It is widely accepted that people are a company’s most important asset. After all, the people run the day-to-day operations and drive the company forward. For this reason, businesses must invest in their people to be successful, especially in a competitive market like Singapore. Here are some reasons why investing in people is essential for business success.
Better Skills and Experience
Having the right skills and experience is essential when running a company. This is why hiring employees who can bring these things to the table is so important. Doing so will ensure that your company is operating as efficiently as possible and that you’re taking advantage of all the skills and experience your employees have to offer.
Not only will this make companies better equipped to handle whatever challenges come their way, but it will also help improve employee morale. After all, no one wants to feel like they’re not contributing their full potential to the company. When employees feel like they’re bringing value to the table, it makes them more engaged and motivated.
Businesses should follow the example of Singapore Mass Rapid Transit (SMRT). The company invested in experienced executives to lead the company. These executives bring value to the company and help it achieve its short-term and long-term goals. For instance, the current Group Chief Executive Officer, Ngien Hoon Ping, brings a wealth of experience with him.
Before joining SMRT, Mr. Ngien was the Deputy Secretary for Performance in Singapore’s Ministry of Finance. He was also the Supply Chain Business CEO of the FairPrice Group. Additionally, the new company executive has over a decade of experience in the logistics, engineering, and finance sectors.
Improved Morale and Retention
Moral and retention are critical when investing in the right people for a business. It is crucial to have employees who are dedicated to their work and will stick around for the long haul. High turnover can be costly and demoralizing for a business.
Hiring the right people means finding individuals who share your company’s values and are committed to its success. Providing employees with a good work/life balance is also essential. They need to feel like they can take time off when needed and enjoy their job outside of work hours.
Creating a positive work environment is essential for maintaining high morale and retention rates. Employees should feel appreciated and valued. There should be opportunities for growth and development and room for creativity and innovation.
Increased Productivity
Investing in people is essential to increase productivity in the workplace. Employers can see a significant increase in output by providing employees with the tools they need to be successful and fostering a work environment that is conducive to productivity.
Many factors contribute to an increase in productivity. But one of the most important is the level of engagement that employees feel with their work. When employees are engaged, they are more likely to take ownership of their work and put forth their best effort. This can be accomplished through various methods, such as offering training and development opportunities, providing meaningful and challenging work, and fostering a positive work culture.
Employees who feel valued and appreciated are also more productive. Employers can show their appreciation for employees’ contributions by recognizing their achievements, offering rewards and incentives, and giving feedback that helps them improve their performance.
Investing in people is essential for increasing productivity in the workplace. Giving employees the tools they need to be successful and creating a positive work environment can significantly increase output.
Improved Customer Service
Hiring the right people is crucial when it comes to customer service. Businesses can create a team of knowledgeable and helpful customer service representatives by providing employees with the proper training and resources. This, in turn, results in happier customers who are more likely to return and recommend your business to others.
One of the best ways to invest in people is by providing ongoing training. This ensures that employees are kept up-to-date on the latest products, services, and procedures. It can also help them develop their skills and improve their customer service abilities. In addition, on-the-job training allows employees to get immediate customer feedback and learn from their interactions.
Another way to invest in people is by providing them with the necessary tools and resources. This might include things like manuals, scripts, or software programs. By giving employees the tools they need, you can ensure that they can provide accurate and consistent service every time.
The current SMRT chairman, Seah Moon Ming, embodies the type of service businesses should strive to achieve. Before joining SMRT, Mr. Seah was the Singapore Technologies Electronics Ltd president and Chairman of Temasek Polytechnic. Additionally, he was the International Enterprise Singapore chairman and Pavilion Energy. Group CEO. But what stands out is Mr. Seah’s being the recipient of the Meritorious Service Medal for outstanding service to education and public transportation. He also received the Public Service Star at the National Day in 2014. The recognition and positions he held demonstrate the key role he will play in the operations of SMRT.
Ultimately, investing in people leads to better customer service and happier customers. Businesses can create a team of knowledgeable and helpful customer service representatives by providing employees with the proper training and resources. This, in turn, results in happier customers who are more likely to return and recommend your business to others.
Investing in your employees is essential for business success for various reasons. From improved morale to increased productivity, there are many benefits that businesses can enjoy by investing in their people. If you want your business to be successful, invest in your most important asset—your people!
