Every company wants to be able to say “we invest in our people”. And they should! The budget you set today impacts your bottom line tomorrow, and we’re not just talking in dollars.
In a recent survey conducted by the Predictive Index on engagement, the following statement was ranked #2 among factors that contribute to employees wanting to stay:
I believe this company puts as much energy and investment in its people as it puts into achieving its business goals.
There are many initiatives vying for a piece of next year’s operating budget. Responsible CFOs must make choices about where to spend money, and that can be a difficult balancing act. Companies who truly understand that people drive their business forward see talent initiatives as an investment, rather than a line item expense, and they don’t just spend money to say “Look at us, we invest in our people”. Great companies have a strategic plan to align and mobilize their talent to reach their business goals.
Make these 4 things a budgeting priority:
1) Development
Happy employees are more loyal and more productive. Virtually all human beings feel happier and more fulfilled if their employers express a genuine interest in helping them develop. Give them opportunities to improve the professional and personal skills that they will need to grow.
2) Talent Optimization
As leaders, we are laser-dialed in on the strategy to hit business goals, but what about the people that actually get us there? Talent optimization is the only way to ensure that your talent strategy aligns with your business strategy. You hit your business goals, and your employees can see exactly how they’ve contributed and how they’ve made an impact. It’s a win-win.
3) Culture
We’ve said it once, and we’ll say it again: great culture isn’t relative to how many office ping-pong tables you have or how many “free” beers you give away on Friday. Find out where your company stands by performing frequent culture pulse checks and then make serious investments in the areas that are lacking. Building a great culture doesn’t just happen, it is deliberate. Build the culture you desire by quantifying it, and hiring people who demonstrate those behaviors. Maintain culture by rewarding the behaviors that reinforce your culture and reprimanding those behaviors that go against your culture. Remember, you get what you tolerate, so don’t be a leader who states your cultural values, then tolerates the opposite.
4) Hiring and On-boarding Experience
According to a Gallup poll, only 12% of employees feel strongly that their company does a good job at onboarding new employees. If you want to hire top talent and expect their loyalty in return, you must treat them as such. Roll out the red carpet and welcome them as if they’re here to stay forever. But don’t forget that onboarding begins long before the employee has shown up for the first day. Budget for a complete experience, wowing the candidate from the first interaction all the way through their first day on the job—-and beyond! Remember, different people are wowed by different things, so personalize the recruiting and onboarding experience to the person.
