Five Ways Focusing on Employees Improves a Business’s Funds

Five Ways Focusing on Employees Improves a Business’s Funds

We believe in teams. FieldEquip’s mission is to connect every field equipment asset and worker to the back office to provide a seamlessly connected field services operation. In short, we know how important teams are in the oil and gas industry.

In oil and gas enterprise management, where we live and work, money saving is always near the top of the list. Many businesses look for money-saving options in their bills and through cutting non-essential personnel, programs, and more. However, often overlooked are ways to save money by better using what you have. The fact is that there are many things that you can do with what you already have to keep and earn more money!

Create More Productive Employees

If you’ve ever been unhappy at work, it might not be surprising to hear that unhappy employees get less done. Studies have shown us this very thing. If you can make your employees happy, then you have made them more productive.

Some studies show that a happy employee can be up to 30% more productive than an unhappy employee. This would mean that about three happy employees would save you the cost of hiring a new employee altogether. This salary savings could be very high should your team be highly skilled managers in the oil and gas industry. This can land a savings of thousands of dollars not including the salary you’d have to pay!

Stops the Spread of Sadness

Dr. Micheal Pizer once said, “Emotions are contagious, and an unhappy worker might bring everyone else down.” This means two things. First, if you aren’t helping your employees to stay happy and confident, someone else in your company could be working to bring them down. As before, if employee satisfaction falls so does productivity.

Second, if employees are upset with where they work, they can decide to do things about it. One study, from SANS, said that hacks are much harder to detect or stop when they are happening from inside the company. Many times these hacks will come from people unhappy with the company, and they can cause significant costs in time and money!

Improve Your Market

With happy and more productive employees comes a better economy. This tip might seem strange; however, an unhappy employee can harm the economy. Gallup once said the following in a research study:

“GDP per capita — or productivity — is a key metric in global economics. It is the starting point for measuring almost everything having to do with economic growth and human development.

“When the world’s productivity is in decline, so is the availability of good jobs with a living wage. Poor productivity stunts societal and economic growth.”

In short, this means that if your employees are unhappy, they hurt the economy. If they hurt the economy, there are fewer jobs, products, and money floating around. While this may seem minimal, it’s something to think about.

Train them in Delegation

When you train your employees to delegate and prioritize, they will become much more effective during the word day. By learning to spend their day doing the big tasks, they save you money and better use their own time. This new skill can lead, not only to more productivity but also less stress and a happier day.

If you have an internship program, employees can learn that the intern can handle smaller business tasks. This delegation frees the ordinary employee for functions that would otherwise be left, saving money.

Another option is through the use of oilfield automation. If you teach your employees how to maintain an automated process on simple tasks, you could save thousands of hours and free them to do other more important jobs.

Reduced Turnover

When you pay attention to your employees through programs, one on one time, and genuine care, they will leave less often. Though abrasive to hear, the direct boss of someone who quits has a high chance of being the reason. If you’ve ever quit a job in the past, think back. Have you ever left because of your boss? It’s not that uncommon.

The cost to replace an employee is usually about 20% of the employee’s salary. As members of the oil and gas industry, this could very well be a high number. If you have a team of engineers that are always rotating, this could cost your company hundreds of thousands of dollars. The fastest way to save this money is to stop the rotation.

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