Investing in Your Employees While on a Budget

In "4 Ways to Continue Employee Development When Budgets Are Cut" Gallup tells of a story in which we each found ourselves to be characters in the book called 2020: The World on Hold. Can we still invest in our employees when our product sales are put on global economic freeze?

The answer: yes. But in the right ways.

"Organizations that have made a strategic investment in employee development report 11% greater profitability and are twice as likely to retain their employees."

Here are two takeaways from the article:

Offer ongoing support internally.

Employees want to know that their work has meaning, especially during seasons of change when they need consistency and purpose. And work can't have meaning if employees don't know their unique contributions.

Train your employees to do well, but also to be good.

Invest in their ability to be adaptable. This will create new ideas and optimism. How? Give them the platform to make suggestions and, yes, mistakes. In the end, the rewards of human potential will outweigh the lost time, if there even was any. Micro-management stifles creativity, we know this. Allowing more freedom for individuals to practice new ideas encourages others and, best of all, is free to you.

Are you worried about the risk involved?

Risk significantly lowers when the management knows the innate motivating factors of the employee!

While the economy begins to float back up in this latter half of 2020, don't let another economic storm impact your employee retention, satisfaction, and success.

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