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People - Unlocking Business Success and Nurturing Your Greatest Asset

Nurturing Your Greatest Asset and Thats Your People

Written by Eastwood & Co on .

As part of our 2024 Fiscal Kickstart Series we’re looking at nurturing our business’s greatest asset. Regardless of your business’s high and lows, one factor will always remain key and that’s your people. Your people are not just employees or cogs in a machine, they are what sustains your organisation, driving its growth, innovation, and durability. Let’s explore how to create a company culture where your people aren’t your biggest expense, but your greatest asset.

Building a Thriving Company Culture

A strong company culture is the foundation for a happy and productive team. It defines the work environment, values, and behaviours that shape your organisation. Here’s how to cultivate it:

  • Make sure your team understand and share your vision & values: Clearly define your company’s mission and core values. Ensure these values are reflected in everyday interactions and decision-making.
  • Allow for open communication and feedback: Foster a culture of open communication where employees feel comfortable sharing ideas, concerns, and feedback. Regular team meetings, anonymous surveys, and open-door policies can encourage this.
  • Make sure you recognise and acknowledge your teams successes: Acknowledge and reward good work publicly and privately. Celebrate achievements, big or small, to boost morale and show your team their contributions matter.
  • Ensure team members have a healthy work/life balance: Prioritise employee well-being by promoting healthy work-life boundaries. Offer flexible work arrangements, encourage breaks, and support initiatives that help employees manage stress.

By implementing these practices, you create a positive and supportive work environment where your team feels valued, respected, and motivated to excel.

How to Nurture and Develop your People

Investing in your staff’s growth is investing in your business’s future. Here are ways to nurture and develop your talent:

  • Create opportunities for ongoing training and development: Provide opportunities for employees to learn and develop new skills relevant to their roles and career aspirations. Offer training programmes, workshops, or conferences.
  • Consider peer to peer coaching and mentoring: Pair experienced employees with newer team members to provide guidance and support. Having an external coach can also help employees identify strengths and areas for improvement. This is something Eastwood & Co can assist your business with.
  • Don’t micro-manage your team: No one likes being micro-managed. In most situations, employees work more effectively when they fully understand what’s required of them and are empowered to take responsibility for completing tasks on their own. Trust your employees by giving them ownership of their tasks and projects. Delegate responsibilities that challenge them to grow professionally.
  • Provide career development opportunities: Offer clear career paths within your company. Help employees understand how their current role contributes to the company’s success and discuss their future goals. If your company is a smaller organisation with limited career progression, help them understand how the experience they gain while working for you can help with their future goals and aspirations.

By empowering your staff with knowledge and opportunities for growth, you’re not only able to retain team members, but also build a more skilled and adaptable workforce.

Why Retaining your People is so Important

While it’s tempting to view employees as a cost, the reality is that retaining your existing talent offers a far greater return on investment. Replacing an employee can be incredibly expensive. Studies suggest it can cost anywhere between 40-200% of their annual salary to recruit, onboard, and train a new hire. This includes advertising, agency fees, lost productivity during the vacancy period, and the time it takes for a new employee to reach full efficiency.

Experienced employees hold a wealth of knowledge about your company, its processes, and your customers. Losing them means losing valuable institutional knowledge that can take years to rebuild. Your existing team understands your company culture, products, and target audience, allowing them to contribute effectively and efficiently.

By prioritising retention strategies, you’re not just saving money, you’re investing in a more knowledgeable, productive, and cohesive team – the cornerstone of a thriving business.

Stay Focused on your People this Financial Year

The success of your business hinges on the strength of your people. By providing clear direction, recognising their contributions, and encouraging open communication, you can cultivate a team that is not only productive but also passionate about achieving shared goals.

While this financial year will likely be challenging, there will also be opportunities. Remember that your team is your greatest asset. Investing in their development and well-being is an investment in the future success of your business.