You likely have a lot on your plate as a business owner or entrepreneur. You wear many hats and are responsible for a lot of moving parts. There are more than 150 million employees in the United States, and these are a vital part of keeping the gears turning, but they can also be the source of some unique problems. These problems can be costly. Here are four unique issues caused by employees and how you can deal with them.
High Turnover Rate
One of the most frustrating things for a business owner is when they invest time and money into training an employee, only to have that employee leave soon after that. This is a trillion-dollar fixable problem for the country. While there will always be some turnover, there are things you can do to minimize it.
First, get to know your employees and understand what motivates them. What goals do they have? What kind of work environment do they thrive in? When you know what makes your employees tick, you can create an environment that suits them and makes them want to stick around.
Another thing you can do is offer competitive compensation and benefits. If your employees feel like they are being fairly compensated for their work, they are much less likely to start looking for new opportunities. Finally, make sure you are regularly giving feedback—both positive and constructive. Employees who feel their work is appreciated and have room to grow are likelier to stick around than those who feel like their efforts go unnoticed.
Time theft
Time theft occurs when employees are paid for the time they did not work. This could be anything from taking long lunch breaks or extended coffee breaks to calling in sick when they’re not ill or working on personal projects during work hours. It’s pretty similar to presenteeism, but the main difference is that it is slightly harder to correct since the employee’s actions are hidden and thus can be hard to prove.
You can do a few things to help prevent time theft from happening in the first place. First, make sure your employees understand your expectations regarding breaks and lunches. If you have specific policies in place, let your employees know what those policies are so there is no confusion. You should also create a positive working environment where employees feel appreciated and valued. When employees feel like their work matters, they are less likely to waste time on personal projects or calls during working hours.
Employee Theft
Time isn’t the only thing your employees might be stealing from you. Employee theft is also a concern, from taking office supplies home to outright stealing company money or information. You can help prevent this by having clear policies that outline what is and isn’t acceptable and what the consequences are if it happens.
You should also look for red flags that something may be happening at your business, like employees who seem too busy or who have sudden increases in their paychecks. Finally, ensure you get employee references so you know a little more about them before hiring for your company.
If it’s becoming a severe concern in your company and you can’t do anything about it, consider hiring a security company near you. The company can make short work of employee theft and help with other security-related issues your business might be experiencing.
Corporate Espionage
Another problem that can arise from employees is corporate espionage. Whether it’s intellectual property or private customer information, unscrupulous employees might try to steal company secrets for financial gain.
To help prevent this from happening, you should ensure confidentiality and non-disclosure agreements are in place with all your employees—and that they understand what penalties will be if they break them. You also need strong cybersecurity measures and a procedure for dealing with sensitive documents so that no employee can access them easily.
One of the most important things you can do is ensure you select trustworthy employees when hiring new ones. When making this decision, look at their work history, references, and online presence. This way, you’ll better understand the type of person you are hiring and whether they can be trusted with company information. Giving your employees meaningful work can help prevent corporate espionage and other issues. In addition, employees who feel their work is valued will be less likely to take advantage of it and do their best to improve their company.
Employees can be both a blessing and a curse for business owners and entrepreneurs; while they are necessary for keeping the wheels turning, they can also cause some unique problems. However, by following the tips above, you can hopefully minimize the frustrations caused by employees and keep your business running smoothly!
