“People are your greatest investment.”Anyone in Human Resources, really.
If you have spent any time in leadership, you have heard this phrase at least once. It is much more than a saying on a T-shirt. They aren’t only people who matter to the company—they are your people.
Your company has several departments that must function at total capacity for progress. Technology helps businesses of any size maximize their productivity. However, it’s the people you hire, and develop, who make the technology work. That is how and why people are your greatest investment.
The unfortunate thing in HR is that it’s impossible to make 100% of your people feel the way you hope they will every day at work. To help reinforce that feeling and keep the happy vibes across the virtual halls of your office or video team call, make sure the people feel like they are your most significant investment every day.
IBM once commissioned a study that showed employees who feel they cannot develop and fulfill their career goals with an organization are 12 times more likely to leave. That impression begins with the new employees on the first day of work. Helping your new hire build their internal social network is also important to ensure they feel connected to not only the mission but to each other; especially in a new remote hybrid world.
If you need more answers or reminders, here are a few reasons why your people are your greatest investment.
There are needs for a successful business. However, this is a knowledge-based economy we have now. There is no replacing experience of people who have institutional knowledge. Your college degree is impressive, but that won’t help if you need someone to jump in the deep end at work as soon as possible.
If people aren’t appreciated for what they do and rewarded for that experience, they will leave and take everything they know. According to a benchmark report from the Society of Human Resource Management (SHRM), the cost of onboarding a new employee from benefits, overhead, and tools are $4,125.
That figure doesn’t consider the time spent training and bringing them up to speed on the job you hired them to do. If you consider how long it takes for that employee to become fully productive in the business, that cost can exceed $15,000. Or, you can cherish the people you have with better quality of life and a raise to save a tremendous amount of money, time, and lack of productivity. Lastly, the impact that turnover can have on culture is difficult to put a price tag on.
Because Businesses Need a Face
At any point during customer or client interaction, you may be the first impression to someone. Your employees are in the same situation when interacting with your customers. If your employees are having a bad day, that could show up in their interactions with customers, leading the customer with the impression “the business had a bad day.” Work success does not happen without someone making a positive and memorable first impression.
When people are your greatest investment, it will show externally. If your people feel valued, they create and personify value. If they feel the opposite, those thoughts are usually what is left on the review sites.
Your Brand Ambassadors
Many departments develop recruiting referral bonuses for employees because they know no one can sell why your company is fantastic like people who already believe it. If you’re searching for work, you have already looked at reviews. It’s like shopping or dining—nothing says “trustful opinion” better than when someone they trust says it.
Word-of-mouth advertising is free—literally. However, figuratively, it costs your company daily. Are your values embraced at every level? Do your people feel valued? Can you think of anything that makes working at your place better? If you aren’t sure, it’s time to do something else to make your people your greatest investment. If you are doing the right things to make your employees feel valued, they will become your best recruiters.
Keep It Moving
Do you supply your people the opportunity to grow, learn new skills, and get ready for the job of tomorrow? If so, you’re demonstrating to your people that they are a priority. If they get better at what they do, it’s the business that reaps the reward. Nonetheless, your people should reap a reward as well.
By keeping your people encouraged and challenged, they will keep working for you to meet corporate goals, individual achievements, and consumer satisfaction. If you can motivate your people to work, they will be encouraged to produce results. Keep the investments coming and your company will keep moving.
Know Their Value
This is something any human resources professional should have tattooed on their arm—let your employees know their value. No one wants to guess if they are valued at work. If you understand your people, you empower them. If you don’t trust them, you micromanage them.
Showing your team respect with trust, investment and access, and they’ll show their gratitude. How often do you congratulate your team publicly over newsletters or an Intranet? Do you take time to reward someone for going above and beyond the call of duty? If you were in their chair, would you feel as if you mattered?
Your people are your greatest investment; they know it, and you need to show it. Find the resources and plant them in fertile soil. Only then will they—and your business—grow.