Regardless of the industry, investing in your employees should always be a priority. A common mistake made by some construction companies is that they view their employees as just another business expense. Retaining qualified employees is the best investment a company can make. What are the advantages of investing in your employees? What are some creative ways you can invest in their success?
- Better Retention – From separation costs, like severance pay, to advertising job vacancies, replacing employees is expensive. In addition, maintaining an experienced workforce ensures that production is not stalled from employee turnover.
- Increased Morale – Many companies suffer from low morale due in part to their reluctance to invest in their staff. Investing in your employees can build a positive rapport between executives, managers and job site workers that ultimately drives production.
- Improved Loyalty – Many companies assume that their staff will be loyal to the company, without taking proactive measures. Yet, when employees don’t feel like they have the support of their leadership, they are less likely to speak highly of the company. Your employees are your brand ambassadors, so be sure they are happy, and loyalty will follow.
How to Invest in Your Employees
It’s important to have a strategy for investing in your employees – for both job-related expenses, as well as expenses related to other aspects of your employees’ lives. It shows that you care about them as individuals and are willing to help them create a work/life balance that everyone seeks.
Continuing Education
Funding job-related continuing education is essential. It bolsters the knowledge and skills of your workforce and builds their confidence. If your employees have the proper certifications, it also provides you with a competitive edge in the marketplace. It becomes a powerful selling point and builds the credibility of your business.
Profit Sharing
Apart from offering competitive salary and bonuses, employers can also include profit sharing as an additional incentive. Profit sharing can be a useful technique to boost motivation and bridge the gap between executives, managers, and employees.
Personal Investments
Providing paid leave such as a sabbatical can be a powerful way to allow your workers to experience rest and renewal, knowing that their construction career will be there when they return. There are numerous advantages to allowing purposeful time away from work including decreased stress, promotion of well-being and the acquisition of new skill sets. Another personal investment that makes a positive impact for your employees and the world at large, is paying for higher education. This may mean an advanced degree for your workers, and it could also mean tuition reimbursement or assistance for their children.
Volunteer Leave
Providing paid volunteer leave allows employees to put their skills to use giving back to the community, without taking a pay cut or feeling like they don’t have the time to be involved in charity work.
From years of experience in construction recruiting I’ve learned that are creative ways to invest in your employees. There are a variety of investment opportunities for companies to support their workers’ long-term success as well as their personal wellness. Take advantage of the opportunities to invest in your employees and your company will reap the long-term benefits!
Are you ready to build your dream team?
The Birmingham Group is a tenured construction recruiting firm dedicated to helping you build your dream team. If you are ready to take a proactive approach to recruiting and retention, reach out today to discuss a custom recruitment strategy.
