The lifeblood of any company is the employee. Production and business would not exist without workers. It is in your best interest to prioritize the happiness of your workers in order to be successful.
Your employees will be more likely to do their best for you if they feel they are being compensated adequately for their work. Every person has the right to a living wage, from whatever type of job they are doing. If your people have a financially stress-free home life, they can better focus and increase their productivity while at work. You should not depend on your state’s set minimum wage, as these are often outdated. You should calculate for yourself based on cost on living in your area.
Even though insurance is required in order to cover your losses, workers compensation and things of this nature, it is often too expensive and inadequate. You also don’t have any control over premiums or coverage. The same goes for providing health insurance for your employees. One way around this is to buy into captive insurance services– this type of insurance owned by the members, and often even returns dividends. Your workers can even share in the profit accumulated from this insurance system.
A safe and pleasant work environment is essential for morale and productivity. Most employees spend the majority of the day, if not their lives, in the space that they work- the least you can do is provide adequate light, comfortable seating, plenty of space and a break area. Provided snacks and beverages can keep your workers fueled and happy. A transparent and open workplace culture is also encouraged.
If you are a business owner, it is important to understand that compromising your workers well-being is not a smart or sustainable way to increase profits. If you put people first, the success will follow. It doesn’t hurt to ask your employees what they might need, either!