2020 is a year that we will all likely remember forever. As we look forward to 2021 and beyond, it’s important to plan strategies to improve your business. From employee loyalty to improved operations, consider these business resolutions for 2021 that could improve your company and its bottom line.
Building employee loyalty
One of the best ways to build employee loyalty is to show you care about them by offering a competitive benefits package. While some employee benefits come with a high price tag, there are plenty of options available that come with a low cost or offer a clear return on investment.
Here are several in-demand benefits that may lead to improved employee loyalty:
- Offer financial counseling: Most schools teach very little about money and personal finance if anything. Access to a financial counselor can help your valued workers learn how to pay off debt, improve their budgeting skills, and plan for long-term financial goals. If your company offers PayActiv as a benefit, which comes at no cost to the employer, workers have free access to financial counseling.
- Earned wage access: Before COVID, 78% of Americans lived paycheck to paycheck. This can lead to stressful situations when the bills are due today and payday isn’t until Friday. Earned wage access through PayActiv allows employees to access wages they’ve already earned but have yet to be paid. Again, this benefit is available to workers at no cost to the employer.
- Student loan payment assistance: Nearly 43 million Americans owe over $1.5 trillion in federal student loans, not including private borrowing. That means there’s a good chance your employees could have student loans. While this benefit does require an extra cost for your business, it could be a big relief for your employees and something that improves loyalty.
Any project that lowers employee turnover could offer huge financial rewards for your business, as hiring and training new workers comes at a high cost. By helping your employees better manage their money, they will be more dedicated to the company’s success.
Improving the customer experience
While it’s important to offer your employees a positive experience, you shouldn’t forget about improving your customer experience. These strategies may help your business grow by meeting modern customer demands.
- Improved web experience: For virtually all businesses, a website that works well on mobile devices and desktop web browsers is important. Try to make it easier for potential customers to find what they need while incorporating a seamless checkout and payment system.
- Faster delivery: People are getting used to next-day delivery and instant on-demand services. If there’s any way to get your product or service to the customer quicker, it may lead to happier customers.
- Empowered customer service: If a customer does need help, it should be easy to reach someone who is empowered to solve the problem. Giving your customer team the power to make customers happy may also improve their employee experience, a win-win for your business.
Over time, it’s easy to fall victim to bureaucratic tendencies. Rather than just doing things the way you’ve always done them, consider automation and cloud-based systems that remove friction from your processes.
- Automated AP and AR: Automating your payments going both in and out of your company can save hours of work for your team, which they can then use for value-adding activities instead of the administrative work of matching payments to invoices and purchase orders. Both accounts payable (AP) and accounts receivable (AR) can benefit from automation.
- Integrated CRM or ERP: Instead of a hodgepodge of apps and tools, a fully-featured customer relationship management (CRM) or enterprise resource planning (ERP) system can house all of your accounting, sales, inventory, HR, and other parts of your business with one secure login and access settings for each employee.
2021 is a year for your business to shine
However the coronavirus pandemic affected your business in 2020, 2021 looks to be an opportunity for us all to turn a new page in pursuit of business success. These three resolutions and underlying strategies may take your business to the next level.
When it comes to helping your employees reach their 2021 financial resolutions, one of the best options for your business is to offer PayActiv as a benefit. PayActiv comes at no cost to employers and works with most popular payroll systems. Contact PayActiv today to learn how it can help your employees and your business thrive in 2021.
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