3 Steps You Must Take Now to Invest in Your Firm

Updated August, 2024

As the impacts of COVID-19 continue to affect how we work years after shutting down the world, many businesses have fully adopted remote working or a hybrid approach including in-office and working from home. There are countless articles giving insight on how to be effective while working remotely including Best Practices for Working from Home by Entrepreneur.com to The 9 Best Online Collaboration tools for Remote Workers from invisionapp.com.

Providing various tips and tools to your team is great, but what tips are there for firm leaders to get the most out of their teams? How should owners act in uncertain economic times?

Typically when you hear about investing, you’re thinking about financial investments, but that is not always the case. Investing in your employees is just as important as making financial investments, and the sooner you do it the better long term impact it will have. This is especially true for remote or distributed teams, and in hybrid work environments when there is less in-person interaction for people to learn from their peers. 

Your employees are both your biggest asset and probably the largest single expense in your business. For most architecture and engineering firms, salaries and wages make up between 40% and 60% of total operating expenses. That is a huge financial commitment and it is vital that you invest in resources to enable your team to be as effective and productive as possible.   

Here at BQE, we’ve developed a quick 3 step guide on how to invest in your employees, be a successful leader, and guide them through this time of uncertainty. 

1. Be Transparent in Your Communication

Executives who fail to communicate effectively, and lead by example often leave employees confused about how they should act. Trust that your employees can handle information whether it’s good or bad. Err on the side of transparency when you aren't sure what to tell your team.

“Some companies think open floor plans, monthly staff meetings, and detailed reports equate to transparency. But these are just logistics: transparency needs to be core to company values.”

From an article in Wavelength,

For starters, be transparent about the state of your business and plans for the future. Talk about what the leadership team is discussing and plans that are in place. This includes discussing your strategy for the financial well being of the company, especially when you are facing turbulent economic times. When you have remote employees who you may not interact with frequently, it is important to keep them up to date with things that are happening. They need to feel included or they are more likely to leave the firm. 

Be sure to openly talk about the pros and cons you have experienced in the new remote or hybrid world. Talk about ways the team can more effectively collaborate using technology or increased in-person time. Is “Work From Home” going to be the new normal for your company or are you planning to bring people back to the office? Make sure you communicate what the decision is but also the reasoning behind. Although these decisions may not be popular with every team member, trust that they will respect your reasoning behind why you had to make the tough decision. 

Discuss changes with your staff. Looking to the future is actually a positive sign for your employees. They want to hear what the plan is, especially in challenging times. Being open, honest, and transparent builds trust. 

If you haven’t created core values here is a great read by Inc. on How to Craft Your Company’s Core Values.

2. Provide Resources for Employees

Investing in your employees is the smartest thing you can do, advises Entrepreneur.com. Provide them with resources to level up their skills or branch into new areas of your business. You might realize some co-workers have a knack for marketing or design or they have interests outside their current roles. Investing in your current team to make them as effective as possible is much easier than dealing with turnover and onboarding new staff members.

There are many free online courses available to brush up on some old skill or learn an entirely new skill. Check out the top free classes being offered at Coursera or other online educational platforms. There are also many software companies that offer free training or certifications that might be a great fit for some of your staff. 

Education is valuable but so is wellbeing. Some of the resources you offer can focus on the mental health and happiness of your team. One of our favorite apps for employees is Headspace for work app. According to Headspace Mindful Meditation “Just 10 days of Headspace can increase happiness by 16%.”

3. Be Prepared to Answer the Tough Questions

“When employees are healthy and engaged, they are more likely to be satisfied and productive at work” (from How Managers Can Support Employee Mental Health by Glassdoor for Employees). When the economy is unpredictable, it creates a stressful time for everyone. Be ready for some difficult questions but encourage your team to ask them. Employees will look up to leadership for guidance.

Have you thought about what you plan to say to a colleague, an entire office staff, or even to your customers about the state of your business or industry trends as the economy shifts? When projects go on hold, new hires are hard to come by, or there is staff turnover, it is important to communicate how you plan to overcome these obstacles and still deliver great service and retain your talented employees. 

Investing in your business goes far beyond financing. Maintaining a strong team and supporting them in their career success will pay dividends to to the future success of your team. This is especially important when the economy is unpredictable. Staying strong for your business and employees is no easy task. Making the right investments now into your employees will build trust, loyalty, and reduce turnover. This is great for you business's bottom line as well as for the well being of your employees.