Be an oasis of calm

The current economic climate isn’t just affecting business owners – your staff could be feeling the heat too! So, when they get into hot water, you can be an oasis of calm 

While you likely accept that running a small building business comes with its share of challenges – not least the current financial environment – no-one really prepares you for the challenge of handling staff, who are also feeling pressures created by the economic situation. For example, they may be concerned about the security of their income and their ability to provide for their families.  

To reassure and retain your team, you might want to ensure that your company is a positive environment for them – somewhere they can seek help should financial difficulties arise.  

The following strategies could help you foster a positive work environment and support your team members, who may experience challenges in the months to come.  

Transparency

If you are facing particular challenges at the moment, then talking to your team is important. They will probably have sensed it anyway. Let them know you’re facing these challenges together, that you have charted a clear path through (assuming you have) and that their support and effort is vital in overcoming it. Transparency builds trust and unity. Your team will respond to your honesty.  

Communication

Encourage your employees to feel comfortable discussing financial concerns with you. You don’t need to be an expert counsellor – it can be as simple as listening to them with empathy. The discipline of listening will give you a clearer understanding of their challenges, and you will be better prepared to help.  

What’s more, your attentive listening is a gift – it enables them to unload – and ’a burden shared is a burden halved’. You can reduce your team member’s stress by simply listening to them. Don’t underestimate the positive value of being a good listener. Let your team know that you (or another senior staff member) are available to talk (listen) about any difficulties they may be facing.  

Many larger businesses have an Employee Assistance Programme (EAP) as part of their employee benefits package. These programmes provide confidential counselling for team members facing personal and financial issues. You could consider enrolling in one, or engage a counsellor to be available as needed.  

Flexibility

Discuss flexible working arrangements with your team, such as adjusted hours, remote work options, or compressed work weeks. These adjustments can help team members manage their time and expenses more efficiently, get extra time with their families and even reduce their stress.

Several companies I’ve worked with have tried working four longer days and then finishing midday on Friday.  

Another company schedules a long weekend every six weeks or so. They work four x 10-hour days either side of a four-day weekend to give team members greater flexibility without affecting the build schedule, which is especially useful around school holidays!  

Education

As a business owner, you appreciate the importance of financial education, which is something your team members may have had very little of. So, think of ways you can provide resources to enhance their financial literacy. You might arrange some in-house sessions on budgeting, saving, and investment – with outside help if necessary.  

By offering this support, you empower your team to make better-informed financial decisions that will improve their financial well-being over time. Not only is this good for them and their families, it will help them better appreciate your business challenges. 

Pay

Regularly review salaries and pay rates to stay competitive in the job market and be prepared to adjust your prices if necessary. By keeping your rates competitive, you will not only retain
good team members, you’ll attract talented people to join your team. Better to raise your prices little by little and keep good staff than discount to the bottom and carry the burden of constant recruitment.  

Culture

Cultivate your company culture to be supportive and encouraging of all team members. Include statements in your company values that describe how you want your team members to respect each other, work together and deal with challenges. As these cultural points become part of everyday life on your sites, it will help team members identify early signs of struggle, so they can be there to assist a team member going through a hard time.  

Recognition

Almost all of us like to be recognised and appreciated. It does something for us. Recognising hard work shows your appreciation. So, when your employees go above and beyond, make sure to acknowledge their extra efforts. This could be through bonuses, time off, or simply a personalised thank-you note. 

Appreciating your team for their hard work and dedication can boost morale and create a more positive culture. 

Take Away

As a small business owner, who is navigating tight financial times, staying positive and supportive for your staff is not only good for them but crucial for the success of your company. The well being of your team is a worthy investment in the success and longevity of your business.  

 

Graeme Owen is a builders’ business coach at thesuccessfulbuilder.com. Since 2006, he has helped builders throughout New Zealand get off the tools, make decent money, and get more time in their lives. Grab a copy of his free book: The 15 Minute Sales Call Guaranteed To Increase Your Conversion Rate or join Trademates and connect with builders who are scaling too.