Owning a business comes with a lot of expenses, but some expenses are more important than others. Sure, it’s important to pay your utility bills and pay for any services you need to keep your company operating each day, but there are also things you should purchase to help improve employee morale and retention. After all, a workplace with happy, safe employees is a productive workplace. When you’re ready to make some changes, consider these things.
The safety of your employees should always be a top priority, especially if you have employees going to and from the parking lot at night. At the very least, you need to have plans for emergency evacuation, fire and carbon monoxide alarm systems, and plans in place to keep your employees safe in the event of a natural disaster. You should also consider:
Your office atmosphere affects the mood of everyone working there. If you have an office filled with muted grays and blues — colors that resemble a dreary winter sky — it creates a somber mood. If you want to increase productivity, you need to get rid of the dreary decor. You need to create a workspace that actually makes people want to come to work. When you’re ready to redecorate, some things to consider include:
Many employees appreciate benefits, especially healthcare. However, it’s often difficult for small businesses to match the benefits packages employees receive when working for larger corporations.
To get the best rates on health, dental, and vision insurance for your employees, get several different quotes. Also, check with the Small Business Administration (SBA) and the Small Business Development Center (SBDC) network in your state to determine whether your state offers affordable employer-sponsored health insurance coverage through the Affordable Care Act (ACA). For example, New York State has the Small Business Options Program (SBOP). It allows employers to offer health insurance to their employees under ACA so the insurance is more affordable and you still receive your employer tax credits, which aren’t offered if your employees purchase their insurance through the individual exchange.
Also, instead of trying to create a benefits package that mirrors ones offered by larger corporations, get creative. Consider creating a package that includes benefits like:
Also, consider holding regular contests for your employees based on their performance — quality or productivity levels. You can also consider offering free lunch and/or snacks to your employees. While things like these don’t seem like much, they are small things that show your employees how much you appreciate them — and employees that feel appreciated, tend to stick around.
The fact is, if you want to maximize your employees’ productivity and increase your company’s employee retention, you need your employees to feel happy, energized, safe, and appreciated. So create a list of the improvements you feel align with your business, and make the necessary changes as your budget allows.
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