How to Invest in Your Employees without Spending a Dime
When most business owners think of employee development, thoughts of computer upgrades or pricey training programs enter their heads. But if you invest a little time in a meaningful way on a regular basis with each employee, you and your business will receive a great return on your investment.
To incorporate this technique into your management toolbox, all you need to do is to make a plan of action and a commitment to stick with it.
First, simply schedule a set time to meet with each employee. It can be weekly, monthly, whatever works for both of you. Remember, this is an investment in your employees and your company, so if something comes up and a meeting needs to be rescheduled, make it a priority.
To get the most out of your meetings, take care that they are purposeful and focused. Here are a few tips to help you get the most out of your investment:
- Communicate your expectations for their job
- Discuss the plans and goals of the company
- Get to know them personally
- Discover what their personal and professional goals are
- Determine how you can help with their goals
- Discuss how they can help with the company’s goals
- Develop a plan of action to obtain both your goals and your employee’s goals
- Welcome their opinions regarding the company
- Schedule training as needed
After you have met with each employee, you should have a good idea of what makes them tick. With that you can determine how to best support their goals for the benefit of both the employee and the company, so create a plan of action for each employee and implement it.
Please understand, I am not saying you need to spend all day hanging out with your employees. When scheduled on a regular basis, these meetings can be wrapped up in 15 minutes.
If you show an interest in your employees, they will do the same for you and your company. They will also feel like they have a vested interest in the company and to its success and that can only mean great things for your business. In fact, a common characteristic of many successful companies is that their employees are well-trained, engaged and committed to doing a good job.
It won’t take long for you to notice benefits like increased productivity and reduced turnover from this approach, as well.
Investing in your employees doesn’t have to be expensive. Heck, it may offer the best return on investment your company’s ever seen.