There is one place your investment dollars are always well spent because the ROI will continue to grow: your people. Investing in your people is one of the best ways to plan for the future success of your business. Without your people, you don’t have a business.
It’s important to look at your business and see where you can make a tangible difference in how you support your team. Here are four areas to consider investing in.
A great place to start is your payroll. Much has changed in the last few years, and your staff is grappling with everything from a red-hot housing market to seemingly ever-increasing food costs. The pay that made sense five years ago just isn’t enough now. Do some research by comparing what other companies in your industry are offering, and make sure you’re paying your staff a wage that reflects how valuable you know they are.
Similarly, look at your business’s pricing structure. Make sure you’re keeping pace with the market and adjusting your prices to match the value you bring to your clients.
What is your location saying to your staff? Maintaining and remodeling your business’s location isn’t just for show — it can have a direct impact on the pride employees feel for their work. If leadership doesn’t think it’s important to fix leaks or find a bigger place when they’ve outgrown the current office, it’s harder for employees to see growth opportunities with your business.
If it’s been a while since you’ve done any renovations to your location, it might be valuable to ask your staff how they think your space could work better. Your staff is making your current location work, but they will likely have some insight you don’t.
If you do need more space, consider an additional office in a new location. You’ll open yourself up to a new pool of talent and give some of your current staff the opportunity for a shorter commute.
Remote work — at least some of the time — is here to stay in many industries. That’s a great thing. Being able to offer flexibility to your staff is huge. Your employees are people, with full lives outside their work, and sometimes they need the opportunity to work from somewhere other than your locations. Investing in your IT infrastructure will help make the in-person to remote transition as seamless as possible.
Health care and benefits
There are two pieces to the health care puzzle. First, if you don’t currently offer your employees health care, it’s time to look into plan options. There are brokerages available to help your business, no matter how small, find an affordable plan for your team. Second, if you already offer a health care plan, how can you make it more affordable? The ages of your staff members likely run from single young adult to aging families, so their health care needs vary quite a bit. Offering different types of plans can really make a big difference.
The retirement plan you offer employees is also a good place to focus investment efforts. Offering a qualified retirement plan to employees not only helps attract and retain talent, but it can also have a positive impact on certain payroll deductions for your business.
The future is rooted in the next generation — a generation that needs to be seen as people first. Show your staff how valuable they are. Invest in your people. ●
Tom Harrison is President and CEO of Corrigan Krause CPAs and Consultants