Louis Chenevert is of the opinion that the best investment tool to boost any given business is the staff. He adds that one is supposed to know the abilities and weaknesses of the team so that it can be easier to implement something. He adds that some employees are very flexible and can deliver better results if nurtured. Many of them can perform in a position that is more senior, but it’s not easy to discover their talent unless you are tightly engaged to them. If a vacancy for a critical position in the business arises, it’s better to promote the already experienced employees instead of hiring a new person. This will minimize the cost of training the recruit because it will take time and affect the production in one way or another. The process also makes the employees feel connected to the business.
Team building is the most practical method of investing in the staff. Louis Chenevert insists that it strengthens the bond between the business and the employees. Letting the employees participate in activities outside the business allows them to forget about the daily life challenges and engage with different people candidly. This hugely boosts their production capabilities. One example of such an activity is letting employees participate in community-based activities. They feel refreshed, and it gives them the chance to resolve minor issues if any. There another way to invest in them is through Employee Scholar Education where the business caters for a percentage of their education fee. They benefit with the extra knowledge while the business benefits with their improved output.
Louis Chenevert suggests that rewarding employees is another way of investing in them. However, the rewards must not necessarily target the best performing staff but should cater to all. Chenevert gives an example of certificates that the employs can use in their future employment opportunities. This method makes the team feel much appreciated but rewarding the best performers in a better way is good to enhance effective competition among them. Louis Chenevert also insists that giving workers a favorable working condition is a valuable investment tool because production depends on the morale of the employees.