth. However, it gave them the rare opportunity to start over. While earning income is an absolute necessity amid the global crisis, working professionals now know that life is not all about their careers. Health and safety will always be the top priority, and companies should acknowledge that too. Employees need to feel taken care of beyond job compensation. The pandemic took its toll on people’s mental and physical health, which companies should focus on.
Does the Workplace Matter?
Employees can be more productive and efficient if their employers take special care of their health and wellness. On top of that, their workspaces also require attention. More than just having equipment, devices, tools, and supplies to perform their duties, this is where they will spend most of their time, thus strongly impacting both their well-being and productivity. When trying to create a setup that fits the modern work environment, there are three primary aspects to consider:
- Physical Environment
- Appropriate office size for the number of staff members utilizing the area.
- Open floorplan for collaborative spaces
- Assigned office work desks with dividers for privacy
- Adequate furnishings for both indoor and outdoor workspaces
- Office facilities such as break rooms, pantries, and bathrooms
- Natural lighting through enlarged windows
- Emergency exits for strategic evacuation
- Company Culture
- Proper company branding in the office to improve the employee experience
- Code of conduct to prevent internal conflicts from getting out of hand
- Access to support technologies and the latest equipment for work efficiency and productivity
- Collaboration and teamwork mentality promulgated by the selected leader
- Working Conditions
- Workplace safety through warning signs, first-aid and emergency equipment
- Office cleanliness through sanitation schedule, clean-as-you-go initiatives, and social distancing protocols
- Proper work-life balance through providing flexible work schedule options or generous overtime pay
- Health awareness by providing free meals during lunch breaks
- Promoting socialization by creating social events and activities now and then inside the office
What Do You Need?
Overall, taking care of your employees will take up so many resources and funds. However, it is the price entrepreneurs pay to secure hardworking, loyal, and passionate employees. It costs a lot of money, time, and effort to recruit and retain talented individuals. Still, the price tag of losing them is more significant. U.S. businesses lose over a trillion dollars (!!!) to turnover.
What’s worse is the effects of a resigning employee on the entire business operations extend to more than business expenses. Your company might experience broken team morale, customer relationships, damaged brand reputation, and potential lawsuits when you lose your best people.
If employees want to leave, businesses can do nothing but wish them the best in their next endeavors. However, it shouldn’t stop you from giving them the best experience possible while working for your company. By showing employees that you value them, you can change their minds.
Pursuing every modern employee engagement and retention strategy can be wearisome and financially crippling for organizations, big or small. This is where offshoring services can change the game.
Outsourcing and offshoring solutions provide recruitment and HR with valuable help filling vacant positions with tailor-fit candidates. With dedicated teams focused on developing effective and efficient employee retention and engagement strategies, offshoring companies have improved the support services clients can enjoy.
Partnered with the right modern offshore partner, you can take advantage of these services on top of staffing:
- Employee Engagement Efforts
- Above-Standard Compensation and Benefits
- Well-Designed and Well-Maintained Office Suite
- 100% Access to Communication Channels and Client Services
iSupport Worldwide is an offshoring company situated in the Philippines, with access to a rich talent pool of over 45 million talented individuals that can do wonders for your company. The low-cost economy of the outsourcing country also means reduced costs for clients, an essential attribute to stay competitive in a progressive business landscape. iSupport Worldwide is an attractive offshoring partner because of our extensive end-to-end support, including employee engagement and retention programs for clients’ offshore teams.