Investing in your team: Ways to grow revenue

Your employees are your biggest asset and in the current climate companies have had to expand in how they invest in their teams. A business is only as good as its employees’ weakest link and that’s why you need to consistently invest in your team. It’s impossible to grow revenue without a strong team of knowledgeable, dedicated employees. Investing in your team is also crucial at the leadership and management level.

There’s more to it than simply planning a team building day. You need to create a healthy environment and culture where your employees can perform their best daily. Here are the five major elements that you need to focus on.

Training

For entrepreneurs wishing to invest in their team, training is one of the most important places to start.

Statistics show that training is a key motivator for employees.

When on-boarding new workers, it is important to have an extensive training program. This should include a thorough orientation, process manuals, or video tutorials including the soft and hard skills needed to do the job. Employee success is dependent on how extensive your training is, so you need to ensure that you go in-depth and cover the full scope of their responsibilities.

Ongoing training is essential as every employee needs professional development linked to their current role. Essentially you need to set your team up for success by giving them the proper tools. This ongoing training is an activity that you should tailor to the needs of your business. Providing ongoing training is crucial if you want to grow revenue.

Benefits

“Benefits” is a phrase that has changed subtly over the years and continues to evolve as workers demand change. As a business owner, you’ve certainly seen what other workplaces offer, and there’s a chance you’ve contemplated offering the same benefits so you don’t lose your competitive edge.

Recently, several employee benefits packages have been upgraded to include perks such as increased vacation time or remote work options. Benefits need to include support for mental health as we have seen this on a critical scale in today’s workforce. This can include wellness workshops, mindful coaching, wellness days and stress management tools.

The benefits you offer should represent the values that you and your employees share, as this will increase productivity and motivation. Bonus side effect; grow revenue.

Motivation

You can motivate your employees to perform their best in various ways, and money isn’t necessarily at the top of the list. Of course, you need to pay your employees what they’re worth and at a competitive rate if you want to retain them. However, what frequently inspires employees is a sense of belonging that stems from an authentic business culture where they feel appreciated.

Investing in your team should include learning about individual team members and finding methods to recognize and celebrate their accomplishments. It is critical to motivating them.

You can’t engage your team if you don’t get to know them, so investing in your team requires learning about them. Investing in your team and creating a culture of motivation can also simply include the leaders and management taking time throughout the day to interact with employees.

One of the most effective methods to engage employees is to be interested in their motivations, families, hobbies, and so on. This creates a work environment where they will feel valued, appreciated and part of a community and that is when they’ll do their best work!

Even something as simple as monthly accomplishment awards can alter the workplace and take on new significance when you invest in them. When you know your team, you can personalize their rewards to match their objectives and needs rather than generic awards that are meaningless in the long run.

Culture

The three elements mentioned above are all critical, but if they do not accurately reflect the culture of your workplace, they’re all meaningless. Integrity is one of the most important principles in establishing a solid corporate culture. This will hold all employees accountable including you as the leader to do what you say. It doesn’t matter whether it is a small promise like honoring a meeting time to a big promise such as a pay increase in an employee review. The key is when you have integrity as part of the corporate culture it builds everyone’s trust which will have a positive effect on revenue growth.

Having 3 to 5 company core values is a great way to set the culture. A good team building experience is to get your team involved in coming up with these core values if you don’t already have them, or reviewing the current ones you have and updating them. This participation in your company’s core values will create ‘buy-in’ to reaching a common goal..

A connection formed from mutual respect with your workers contributes to developing a stable and healthy work culture. A business culture that enables employees to be a part of the bigger vision and feel like they make a difference promotes employee engagement and helps you grow revenue.

The Positive Change Group is here to help you grow as a leader. Julie Cass will help you wholistically work towards your goals. Everything you’ve ever wanted is within your reach. Learn more about how you can achieve them today!