3 Low-Cost Ways to Invest in Your Team

You hire the best talent in your industry, but do you have a way to keep them? If not, then you're missing out on the opportunity to build a team that will truly excel. Money motivates some people, but not all —and we should know this by now! While there are some great ways to invest in your team financially (more on that later), there are also other low-cost ways for managers who don't have large budgets available yet still want to invest in their employees' happiness at work.

In this article, we'll discuss some low-cost ways to invest in your team and show you how small investments can lead to big results.

Create a collaborative environment.

When we think about investing in our teams, it's easy to focus on the budget. But a budget and an investment strategy are two different things. The right investment strategy is not just about how much you spend, but how you allocate your resources (and where they come from).

Creating a collaborative environment can sometimes be as simple as changing your mindset and focusing less on individual goals and more on team goals. Make sure that each member of your team feels like they're part of something bigger than themselves. This will increase buy-in by getting feedback at the start: What do employees want? How can we make sure that everyone has what they need?

The more employees feel that their individual contributions make a difference in the bigger picture, the more they'll feel engaged and excited about the direction of the organization. On the other hand, when employees feel like they're just another number - a cog in the system, if you will - there's little to nothing tying them to the organization's success, and they have little loyalty as a result.

Provide resources and training.

You can help your team members feel like they are growing and advancing as professionals by providing resources, training, and mentorship. Employees who feel stuck in their jobs will often look for opportunities that provide them with new challenges, more responsibility, or a chance to use their skills differently.

If you have some extra budget available, consider giving out grants specific to employee development projects, such as attending conferences or taking classes offered by the university nearby. The goal should be to allocate enough money so that everyone on your staff has access to these opportunities, not just those who have saved up enough vacation days over the past few years or don't have children at home needing attention during business hours (which is usually most of us).

Provide training programs at work through conference calls with experts from around the country about topics related directly back to improving team productivity within certain departments; this could include anything from improving sales techniques, time management skills, communication skills, and more. Soft skills are often overlooked, but these are training initiatives that can be rolled out across the organization regardless of department.

Pro Tip - To promote participation among employees, hold contests for the most productive teams and individuals over a certain period of time. This will not only keep things interesting, but it can also help to improve overall productivity levels as people strive to win these contests.

Celebrate small milestones.

You can’t afford to let your team feel unappreciated. After all, they are the ones who will help you accomplish your goals. Sure, you can give a card on a work anniversary or throw a party when someone gets promoted, but what about the work life in between?

Small milestones are often overlooked by companies who are too busy focusing on major achievements and forget that celebrating small victories is just as important as celebrating big ones. These little celebrations keep morale high and motivation levels high among employees because it shows that they aren't forgotten about, no matter how small the accomplishment may seem to an outsider. They also serve as great morale boosters for employees who might be feeling like they have been overlooked or undervalued by their company until now (which happens more often than we'd like to admit).

Putting it all together.

Our teams are our most important assets. We want them to feel valued and supported, but we don’t always know how to go about doing that. These three strategies are simple ways you can make your team feel more engaged and connected. Interested in strategizing about what will work with your own team? Book a Discovery Call with us today!