As your business grows, it can be very easy to focus on the figures and constantly be driven by the bottom line. Of course, you will want your profits to grow, you are in business to succeed after all. But so often, looking at increasing your margins means cutting the vital parts of your business that will provide you long term growth; the people at the heart of it. If you invest in your team, they will take your business further. While it may be costly at first, in the long run, having hardworking and innovative people behind you will turn you into a much stronger business proposition.
Utilize The Right Management Systems
If you want to keep your team and get the best out of them, you will need to manage them right. Nobody wants to work somewhere that there is uncertainty. Having enough advance warning about the days and times will be working will mean that your staff can organize their life. Having the right balance between your working life and your home life is important, and if someone is not getting this, it may prompt them to look elsewhere. Similarly, if you are inconsistent with your approach to payroll, you will lose staff. People have bills and commitments that they need to fulfill. They need to know that the correct payment will hit their bank account at the right time. You can manage all of these things using a good cloud payroll system.
Motivation Goes A Long Way
Some businesses hold tight to the notion that their staff are getting paid to do a job that is all of the motivation that they require. Paying someone a basic salary is only going to be able to take someone so far in terms of their passion and enthusiasm. People have other needs that you should be meeting as their employer. Your staff will have a yearning to be nurtured and developed. They may be incentivized by the prospect of getting paid extra for exceeding your expectations of them. If you only pay the basic- you will only ever receive the basic in return. Investing money into motivating your team will result in an increase in production and this should translate to greater turnover.
Keep Your Staff Happy
Ultimately, your staff what and need to be treated as humans. They are not just there to serve a purpose to your business, and you should never just see them as cogs in the machine. If you treat your staff with the respect that they deserve and get to know where they need your support in developing them through regular training- then you will find that they will want to help your business thrive and will be able to offer new perspectives. If you treat them as though they are expendable, they will live up to your expectations and will happily go. All you will be left with is a vacancy and the need to train up their replacement.