6 ways happy employees save you money

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Running a happy workplace is about more than feeling good when you walk through the doors. If you’re a business owner, you want to be successful and that means making money. But did you know that happy employees save you money, helping you to keep that bottom line healthy?

So, here are our 6 ways that happy employees can save your business money: 

Recruitment costs happy people tend to stay in their jobs for longer, because they have no reason to look elsewhere. That means you save a huge amount of money in recruitment costs, whether you handle recruitment yourself or use an agency. People who are happy working for you will also recommend you to friends and family as a good employer, helping you to recruit the right people on the basis of your reputational brand.

Lower absence happier people tend to be healthier people and also have fewer reasons to resist coming into work. That lowers your absence rates which means you don’t have to provide cover, hire temps or pay out lots of sick pay.

Training happy, motivated people may request training, which often has a cost attached, but they will be looking for training that’s relevant to your business and to their personal development. That means your training costs are focused and you’ll reap the rewards further down the line. Plus, motivated employees often do background reading or training in their own time, which gives you knowledgeable, creative people without spending a penny of your training budget.

Client retention happy employees believe in your business. That means their communication with clients is positive, helpful and builds lasting relationships. It’s far more expensive to find new clients than it is to keep existing ones, so this is a really important part of your business strategy.

Avoiding mistakes good communication is at the heart of a happy workplace. An employee who feels an integral and important part of your business is far more likely to let you know when something isn’t working, when clients have an issue or when they feel things could be done differently. This freedom to speak and suggest means you can sort problems and mistakes out sooner rather than later, helping to keep you from potentially expensive fallout.

New ideas it’s been shown that people who are happy at work are naturally more collaborative and creative than those who are unhappy. That means you’ll get access to great ideas, new ways of doing things and internal efficiencies all of which can save you money. To help your people communicate better, flag up issues and feel that they are making a real and important contribution to your business, why not check out the Mint Central app? It helps you to manage your business on the move from your smartphone and gives you instant access to what’s going on with your people, whether they’re in the office or out and about.
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