How to maintain employee first approach in a business?
Employees’ roles and responsibilities are not limited to their desk requirements anymore. In this new era, companies encourage employees and empower them to be a part of the company’s financial decisions.
These companies adopt an employee first approach by investing in employees and keeping them a step above customers.
The work pattern and ethics of Millennials and Gen Z vary a lot from previous generations. Organizations should understand this difference and take steps to keep their employees comfortable and happy.
If your employees are unhappy, your customers will not be satisfied nor will they stick around for a long time. It doesn’t take long for your employees to sniff out bad management which doesn’t care for them.
If that happens, it will be too late to improve employee engagement to hold them back. Identifying this drift sooner and encouraging employee decision making can improve employee engagement and overall company growth.
Still not convinced about why should keep your employees engaged and make them feel valued? Here are seven reasons that you can stress the importance of employee first approach, decision making and engagement in financial decisions.
Happy employees are the secret to holding happier customers. Many organizations have already experimented with this idea and experienced an increase in their customer satisfaction and turnaround time.
When employees are treated right and offered the utmost convenience at work, it reflects in their integrity, work ethic, and productivity. The favors they receive from their workplace indirectly push them to work harder beyond their cited roles.
You can start by creating a positive atmosphere, encouraging coworkers and management, and attractive incentives to start investing in employees.
You can easily notice the effect of happy employees on your customers. The enthusiasm and cheerfulness of your employees will be extremely contagious when they interact with customers.
And your customers’ happiness will lead to more favorable reviews and recommendations among their circle. Financially investing in employees can bring in more customers, while entrusting the decision making process for employees.
Employees aren’t robots who exist just to work and get their salary. When a company acknowledges their life outside work, employees will start prioritizing their work more.
Being rigid and inflexible with responsibilities, work timings, salary, incentives, and even occasional employee presents can only lead to an unhappy work environment.
Your employees will lie when they have personal excuses and emergencies to get away from work. However, when you change your approach and be more flexible, employees will turn accountable and report accurately.
In terms of financial decisions, take steps to identify employee efforts and recognize them right away by increasing their pay or providing a small bonus. This is an investment to get the best out of your employees.
Your financial decision making is as important as keeping your employees satisfied and productive. Don’t hesitate to allocate budgets for investing in employees.
It’s a given that companies should pay focus on their employees' concerns at work. Go the extra mile to show attention to their other pressing needs too.
Keep a check on your employees’ financial concerns and empower them to handle their financial decision making smoothly.
They might be struggling with education loans or have expensive medical bills. Your little help can sail through tough situations with smart financial decisions.
Some companies might already have strategies developed to take care of their employees’ miscellaneous expenses.
But it requires open communication, stress-free approval processes, and unrestricted support from employers to promote a successful decision making process for employees.
It can take time for employees to open up and get help. A proactive employee first approach from both ends can ensure that employees are taken care of.
A company that knows how to utilize its workforce to the maximum extent will get the greatest return on its investment. You don’t pay for your employees to just fulfill their everyday duties.
Give importance to their knowledge and experience and include them in financial decision making. Your little effort shows them how they are being valued. Employees will feel confident to raise their voices.
Different perspectives can help you take effective financial decisions. Most importantly, who knows best about your company than its employees?
It doesn’t stop here. Invest in intelligent money management tools that let your employees take care of business expenses without restrictions.
These tools can improve employee engagement while helping them be independent and responsible at the same time. To smoothen the decision making process for employees, combine spend management tools and practical and effective expense policies.
You can have strong teams and resilient business operations, but if you don’t listen to your employees’ issues, your unit can break at any time. Have forms, feedback sessions, and in-person meetings to know what keeps your employees up at night.
This problem can be about work, commute, or personal lives; but being aware of this lets you support your workers to get through this issue. When they feel unsupported, they can quit suddenly and you will be forced to hire another person.
Hiring is not a simple process. It is expensive to reach out to the right people and arrange for interviews and till then, your business operations get interrupted. Identifying their problems, and taking the right financial decisions on time to fix that can save you from incurring these additional expenses.
Investing in employees’ problems at the right time can prevent losing irreplaceable talents.
Valuing your employees is not just giving them opportunities to work and raise concerns. Modern workspaces already have scope for the above-discussed situations.
It actually takes acknowledging every effort employees take, offering them benefits, trusting them with work and financial decision making, and giving them opportunities to grow further.
Small gestures can make big difference. Keep showering them with such gestures that matter to them. Trust their expertise and improve employee engagement in taking ownership and leading official and financial things.
Entrusting employee decision making and encouraging them to take up tasks beyond their responsibilities is the means to show that your employees are your valuable assets.
What happens if they don’t feel valued? Employees will simply disconnect themselves as don’t feel that they are a part of your growth. They will stop taking efforts to be their best versions of themselves.
Unaware of this, your company will be working on improving them through training and development programs that will have no long-lasting effects.
These benefits can be both tangible and intangible. Tangible benefits like free meals, transportation, office trips, exclusive discounts with vendors, subscriptions to streaming apps, and many more.
Non-tangible benefits are flexible work hours, remote working facilities, seamless employee portals, employee recognition programs, approving vacation holidays, including financial decisions, and support in the decision making process.
You can choose anything that fits your budget and employee work nature. Be creative and push the conventional limits to get close with your employees and improve employee engagement.
Even a pat on the back can turn beneficial to boost their productivity and make them feel included. Remember that, benefits aren’t always monetary. But the values it fetches back can be tremendous.
How to show your employees that you trust, value, care and have employee first approach for them with a small yet influential move? Get them corporate credit card to cover their work-related expenses. Simplify their reimbursement process.
Bring in a transparent and automated payment management system that simplifies their accounting tasks. Push them to take smart and accurate financial decisions by presenting what they need on the platter.
Simply, get Volopay to be able to do all the above. It can be hard for you to authorize employee decision making and provide them with their own payment method.
Nevertheless, Volopay lets you hold authority and control over the payment operations for constant monitoring purposes. Automate not just your payments but also your financial decision making process.
Related read: Guide to corporate virtual credit cards and debit cards