{"id":4456,"date":"2022-08-11T15:58:36","date_gmt":"2022-08-11T19:58:36","guid":{"rendered":"https:\/\/lgcassocprod.wpengine.com\/?p=4456"},"modified":"2024-03-01T13:54:43","modified_gmt":"2024-03-01T18:54:43","slug":"investing-in-your-employees","status":"publish","type":"post","link":"https:\/\/lgcassociates.com\/es\/investing-in-your-employees\/","title":{"rendered":"Investing in Your Employees: 4 Ways to Start Today (and Why It’ll Benefit You, Too)"},"content":{"rendered":"

The employment landscape we\u2019ve witnessed in the past couple of years has been crucial in highlighting the importance of investing in your employees. <\/span>\u00a0<\/span><\/p>\n

With the \u201cThe Great Resignation\u201d still impacting hiring efforts nationwide, retaining the talent you already have is more important than ever. The most effective way to prioritize retention is by investing in your employees. <\/span>\u00a0<\/span><\/p>\n

Oftentimes resources about investing in your employees don’t specifically cover the importance of investing in your leadership team \u2013 ranging from staff managers all the way to C-suite level executives. As the leaders of your organization, they\u2019re responsible for driving initiatives that yield the results you need to be successful. It only makes sense to invest in them.<\/span>\u00a0<\/span><\/p>\n

Some of the most influential entrepreneurs in the world speak on the importance of investing in their executives. Back in May some of the LGC team attended the National Restaurant Association Show<\/a> in Chicago. The show featured Alexis Ohanian, co-founder of reddit, as keynote speaker which focused on disruption in the restaurant industry. Since leaving Reddit, Ohanian has focused his attentions on investing in new companies. During part of his address, he touched on how he invests \u2013 figuratively and literally \u2013 in the executives of the companies he works with.\u00a0<\/span>\u00a0<\/span><\/p>\n

Through his venture capital firm Seven Seven Six, Ohanian embodies this belief. During his keynote he spoke about how Seven Seven Six specifically allocates 2% of their investment for the founder(s) to use however they see fit \u2013 if it\u2019s regarding health, wellness, or family. This might go towards childcare, therapy, a dietician, whatever the founder sees fit.\u00a0<\/span>\u00a0<\/span><\/p>\n

When he spoke about this initiative, he drove home the importance of compensating your executive team well. Not just regarding pay, but in terms of wellness benefits. Which all ties back to the value of investing in your employees. But what are some ways you can be investing in your employees? And why exactly is investing in your employees so important, and how can it benefit your business?<\/span>\u00a0<\/span><\/p>\n

What Areas You Can\u00a0Invest In<\/span><\/b>\u00a0<\/span><\/h5>\n

Investing in your employees doesn\u2019t just mean pouring money into their paychecks, though that certainly doesn\u2019t hurt. It can (and should) involve multiple initiatives that include financial, professional, and emotional aspects. When speaking about management specifically, some of these initiatives may include:<\/span>\u00a0<\/span><\/p>\n

Professional development<\/span><\/b>\u00a0<\/span><\/h6>\n

Even at the C-suite level, there\u2019s always room for growth and development. Offering ways to continually grow their network or learn more about a specific department. If you don\u2019t know how to encourage growth, don\u2019t hesitate to ask. Most people will be eager to discuss their goals with you. <\/span>\u00a0<\/span><\/p>\n

Plus, by NOT prioritizing professional development, you may be causing employees to look for a new job. A study by <\/span>Deloitte<\/span><\/a> reports “63% [of respondents] said their leadership skills were not being fully developed, and 71% of employees likely to leave in the next two years are dissatisfied with how their leadership skills are being developed.\u201d<\/span>\u00a0<\/span><\/p>\n

Actionable next steps:<\/span><\/i>\u00a0<\/span><\/p>\n