One of the biggest assets a company has at its disposal is its people. To that effect, making sure they are happy and taken care of is important, as is ensuring they have all the tools necessary to do their jobs. Some companies may balk about putting more technology or extra facilities in their establishments, citing cost and downtime for installation and training, but considering how much it costs to replace a person, the price tag is easily worth the health of a financial plan.
Trickle down theory
When one person is unhappy, that sentiment begins to be broadcast to the co-workers and customers that employee interacts with. In terms of human resources management, this leaves bosses in a difficult position. Either that individual needs to change his attitude, or the manager may consider letting that person go.
On the contrary, the existence of dissatisfaction in the workplace indicates a deeper underlying problem, according to the Sasha Corporation. When someone is expressing unhappiness in the workplace, it is a chance for a manager to step in and intervene, boosting that person's perception of himself and the business as a caring part of his life. This will help on a personal level as well as a working one, as the person will be more optimistic and motivated to work.
The benefits for business
These tactics present a long-term return on employee investment. The cost of hiring may seem minimal when a bad worker is the problem, but business banking will show that the effect of losing one person can really hurt the bottom line. Entrepreneur Magazine wrote that simply letting one person go can create negative emotions in other workers and stagger customer retention as well. What's more, a company with too high of a turnover rate will develop a reputation as being a bad business to work for, and that in turn will drive off shoppers.
"Too often, small business owners don't consider how important it is to invest time and resources into their own employees," Tom Armour, a human resources specialist, told Entrepreneur.
Too much changing of the guard will result in an unclear business plan and trouble in the back office. Better management practices and improved resources can help cut down on these problems, but sometimes simply forging a relationship with a worker can bridge the gap.