For every successful company, having satisfied clients that preferably bring return business is essential to a sustainable business model. When setting up a business, some of the main tasks is to ensure that the products or services offered are in demand, keeping operational costs low and marketing. What is often overlooked is that the engine of every successful business is not so much the clients but the employees. While it is obviously essential to offer excellent service to customers – unhappy, overworked, untrained and underpaid staff in a possible unpleasant work space can have a massive negative impact on the overall business.
The good news is that every business can turn workers into valuable assets. The bad news is that there is not one shoe that fits all. Many factors need to be taken into consideration; however, done right, can turn a badly performing business into a success story.
For example, MTN and Old Mutual in South Africa are offering their staff perks ranging from bonuses, work from home options, extended paid maternity leave and free food in their canteen, to developing their talents by offering training and global career opportunities. In several countries, MTN is offering also additional healthcare benefits for employees and families, as well as constant development to ensure workers’ safety.
But adding perks for employees doesn’t just make them happy, it also benefits the employers. SME South Africa reported that ‘According to a survey by the Society for Human Resource Management organisation, employee benefits and perks are among the top five keys to job satisfaction. The research examined 43 aspects of job satisfaction and 37 factors directly related to employee engagement. The research also revealed that the introduction of added benefits is an effective way to attract and retain staff members.’ This translates also into that providing perks to employees doesn’t necessarily mean that the company ends up paying more.
Also Kipp Tindell, co-founder and CEO of The Container Store in Dallas, TX (US), mentioned in an interview with the Financial Post that a well-compensated employee, will feel like he or she is working for their own company (rather than just being employed by somebody else’s) and 1 employee that feels like that may end up performing the work of 3 regular employees.
While perks and benefits play one part, another one is to structure the company in a way that lets the organisation’s talent perform at its best. Having the right people at the right places combined with the right tools is what is needed to compete in today’s market.
In theory, this sounds simple. In practice, unless it’s a small company with just a few employees, trying to tackle this without having a clear plan or understanding can become costly without tangible results. Understanding this is part of Business Psychology degrees. This applied science helps people to understand how to align all human aspects of an organisation with the business in the best possible way. UNICAF is offering scholarships for MSc Business Psychology at the University of South Wales (UK). For further information or and an application for a scholarship can be found here.