Invest in Employees

3 Comments

Are you investing in your employees?

Ken Olsen's primary concern about customers an...
Image via Wikipedia

I’m not talking about how much you are paying them, although paying them properly is extremely important. I’m talking about investing time and resources into one of your most valuable assets. Investing in your employees may seem time consuming and expensive on the front end, but will pay dividends in productivity.

Here’s some ways you can make that investment:

  1. Tools. Investing in tools may involve purchasing the latest technology, whether it is a piece of manufacturing equipment or the latest computer technology. It may involve making sure your equipment is promptly and appropriately maintained.
  2. Training. Investments in training typically involve teaching your employee the latest techniques related to their position or the use of equipment to do their job. I believe that an investment in training should also involve improving the individual. This may take the form of a personal finance class (outside of work or at your facilities), a Bible study or daily devotional time. Employees of strong moral character and who possess financial peace are better, more loyal, long-term employees.
  3. Retirement. If you set aside funds for the purpose of retirement for your latter years, then an equivalent amount of money should be made available to those under your watch. In fact, most employees probably have a greater need for supplemental funds in their older years because they don’t have as much income-earning ability as their employers in their earlier years.
  4. Time. Spend time getting to know your employees. If you haven’t already, I encourage you to implement weekly reports from each employee. These reports should be turned in to their supervisor (the supervisors reports should flow up the ladder as well) and should provide an opportunity for the employee to share their highs and lows of the week (word related or not). Each of these reports should be read and followed up. This is a great way to find out if anything is affecting the employee’s work and life. Holding social gatherings, such as occasional pot-luck lunches or pizza parties, are also a great way to spend time getting to know your employees.

In EntreLeadership training, Dave Ramsey recommends creating a “Team Building” account. Larry Burkett refers to this account as a Benevolence account. A portion of the company’s monthly profits would be allocated and set aside for building and strengthening your team. This Team Building account would be used to invest in your employees by helping out when your team member has financial trouble, an illness, or a death in the family. Imagine how your employee would feel if you had the funds set aside to purchase round-trip airfare for them to return home for a love-one’s funeral.

Investing in your employees is essential for business prosperity. If you would like to know more about developing a Team Building account and investing in your employees, or if you want to learn how a part-time, virtual CFO can help transform your business by using the Bible as our guide, email me at info@commonsensecfo.com or call Kirk at 402-658-7340.

Enhanced by Zemanta

3 Comments (+add yours?)

  1. Tresa Galentine
    Mar 11, 2011 @ 05:42:59

    Howdy blogger, thank you for providing this article.. I found it first-class.

    Reply

  2. bathroom storage units
    Mar 17, 2011 @ 16:14:23

    Mostly I do not post on blogs, but I have to state that this article really forced me to do so. In Truth fine post!

    Reply

  3. kitchens
    Mar 17, 2011 @ 18:27:41

    I have been watching posts. I always find you articles educational.

    Reply

Leave a Reply

*

(Spamcheck Enabled)