How Your Employees Can Cost You Money
Not so breaking news: your employees are supposed to help you build your company and increase your profits. And, all going well, that’s just what’ll happen. You’ll hire correctly, everything will go swimmingly, and your profits will begin to inch in the right direction. Alas, things don’t always work out that way. Sometimes, the employees you brought on board to make your life easier end up making your life more difficult, and hurting your bottom line – and not always in the most obvious ways. Below, we take a look at five ways your staff might just not be the money-making machine you expect them to be.
Poor Training Retention
Your staff is going to begin working with you with the skills to take your business to the next level (or at least that’s the plan: you need to hire correctly). But it’s up to you to release those skills. For that to happen, you’ll need to find ways to train your employees effectively. The key word here is not “train”; it’s “effectively.” If you’re not creating engaging ways for your staff to learn your procedures and so on, then they’re not going to be able to be as productive as they could be.
Injuries and Illnesses
It doesn’t matter where you’re working: injuries can always happen. And when they do, it can cost your business in a big way – both through any medical bills you need to pay, and lost employee days. As such, make sure you’re taking steps to limit the chances of injuries occurring on your premises. This will involve working with a company that specializes in flooring services, so there are reduced chances of slips and falls. It’ll mean training your staff on the best code of conduct, and having a procedure in place in case something goes wrong. There’s also the matter of illnesses, which will keep employees out of the office, but there’s not much that you can do about them, unfortunately.
For your staff to deliver their best work, they need to be productive. And it’s up to you to find ways to make them productive. This could mean finding new ways of working, cutting out unnecessary meetings, and making sure that your staff has everything they need – such as software and hardware – to work efficiently and effectively. Unproductive days cost businesses a lot of money each year; make sure it’s not draining your company’s finances.
As much as we’d like to think otherwise, there’s no getting around that there are bad people in the world – and this means there’s always a chance that you’ll hire someone who is willing to do your business financial harm intentionally. Take steps to protect your business from theft and fraud – hopefully, you won’t need to make use of that protection, but if you do, you’ll be thankful that you weren’t so open and trusting.
All going well, your employees will do nothing but help your business grow and grow – but you can never be too sure.