As a firm owner, you may think you can do it all…and you may be right! But in doing that, you make yourself prone to burnout as a result. That’s why at 8 Figure Firm, we teach that your employees are your most important asset since they help you reach your goals. Read on to see six benefits of investing in your employees.
Why should you invest?
Every business has staff, so you may not realize how important it is to invest in your employees. To grow your firm to eight figures in predictable yearly revenue, you have to recognize the importance of the people who work for you.
Your employees allow you to increase your caseload, expand your reach, and impact your community. With this in mind, let’s get into why your staff is your most important asset.
1. Increases Employee Retention
While you might not see an immediate return on investment, employee retention is one of the most significant benefits of investing in your employees. That’s because 94% of people say they would stay with companies that invested in them!
Additionally, long-term employees save you money in lots of different ways. You don’t have to pay for the advertising, screening, interviewing, onboarding, training, etc., that’s required to bring in new employees.
2. Satisfied Employees cause Satisfied Clients
When people are engaged with their work, they have better relationships with clients. Since connecting with clients is one of the best ways to scale your firm, encouraging your employees will only further increase your number of clients.
Your staff interacts with clients on a day-to-day basis, so by their actions, they can control the perception of your firm more than even your marketing. When you have happy employees, they’re more likely to represent your business positively.
3. Attracts Better Hires
Talented workers can only improve your business. This type of person brings integrity, teamwork, and a positive attitude into your workplace, affecting others around them. It’s essential to have hard workers since they can bring new life to your firm.
Some additional benefits of investing in your talented employees include a positive reputation in the job market and the fact that top-tier workers often have a network of talented people who would be interested in working with you.
4. Increases Productivity
When your employees feel connected with your company, you’ll see how your productivity rises. People that are happy with their jobs tend to get more work done than those who don’t enjoy what they’re doing.
Employees who are engaged with your firm will likely be about 21% more productive than those who aren’t as connected. You can take on more clients and further scale your business when you get more work done.
5. Fosters Loyalty
When you invest in your people, they are more likely to reciprocate that investment with an increased sense of loyalty to you and your firm. That means that they’re more likely to stick with you when things get rough.
Additionally, people feel more loyal to their job when they agree with your mission, vision, and values. This loyalty is another reason it’s critical to communicate these three things with your organization. If you’re interested in some examples, you can see ours here.
6. Expands Skills & Knowledge
Employees that feel a connection with your firm are more likely to seek out knowledge that will strengthen their job performance. 94% of employees see the benefit of making time to learn new skills and information!
Along with the benefits of learning, people are more likely to stay at jobs that invest in their learning opportunities. Knowledgeable employees are also able to problem-solve creatively.
Invest in Your Assets
There are many benefits of investing in your employees, and they are all interconnected. When you invest in your team, they feel more engaged and are more likely to go beyond what is asked of them.
There are many different ways to invest in your employees, but one of the most important places to start investing is with your second in command since they work closely with everyone at your firm.
If you’re interested in investing in your second in command, check out our program for your second in command! Our year-long program will train your go-to employee in all the facets of running a law firm. To get started, visit our ONE.Program page.
We will help you turn your law firm into a law business.