Employees - Asset or Expense?
When you run a business, it’s easy to categorize everything as an expense or an asset. But, when it comes to your employees, it’s important to not treat them as a number on a spreadsheet as you would a bill or income. Employees are your company’s greatest asset, yet many companies fail to treat their employees as more than an expense. Ask yourself how you view your employees, or if you’re employed, ask yourself how you feel treated by your employer.
Happy employees go hand-in-hand with happy customers or clients. Poor customer service can typically be linked back to poor company culture. The way you treat your employees, or the way they feel treated, plays a huge role in shaping your company culture. You can create an open and welcome atmosphere or a toxic, grumpy atmosphere - it’s really up to you. It usually starts at the top and works its way down. If there isn’t respect from the top down, there won’t be any from the bottom, up. Your employees are typically on the front line, they’re the ones customers or clients interact with first.
Although payroll counts as an expense, it’s important to distinguish the difference between something that is truly an expense and something that will pay off. Once you train your employees enough that they can complete their duties on their own, they should be considered an asset to your team, and even while in the training process. One of the best and biggest investments you can make is the time to connect, train, and grow with your employees. You can’t do everything on your own, so you need a team of people you can trust, that also feel valued and respected, to ensure each task is completed efficiently.
Employees are also your biggest brand ambassadors - what they say about you and your company helps shape your company’s image. Don’t you want to hear positive things? Don’t you want others to hear positive things? Employees who don’t feel valued or respected, like a number on a spreadsheet, will not be self-motivated or go the extra mile. They will do the bare minimum to just get by. Keep your employees engaged! There are so many ways to spice up your company’s atmosphere and morale. Please reference this past blog for ideas on how to add incentive to your team: https://skynarbookkeeping.com/blog/employee-appreciation-day-year-round
Consider your current company culture and get feedback from employees via surveys or evaluations. Keep in mind that your employees are an asset to your company that give back in ways that you may not be able to quantify in terms of cash, like with their talents, abilities, and brainpower.