How to Improve Your Team's Well-Being to Increase Productivity
Summary: Increasing team productivity is essential to the success of any business, but oftentimes team members are not in the best state of mind to do their best work. According to a study by the American Psychological Association, workplace stress costs U.S. businesses $300 billion dollars a year in lost productivity. That's a lot of money!
Improving your team's well-being is one of the most important things you can do as a business owner. Listen in to find out how to recognize and address common issues, create an environment where your team can thrive, and provide opportunities for growth and impact that in turn makes it easy to increase productivity.
As business owners, we know that productivity and profitability go hand in hand. Unfortunately, what many of us DON’T know is that our employees aren’t always in the right state of mind to be as productive as we’d like (or need) them to be.
In fact, the American Psychology Association has estimated that workplace stress (or even just life stress that is brought into the workplace) costs US businesses 300 billion dollars in productivity every year.
…Now, that’s a lot of money!
And while you may be shocked by this number, the concept isn’t really that unbelievable when you think about it.
When are YOU most productive?
Is it when you’re exhausted, overwhelmed, and distracted by the stress of life?
Or is it when you’re feeling well-rested, energized, and ready to take on the day?
If my brain is screwed on straight, my guess is that most of us would say the latter.
So the question remains: How do we, as leaders, facilitate a stress-free work environment? (Or, at least, a work environment with the least amount of stress possible?).
Here are FOUR methods that I’ve seen to be the most productive:
4 Steps to Improve Your Team’s Well-being
1. Set the stage
First thing’s first: It’s vital that you recognize the role your team plays in your overall success. At the beginning stages of your business, this might not be as true for you, but as you grow and scale, you’ll definitely feel the difference that a great team makes. That being said, it’s vital that you create an environment that is filled with positivity, support, and proper resources. This means:
Maximizing diversity and inclusivity
You want your employees to be well taken care of so that they feel empowered to work on their own well-being both in and outside the office.
Feeling unfilled, stuck, or frustrated in their current position at your company can cause a team member to feel a tremendous amount of stress. You can do what you can to alleviate this stress by putting that team member in a position for impact, improvement, and growth.
People do their best work when they’re striving for a defined goal, so putting them on the right path to achieve that goal is sometimes the best way to support them during periods of stagnation!
It’s important to talk to, build relationships with, and actively care for your team. If you see an employee under a lot of stress, it’s crucial that you feel confident enough as a leader to start a dialogue. Ask them how they’re doing and if there’s anything you or your company can do to help them feel better supported during their difficult time.
For example, if you know someone who has a sick relative and have observed that an event is causing them stress, perhaps you can show them your support by offering them some comp time that they can use to be with their family.
At the end of the day, when you give to your employees and treat them as a trusted part of the team, they will give back to you in spades.
(Note that, depending on the circumstances, it may not always be appropriate for you to get involved. If this is the case, then direct them towards someone else within the company that might be better suited for this issue – someone they can trust).
4. Lead by example
If you prioritize your well-being (physical, mental, etc.) and maintain healthy relationships with those around you, then you’re setting the standard for behaviors that you encourage and/or find acceptable. This creates positive, healthy energy that nurtures both happiness and productivity within the workplace which, in turn, will result in longer-lasting employees.
Bonus TIP to Increase Productivity: Reducing Financial Stress in The Workplace
In the research by the American Psychology Association discussed earlier, results showed that a majority of the stress causing productivity drops can be attributed to issues of personal finance.
As a leader, you can take one step further by understanding that this financial stress is influenced by you both directly and indirectly.
If you’re telling yourself:
“I can’t afford to pay people what they’re worth.”
“I can’t afford what the industry is paying.”
…Then I ask you to consider the fact that salary is not the only factor at play when we talk about compensation.
Different Ways to Offer Benefits
Sponsoring gym memberships near the office
Providing health stipends
Bring yoga or massages into the office once a week
Providing access to programs (i.e., Dave Ramsey’s Financial Peace)
Additionally, doing your part to increase financial literacy within your team can also be extremely beneficial. A great way to do this is to be more transparent with them about the systems and processes in place in your business, especially as they pertain to individual employees themselves. If they can more deeply understand the impact that their role/work has on the financial success of the company, they may feel more valued and, therefore, empowered in their own financial success.
As discussed, your team’s well-being is not only important to your team’s productivity, but it’s directly correlated with it. And, as a leader of your team, it’s your responsibility to nurture their well-being in all the ways available to you and everyone benefits while you increase productivity.
You can do this in four primary ways. First, you can set the stage by creating a work environment that is fun, drama-free, and based on healthy relationships. Next, you can ensure that your employees feel fulfilled within your organization by supplying opportunities for impact, growth, and improvement. Thirdly, you can use proper communication skills to check-in with and care for your team in ways that make them feel heard and valued. Last – but certainly not least – you can lead by example. You, as the leader, are responsible for setting the tone of what is considered acceptable and unacceptable behavior through your own actions. In other words: Practice what you preach!
Want to start prioritizing your team’s well-being but need a little extra guidance? We’re here to help!
Reach out to us TODAY and we’ll put you on the right path towards a happier, healthier, more productive business!