The most valuable assets in any company are its employees. The competition for talent is growing and having employees who feel valued by their employers will help reduce costs and improve productivity.
Training employees and investing in their career development involves an initial cost but the ROI will be much more. Investing time and money in your employees (aside from wages) might seem less important than some other priorities, but training your staff will help improve customer services, have a more engaged and satisfied team and will increase profitability by improving productivity.
The employee’s well-being is another subject which tends to be overlooked. Wellness programs require an investment of money and time, but it is an investment with a positive ROI. These initiatives can vary from easy access to healthy food at work to flexible work arrangements. Not everyone can work from home effectively, but when the option is available (and it is appropriate for your work environment), working from home may improve employee’s work-life balance and may potentially lead to better productivity.
When employees feel that they are genuinely appreciated at their place of work, it is proven to improve retention. Improving employee retention will certainly reduce costs relating to recruitment and staff turnover. Staff turnover is expensive and its costs can go up to nearly twice as much as the employee’s salary when you consider the costs involved in recruiting, on-boarding, training, and the time it takes for a new employee to reach full productivity.
VacancyCentre is a recruitment firm based in Malta assisting organisations across a wide range of industry sectors, namely Financial Services, Legal & Compliance, Gaming & IT, Administration, and Sales & Marketing. For more information relating to recruitment matters email Simon on [email protected]