When it comes to maximizing your company’s profit, the accountants will typically look at your expenses and point out places where you can cut costs. However, simply “trimming the fat” sometimes isn’t a smart business decision, and often times is a quick solution to a much larger problem: low employee engagement. Recent estimates place this expense to the United States economy at nearly $400 billion a year.
When employees are not motivated to work, absenteeism increases while productivity decreases–both of which cause your bottom line to shrink. By actively implementing methods to increase employee efficiency, not only will your employees be better off, but so will your business. Below we have put together a few recommendations to keep your employees actively engaged and happy, which in turn will save you money.
3 Ways to Maximize Employee Efficiency
1. Offer financial incentives. Yes, you may be asking how paying out more to your employees can save you money, but you have to look at the big picture. Most people are highly motivated by goals with financial incentives, and this can cause employees to work harder (and smarter) if you implement them. If the budget is tight, try offering an extra vacation day or the opportunity to work from home more often (if possible).
2. Make employees feel appreciated. A simple “thank you” or a pat on the back will go a long way in making your employees feel good, and when they’re happy and exciting about coming to work, productivity will increase. When workers feel like they are under-valued at their job, it is much more likely that they will try to find a better place, and their efficiency will continue to decrease until they head out the door.
3. Keep systems up to date. Be sure you regularly check if the equipment and systems you have in place are updated. Employees will be wasting valuable work time if they are constantly forced to deal with technical issues, and this can cause them to become frustrated with their workplace as well–frustrations that can compound into a bigger problem. With the way technology is rapidly evolving, it’s very important that you are staying current with the latest developments and trends.
Productivity is a major concern for almost all employers, and for good reason. However, keep in mind that there are many instances in which inefficiencies aren’t caused solely by the employee. Be sure to analyze the entire situation and find ways to keep employees happy and motivated. By doing so, efficiency should increase as well as profits.
If you would like to learn more about everything Production Paint has to offer, give us a call at 937-448-2627 and speak to one of our experts!