Most business owners understand the importance of value creation when it comes to products and services.
And a key part of marketing is just this: demonstrating some sort of value that goes above and beyond what your competitors are offering.
But have you ever considered that you need to follow these same principles to create value for your team?
In an increasingly competitive and fluid job landscape, you need to keep your eye on the prize when it comes to recruiting and retaining your most valuable assets: your staff.
So how do you create value for your employees? Read on to find out.
Value Creation: More than Paying a Good Wage
Think that offering raises and paying a decent wage is key to keeping your staff happy?
Well, of course, this is true to some extent, and some people are more motivated by monetary incentives than others.
But let’s just assume for a minute that your staff believes they are getting paid fairly, and they are not for want of extra cash.
And then let’s assume that job-hopping is much more common than it used to be, particularly with the millennial (and younger) set.
What can you offer them to stay? Well, you find out what is meaningful to them.
Here’s a hint.
SHRM cites the following as the top reasons that people leave jobs (per 2017 data):
- Career development
- Work-life balance
- Manager behaviour
So when it comes to employee value creation, we can probably start there.
If you’re looking to improve retention and reduce employee turnover, let us help!
Small Changes, Big Benefits
Some employers seem to think that offering things like free snacks or “Pizza Friday” is enough to reward people for a solid week’s work.
But the truth is that value creation is about so much more than material rewards or incentives.
Take a current (or would-be) staff member who is also a mom, for instance. Would they benefit from an improved health plan, onsite child care, or a flexible work week?
Probably all three, but even if you just offer one of these perks, it might be a lot more meaningful to them than a raise.
As you consider the “whole person,” you must consider their physical health, mental health, and non-work priorities.
In short, employee value creation is about showing that you value people as people, not just cogs in the machine of your business.
Extra Reading: The Importance of Engaging in Meaningful Conversations in the Workplace
Employee Learning and Development (L & D)
Coming back to the SHRM information — and considering how much more access people have to online training opportunities these days — it’s important to understand that many employees are looking to grow in their career.
And even if there are opportunities for them to grow in their current position, if they are dissatisfied with the company they may not have reason to stick around until a manager decides to promote them.
One set of stats as reported in HBR is somewhat alarming: about 70% of employees claim not to have a “mastery of the skills to do their jobs,” and a mere 12% actually apply new skills acquired via L&D programs.
But given the availability of digital courses and other tools these days, it’s not that difficult to access inexpensive opportunities for your staff, such as video-based courses or gamification setups.
The most important thing for you and them is that you find the right type of program that’s both suited to the company culture and individual preferences, as well as offering training in applicable areas.
Employee Value Creation via Wellness
Although they say that you can’t put a price on health, it almost goes without saying that people who have the tools to prioritize their health and well-being are more likely to be content and productive at work.
Offering accessible and realistic wellness programs like discounted gym memberships or lunchtime yoga sessions not only gives people incentive to stay healthy but sends the message that you care about their wellbeing.
This may go hand-in-hand with a little bit of time flexibility as well. For instance, offering extended lunch hours if people want to hit the gym midday, or encouraging group walks at pre-set times could help to ensure that they feel they “have time” to exercise.
Making sure that people have access to both physical and mental health support is a crucial part of maintaining morale.
Company Values Count More Than Ever
When it comes to recruiting fresh talent and keeping your current team engaged and happy, you need to consider what they value beyond dollars.
Companies that offer innovative learning opportunities, a healthy organizational culture, and meaningful “perks” along with fair pay will keep their employees happier and more engaged.
Happy, healthy employees are better able to serve your customers. And customers will appreciate giving you business if they know you treat your team well.
In this sense, your company values become your company’s value.
Are you ready to connect with your team on a deeper level? Book an appointment with me today using this online calendar, or give me a call at +1 (604) 943-0800.
Enjoyed this article? Here are three more to help you:
ROL: Return on Learning
Burnout Syndrome and How to Handle It
The Advantages of a Multigenerational Workforce