Put your staff first27th October 2021
Last week I told you about our family ziplining adventure over a disused quarry in Wales.
At the risk of making you think that I’m never at work (which is very far from the truth, I promise!), today I want to share with you another photo...
...This time of our company fun day.
A couple of weeks ago we took our entire team to a very posh tea at the Savoy hotel in London, and then a spot of crazy indoor golf:
Insight Associates afternoon tea at the Savoy and golf at Swingers
Our team has worked so incredibly hard over the past few months, they more than earned this day out - I really wanted to thank them. And after so long working from home, it was simply delightful for everyone to be able to enjoy themselves, together, in one room.
Now, you might be asking yourself what on earth our team tea has to do with good financial management, and the answer is... Everything.
I firmly agree with Richard Branson, who has said that “if you can put staff first, your customers second and shareholders third, effectively, in the end, the shareholders do well, the customers do better and [you] yourself are happy.”
Staff who feel cared for and who have opportunities for training and growth will be more enthusiastic about working for you...
Give your customers a better experience...
And be more invested in your company’s success.
If you want to put this into a mathematical formula (and I’m an accountant, so of course I do), Happy staff = Happy customers = Faster growth.
It should go without saying that it’s in your financial interests to invest heavily in your staff, but unfortunately in many companies it’s not well understood or accepted.
I’ve seen too many cases where staff are treated as expendable or even treated shabbily by management. The focus is on the customers and the staff are not properly valued.
In 2021, you have no choice, though - you need to up your game around nurturing your team.
Recruiting and retaining good people is increasingly a challenge, almost everywhere.
Many people who have been delaying a career move during the pandemic finally feel secure enough to look elsewhere. And in some industries, there are also shortages which make moving very worthwhile right now.
The financial costs to your company are huge.
Each time you lose a good member of staff, you lose all their experience and knowledge as well.
Even if you hire a great replacement, it can take months to get them to the point where they’re fully in control of their new brief. In the meanwhile your productivity suffers.
It’s one thing if you’ve got one new staff member who isn’t working at full throttle quite yet. But if you’ve got a team of 20 and three or four of them are still learning the ropes, it can really impact your bottom line.
Talent acquisition is also very expensive. If you’re bringing on someone relatively senior, paying the search firm alone can cost thousands. Then there’s the cost of their salary (often more than you were paying the last person), equipment, training, benefits...
Don’t underestimate these costs. They add up and again, if you’re watching your bottom line (as you should be), you’ll see a difference.
In short, it pays to keep your staff on board. Their welfare is not a cost to you - it’s an investment.
Whether you should make that investment is no longer a question. The only queries you should have are, “How much” and “what is the best way to spend this money.”
Don’t guess or play it by ear.
When your company is professionally run, these kinds of decisions are well-thought-through, because they are of strategic importance.
It’s part of the work we do with you, when we work out your budget and your spending priorities. As experts in financial management, we want to make sure that you have set aside the funds necessary for this critical work... ...And that you spend your money well, so that the investment in your staff actually has a tangible impact.
To find out more about how we can help your company manage your cash efficiently and effectively - so you maximise your profit and your growth - get in touch here by email or call us on 01279 647 447. I’ll get right back to you.
Outsource my finances | I need an FD | I'm looking for a Finance Director | My business is struggling | I want better financial management | I need better accounts software | I need a better accountant | My financial systems are a mess | my business is failing | Interim FD | I need help with business development | I want help with my accounts | I want to replace my bookkeeper | I'm looking for an outsourced finance department | Accountants in Essex | Stansted Accountant | Finance function outsourcing |