Employees are your business’s most important asset. Without dedicated, hard-working employees, your bottom line suffers. As a business owner, you probably already know this. What you may not know, however, is just how much your company can benefit by generosity shown to contacts, clients, and customers, and employees.
Offering such things as telecommuting, tuition reimbursement, paid vacation, profit sharing, and paid sick time will make for happier employees, which equates to more productive employees overall.
While it’s true that the cost of providing said generosity is quite high for employers, the results more than pay for themselves. Here are several benefits your business is sure to experience by being generous:
1. Improved Employee Morale
When you offer a generous benefits package to your employees, it makes them feel good about the job they do for you. They feel as if they are part of a team that appreciates their contribution. You can go a step further by also giving promotional gifts that celebrate a special occasion such as completing a project, going above the call of duty, or being promoted. This type of recognition reinforces an employee’s commitment to the company and increases their desire to do a good job.
2. Attracts Top Talent
When you offer a generous benefits package to your employees, it lets prospective talent know that you care about your staff and are stable enough to provide such generosity. Most prospective employees gauge whether they want to work for a company by the benefits package they offer, so offering the things people want most from an employer works in your favor in the end.
3. Employee Retention
Employee turnover is costly to your business. Every time an employee leaves, you have to shell out funds for advertising to find new talent, a new salary, and there’s the time it takes to interview and train said talent to consider. Keeping employees happy and on board is much cheaper, even when you consider the cost of supplying the benefits they want most.
4. Positive PR
Being generous doesn’t have to end at making your employees happy. You can also be generous in other ways like giving back to your community. This type of generosity affords a host of benefits – both personally and financially.
First, it feels good to do something for your community. Whether you donate to a worthy cause or hold a benefit for something, you gain so much more than just monetary rewards.
Second, your business sees positive results, as well. Giving back to your community helps everyone see you and your company in a better light. Your employees are more apt to rally behind the company, and those in the community are more likely to want to work with you. There really is no end to the benefits you receive when you give unselfishly to the community around you.
5. Improved Health and Well-being
Studies show that the more generous a person is, the better physical and mental health he or she experiences. This is because giving to others has the same effects on the body as exercise or taking medication does. Being generous lowers your blood pressure, reduces stress, encourages personal happiness, and ultimately helps you live longer. It may even help you have a happier marriage.
The goal of any business is to make money, but as they say, you have to spend money to make money, which is the case when it comes to being generous in your business dealings. Being generous with your employees and the surrounding community only has positive benefits for your business, so give freely and reap the rewards.