Growth and Operations
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While there are endless ways to grow your business, a good place to start is by creating an environment where employees feel valued. Beyond simply finding and hiring talented people, this involves investing time and money into your employees' happiness both inside and outside of the workplace.
Throughout the Great Resignation of 2021, companies across all industries lost valuable, skilled employees. According to the US Bureau of Labor Statistics, a record 4.5 million people quit their jobs in November 2021; since then, little has changed, with 4.4 million people leaving jobs in February 2022.
Pandemic-induced stresses and changes have caused employees to rethink their careers, lifestyles, and long-term goals. This collective shift has resulted in many people realizing their jobs and workplaces don't offer enough compensation, recognition, work-life balance, or career growth opportunities.
Employees in the service industry and other consumer-facing roles have had a particularly exhausting couple of years. Many of these employees don't just want more financial incentives from their employers-they also want more emotional support at work.
It should come as little surprise that by accommodating employees, businesses are more likely to retain workers and generate steady profits-two key factors that contribute to scalable growth. On the other hand, businesses that choose not to make workplace culture a priority tend to lose employees, customers, and eventually revenue.
In Salesforce's 2021 Small and Medium Business Trends Report, businesses that reduced their employee perks over the past year stagnated, while those that expanded employee benefits experienced more growth.
A people-first workplace doesn't sacrifice employee well-being and satisfaction in exchange for profits. To ensure a safe and supportive work environment, it's crucial to develop policies and processes that support employees, instead of expecting them to adapt to one-size-fits-all business rules.
Here are some of the characteristics of a people-first workplace:
When you care for employees financially, professionally, and personally, they tend to be happier and more engaged at work. High employee satisfaction and engagement can translate to greater workplace productivity, more loyal customers, and increased sales or revenue-not to mention higher employee retention.
The bottom line: your employees are the foundation of your business. The stronger and more stable they are, the easier it is to build a profitable, long-lasting operation.
Improving your workplace culture takes time, but it's a smart investment in your business's success. Not only can a culture transformation help you attract new employees-it can also foster more trust and loyalty amongst your current workforce. Here are three key areas to focus on when creating a people-first workplace culture:
Financial incentive is essential to employee satisfaction. By offering a strong benefit and compensation package, you can help reduce employee stress, increase motivation, and contribute to employees' overall wellbeing. Here are three key areas to address:
Paid time off (PTO) offers employees a chance to recharge and invest in their well-being. People want the freedom and security of knowing they can step away from work to relax, bond with a new baby, spend time vacationing with family, or recover from sickness or burnout. Consider how you can offer more meaningful PTO for your employees. You could try:
One of the most impactful employee benefits-especially amidst an ongoing pandemic-is mental health support. Employees today are struggling with everything from anxiety and depression to extreme stress and burnout.
In the American Psychological Association's 2021 Work and Well-being Survey, 79% of respondents said they recently experienced work-related stress. A poll conducted by the American Psychiatric Association revealed that 43% of US adults said the pandemic has taken a significant toll on their mental health.
It's important for business owners to prioritize mental health in the workplace by providing employees with the tools and resources they need to take care of themselves. Here are some options to consider:
It's a good idea to reexamine your compensation structure if you haven't changed it in a while. Taking into account rising inflation, industry averages, and the cost of living where your employees live, see if there are opportunities to make changes. Consider:
Compassionate policies, along with unique growth opportunities can make employees feel supported and more at ease in the workplace. If you're not sure where to start, address these three areas first:
Workplace flexibility has a direct impact on employee satisfaction and effectiveness. According to MetLife's 2020 Employee Benefits Trends Study, a flexible work arrangement is one of the top five mitigators of stress, burnout, and depression, as well as one of the top 10 drivers of employee productivity, engagement, and loyalty.
When employees have more flexibility and autonomy over their work hours, shifts, or work location, they can structure their lives in a way that works for them. Here are some options for increasing flexibility in your business:
Growth opportunities don't just keep employees engaged at work-they also give employees a sense of purpose and fulfillment. If you want to create more growth opportunities for your employees, consider offering:
Some employees may struggle under the weight of their workload or career responsibilities. As a business owner, there are a number of ways you might be able to help.
Clear, empathetic workplace communication and regular employee recognition contribute to a positive employee experience. Rethinking your workplace communication style and tactics is a big endeavor, but here are two places to start:
Employees perform better and feel better when they feel included and comfortable in the workplace. As an employer, you can create a more welcoming environment in a few different ways:
Employees want to feel valued and appreciated at work. In Bonusly's 2022 employee appreciation poll, 65% of the employees surveyed said they'd work harder if their managers recognized their work on a regular basis. Here are several ways to prioritize employee recognition:
Building a people-first workplace isn't a one-and-done effort; it's ongoing work. To keep evolving, make a point to continue listening to your employees (through surveys or conversations) and reading up on workplace trends and changes. It's also a good idea to invest in your own growth as a leader and employer, so you can stay one step ahead.
If you need help creating an employee-centered business, consider applying for Funding Circle business financing. Our long-term loans are affordable and versatile; if you qualify, you can get the funds you need to expand your benefits or invest in new hires in just a few days. Apply now to help build the business you've always dreamed of-and one your employees have always dreamed of working at, too.
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