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By: Sean Salas, Co-founder and CEO, Camino Financial
Editor’s Note: Camino Financial is online marketplace that evaluates businesses and matches them with non-bank lenders. Different from a bank, the Company focuses on lending to small businesses seeking $5,000 to $500,000 in debt financing, and can fund a loan in as little as four days. For more information visit: www.caminofinancial.com
A small business’s bottom line hinges on the productivity of its employees. Without productive and engaged employees, your small business will sink in a heartbeat. So what do you do to keep your employees happy? While compensation may be the first idea that jumps to your mind, this aspect of an employee’s position matters less than you might think. By filling the emotional and mental needs of your employees, you create engaged, loyal and productive members of your team. Here we have compiled 3 powerful ways to keep your employees happy.
Give Ownership and Be Transparent
As a small business owner, you are aware of the ins and outs of every aspect of your company from the challenges you are facing to the details listed on your balance sheet. While this seems like common knowledge to executives, consider sharing this information with employees. Make your employees feel that they have ownership in your company by being transparent with them – and that includes when things are not going well.
In addition, facilitating ownership gives productivity a boost. When employees can see how their work fits into the big picture, they will better understand how their daily tasks affect the bottom line. Consider hosting regular meetings and having open door policies with the executives of your company. You can get the voices and opinions from people at every level in your company who may notice problems that need to be corrected or places where valuable improvements can be made.
Value Your Employees
Of course, you value your employees. After all, without them your company tanks. But are you making it a regular part of your culture to show your appreciation? The spectrum is wide open as to how you give rewards and recognition. You can have a regular employee of the month, but you can also give random shout outs of appreciation for a job well done or a challenge overcome. Plan employee outings, picnics, or other events where employees and their families can come and let loose for a little while. The time and money spent to create an event shows that you care about more than just what gets done from 9 to 5.
As an employer, you have a significant amount of impact on the lives of many people. Get to know your employees on an individual level. This means asking about their families or their weekend. If employees feel that you are taking a personal interest in them, they feel valued and motivated to work harder for you.
Provide Meaningful Perks
These days you hear of all sorts of off the wall perks from companies such as Google. Perks are a great part of a workplace, but make them count. For example, you can encourage employees to be healthier through health programs and gym subsidies. This has many benefits as it can lower health costs, and it shows that you care that your employees are taken care of.
Another perk that is proven to make employees happier and more productive is by allowing time away from work to donate time and money to charity. By giving back employees feel better and see the bigger picture of the world outside of their lives and their office. You can adopt specific charities as a company and volunteer as a group. This boosts morale, unites your team, and shows the community that you care.
Employee satisfaction is not all about money, and there are many low or no cost things that you can do to increase satisfaction. Satisfied employees are more productive and create a better workplace environment. If you’re looking for the tools to get your small business off the ground, reach out to us. We’d love to help.