The best investment

Posted on 6th August 2015

It's the holiday season and whilst on holiday people have time to think about their jobs, personal life and future. This includes your staff whose well-being reflects your company. Here are several ways to ensure the same staff will still be with you this time next year:

  • Good communication. Carry out staff reviews encouraging staff feedback on the company's progress as well as your expectations of staff. Ensure your staff handbook is easily accessible to all staff. This way they will know exactly how your company works and what is expected of them.
  • Promote from within. Most people like to progress within a company. See the potential in your staff – if you don't, someone else will. By providing encouragement, training and promotion within the company you could retain your best employees and maintain a low staff turnover.
  • Pay your staff fairly. It's likely if you pay the national minimum wage that your staff could already be looking for a higher paid job. At the moment the national minimum wage for those 21 and over is £6.50 per hour. It may be difficult just now if you are a start-up but as your company grows, increase staff wages and show your staff that you value them.  The Living Wage Foundation has been campaigning for £7.85 per hour to be paid to those working outside London and £9.15 per hour in London, the figures having been calculated to cover the basic cost of living in the UK. The living wage is paid on a voluntary basis and is not legally enforceable.  Try not to get confused between the living wage and the National Living Wage that the government is planning to introduce from April 2016. This applies to those over 25 and will be £7.20 per hour. 
  • Benefits. Keep your staff happy and they will stay loyal to you. You may only be able to afford an ice cream during the hot weather but other benefits could include health screenings or discounted gym memberships. If you are unable to pay more than the minimum wage, calculate whether or not you could increase the number of holidays you could offer to your staff.
  • Offer flexible working if you don't already.  People lead busy lives and appreciate an employer that recognises the importance of attending nativity plays or dental appointments without having to justify a request to leave an hour early.

Treat your staff well and watch productivity grow.  There's no need to try to match Ronaldo's generosity as reported by the BBC, just think of your staff as being one of the best investments you'll ever make.