It’s halfway through the year, and for some companies, the fiscal year is wrapping up, leaving them with an unexpected budget surplus.
While it might be tempting to funnel these extra funds into new equipment or throw after-hours parties, there’s a more strategic opportunity at hand. Investing in initiatives that enhance workplace culture and address common workplace issues can yield long-term benefits.
Determining how to spend your budget
As you decide how to best allocate your remaining budget, consider involving your employees in the process. Ask them how they feel about the organization and what improvements they would like to see. If direct feedback is challenging, consider conducting a climate assessment through an external organization.
If you partner with us, the survey is going to be co-created with you to ensure you’re getting exactly what you’re looking for from the data. The goal of our climate assessments is to complete a comprehensive discovery of where your organization currently stands and what your workforce needs from you. Check out our case studies!
Ways to spend your budget surplus:
While how you spend your budget will vary according to your organization’s needs and priorities, I’d like to give you some ideas:
1. Take a moment to recognize your employees
Everyone enjoys feeling appreciated. If your company has had a successful year or your team has gone above and beyond, why not use the surplus to reward employees? Recognition can take many forms. For example:
- Set aside money for bonuses, event tickets, or gift cards.
- Present certificates or awards to honor specific achievements.
- Organize team-building activities to build trust, encourage communication, resolve conflict, and increase collaboration.
Most importantly, ask your employees how they like to be rewarded. Check out our free course on Communicating Employee Rewards!
2. Invest in Employee Development Programs
Statistics show that companies with engaged employees make 2.5 times the revenue, and highly engaged employees are 87% less likely to leave their jobs. To boost engagement, ask employees what resources would benefit their professional development. These could include:
- Training on recognizing, preventing, and addressing workplace conflicts, harassment, and bullying.
- Initiatives that promote diversity, equity, and inclusion.
- Workshop sessions on stress management, mindfulness, and work-life balance.
Also, as we actively promote #CivilityAtWork, your employees could definitely benefit from the free webinar we’re conducting on Managing Incivility and Conflict in Political Discussions at Work, especially since the upcoming election and current global events can spark conflicts.
3. Add new technology to streamline processes
Evaluate your current technology stack and identify gaps in your business processes. Investing in managed services and software can have a significant impact on your company’s efficiency and bottom line. Consider which processes in your department could be improved with new technology.
Ultimately,
A strategic investment in your workforce is an investment in the future of your company. By making thoughtful decisions with your budget surplus, you lay the foundation for a workplace that is not only productive but also nurturing and forward-thinking.
Remember, a happy and supported workforce is your greatest asset. The benefits of a positive workplace culture will ripple throughout your organization, leading to sustained success and growth. In the end, being savvy with your surplus isn’t just smart—it’s the key to a thriving workplace.
