Ensuring that the capital is available to provide support to employees means that SMEs have a real chance of creating the kinds of thriving businesses that ensure a better life for their teams, says the author. File Image: IOL
By Tom Stuart
THE challenges that small and medium-sized enterprises (SMEs) face in South Africa may be even greater than elsewhere. From infrastructure to the economic climate, SME owners carry extra burdens when it comes to ensuring that their businesses not only work but thrive.
Central to any SME are its people, but more importantly an SME that cultivates a working environment that supports its staff means that long-term success of the enterprise is considerably more likely.
Creating a culture of well-being in the workplace is no longer just a trend reserved for technology companies with sleep pods, but is a key principle that SME owners need to implement if their businesses are to survive.
Ensuring the well-being of yourself as an owner and your staff is different for every SME. It may be that hybrid working models suit your team perfectly if you design webpages, but if you construct houses, remote work is not feasible.
Support can take the form of financial, physical health, mental health and work-life balance benefits. Some companies offer financial advice services, or gym discounts. Others offer life-coaching services, or sabbaticals.
Others offer menstrual leave or on-site childcare. Some companies invest in building healthy relationships between staff members who by the nature of the business are required to work closely together in environments where conflict is a given.
Whatever the support offered, it needs to be tailored to the expectations placed on the team at work as well as their personal needs. In addition, it needs to be within the financial capacity of the business.
The financial cost of ensuring a culture of well-being can seem daunting to an SME owner. Quality support does not come for free and the return on investment may not be measurable immediately.
A team member who spends an hour with a psychologist does not have that hour to spend engaged in billable work. However, the cost of not providing support, in whichever form, may end up costing an SME more in revenue if its employees are too stressed out, burnt out and ill to be at work in the first place.
Research repeatedly demonstrates that employees who thrive are able to produce their best work.
Ensuring that the capital is available to provide support to employees means that SMEs have a real chance of creating the kinds of thriving businesses that ensure a better life for their teams and ensure forward movement of the economy of South Africa.
Tom Stuart is the chief marketing officer at Lulalend.
BUSINESS REPORT