There are many different things that an employer and business owner might need to consider when it comes to trying to identify the best strategies for boosting revenue over the long term.
Certainly, using the right innovative technologies might be a big deal, not to mention having a clear business vision, and directing funds and other resources into the most productive channels.
All that being said, however, there is a good argument to be made that the true “wealth” of any company should be measured in the quality, loyalty, and efficiency of its employees.
When it comes to managing employees effectively, attending to their well-being is a major factor that must be considered. Of course, there are certain basic standards that most employers understand must be met. For example, providing adequate ventilation and cooling on hot days, with fans courtesy of services such as Justfans.co.uk.
All the same, it may not be readily apparent how properly modulating the temperature of the office could directly lead to an increase in revenue.
So, here are a few ways to invest in the well-being of your employees that can in turn also boost revenue.
Demonstrate trust by allowing a degree of flexibility in working hours (and location)
Remote working arrangements are increasingly common and popular these days, largely thanks to the fact that innovations in digital technology, and the increasing speed and complexity of the Internet, have made it much easier for employees to keep in touch over substantial distances.
All the same, some veteran employers with “old school” ideas and approaches to business, absolutely reject this trend, and insist – in fact, demand – that their employees turn up at the office each day at a set time, clock in, do their work, take their lunch hour at a pre-approved time, and then clock out at a specific time in the afternoon.
Many employers seem to be genuinely nervous that they might be taken for a ride, and shortchanged, if their employees are not under the watchful eye of management throughout the span of a given daily timeslot.
Suffice to say, this is a patronising, uncharitable, and ultimately confrontational way of viewing your relationships with your employees.
When all is said and done, your employees are more than capable of slacking off, dragging their heels, and making your life miserable, from the office, if they have the desire to. And research has shown that employees who work remotely from home, are often significantly more productive than those who work in the office.
Importantly, employees who work from home – or at least have the opportunity to work from home some of the time – routinely feel happier, more creative, and better disposed towards their employers.
Put all of this together, and a couple of things become clear. Firstly, allowing your employees the freedom to work remotely, at least part of the time, helps to demonstrate trust, which will increase employee loyalty and communication. Secondly, your employees may be more productive if allowed to work remotely, at least on occasion.=Put these two things together, and you have a recipe for an increase in employee well-being, and an increase in revenue, too.
Bring specialists into the office to coach your team on the best principles for productivity and collaboration
There are a large number of specialists out there whose job is to train employees (and sometimes employers, too) and teams how to operate more effectively in the workplace, communicate better, and collaborate more efficiently.
Some of these specialists are experts in particular task and productivity management systems – such as Kanban.
Others are people whose background experience in different roles has given them particular and rare insights, that may be leveraged effectively in the business sphere.
For example, the former U.S. Navy SEALs Jocko Willink and Leif Babin, who run the management training company Echelon Front, and who impart leadership lessons learnt in war to various business leaders, in various different fields.
Hiring such specialists as these to come to your company and train your employees, has the potential to significantly improve their well-being, make them more effective in their careers in general, and reduce workplace tension and stress.
Of course, it goes without saying that these kinds of services can be pricey. The benefit of spending that money, however, may be a team who are exponentially more efficient, have a significantly healthier office culture, and are able to earn the company significantly more revenue as a result.
Be willing to absorb the cost of offering a generous number of days off per year
It is increasingly the case these days, that employers are reluctant to give their staff conventional holidays as a default, and will instead make them take those days off using their own annual vacation allowance, if they want.
In the UK, for example, many companies are now refusing to give their employees bank holidays off as a default, as a means of cutting costs and increasing productivity (at least in theory.)
Doing this, however, may save you some money, but it will also erode employee goodwill, and can lead to deliberate slacking off, and hard feelings, as a result.
By being willing to absorb the cost of offering a generous number of days off per year to your staff, you effectively manage to do a few things.
For one thing, you increase your own value in your employee’s eyes. If they realise that they get significantly more time off with you than with rival companies, they are that much more likely to cherish their current position, and to remain loyal to you as a result.
For another thing, employees who have a bit of goodwill from their employers, will typically feel positive, if not grateful, and will, therefore, work more diligently when they are in the office.
Conversely, not many people put in their best effort when they feel like they’re being treated unfairly.