The Important Financial Benefits of Happy Employees
Hiring an employee is more expensive than you might think for a startup. In addition to the salary, you also need to worry about training costs, benefits and other expenses that could make a huge dent in your capital. Even if you’ve assigned a large portion of your budget to employment purposes, it’s still vital that you find ways to optimize your employee management strategies to run a more productive business.
It’s incredibly beneficial to ensure that your employees are happy in the workplace, so in this article, we’re going to talk about how you can offer better workplace satisfaction to your employees and why it matters.
The costs of unhappy employees
First, let’s take a look at some of the negatives you can expect to see if you don’t care about your employees.
- Your employees become unproductive, they’re slow to get work done and they lose their motivation, which makes it hard for them to bounce back and get working again.
- Their lack of motivation and general unhappiness can spread and affect other team members. This could even lead to several employees being affected and realising that they might not be happy in the workplace.
- You waste time trying to find new employees should they leave the workplace. This can incur even more costs to replace team members especially if they’re important to your work processes.
- You’ll also use up money training those new employees and you could lose money if the team member that left held an important position in the company.
Because of all these issues, it’s vital that you aim to create a happy and positive culture in the workplace to prevent employees from becoming unhappy, dissatisfied or even annoyed at the way your company treats its workers. Unfortunately, if you pander to employee needs and requests, then it can lead to negative consequences such as employees being lazy or taking advantage of your generosity.
So it begs the question; how exactly do you create satisfied and happy employees by balancing their needs and the needs of your business, and how does it affect your company’s financial situation?
Giving them more decision-making power
Decisions should be handed to your employees when appropriate. This is because your employees often have more information and more knowledge of certain situations that give them a better understanding to help make good decisions. This feeling of control also gives your employees more responsibility and leads to them feeling like they’re a bigger part of the company and not just a drone following orders. This also means less time spent making decisions for you and other senior members, resulting in more productive workdays.
A stable work-life balance
In a lot of cases, employees feel unhappy because they’re unable to balance their work and life. This could be because of lots of overtime or work spilling into their weekends due to their roles or the industry they work in. Take a look at this article to learn how to get started on a 9/80 work schedule to see if it could benefit your business. Having extra days for your employees to balance their work and life can lead to some major advantages in their well-being and mood, so this is definitely something to consider.
Offering better customer service
Happy employees mean better customer service. This can result in better reviews for your business, quick resolutions for customer support problems and even better sales opportunities. Customers love it when your business is cheerful and this reflects positively on your brand but also your office culture, resulting in a more productive and efficient business overall.
Reduced procrastination and more productive workdays
One of the benefits of happy employees is that they’re more likely to be productive and less likely to procrastinate. By giving your employees a goal to focus on and motivation to work harder, it can create a more productive office culture that results in less wasted time and less inactivity which bleeds money.
With smart financial management and keeping track of your expenses, it’s easy to make the most of your capital when hiring employees. However, just keep in mind that hiring a team as a startup is a long-term investment; you need to train them, you need to care about their well-being and you need to eventually invest more money to keep them happy and productive. Not every business operates the same way, but these are some basic ground rules that are important if you want to build a strong, successful and efficient team.