Surviving in an Employee’s Market – Increasing Employee Retention & Satisfaction
The labor market is as tough as it has been in decades and increasing employee retention and satisfaction has now become a major point of emphasis for any company, regardless of size. According to a recent study done by Glassdoor, 45% of employees who quit their job, cite the top reason as salary. Salary was followed by career advancement opportunities, better benefits, and location.
Is it always about the money? Based on recent surveys on employee retention, only 24% of “Generation X” employees say that financial stability motivates them to stay in a job. In comparison, 56% of employees that say health care and insurance concerns keep them in their jobs.
To exceed your employees’ expectations, offer creative benefits that are comparable to other businesses’ in your industry/region. Your staff’s level of workplace satisfaction has a profound effect on the quality of work they deliver. Your staff is likely to work more enthusiastically and efficiently when they feel secure about their investment of time and energy into your company.
See our BDS website to build a package that fits your budget.
What do you expect? What can they offer?
These are important questions to consider when mapping out what both parties are committing to each other. As an employer, consider the level of attention and time your staff can dedicate to helping your business grow, and set specific professional objectives they can meet in the near future. This thoughtful planning empowers and prepares employees to manage their own projects, structure time, interact with clients and grow their expertise.
Not only does this put your business in a better position to succeed, but your employees will view you as the employer that helped them rise to a challenge and believed in them to complete it themselves.
Instilling this independence in your staff also gives owners and managers the chance to tackle other challenges that need attention. Investing time and money into further education and training of your employees will give you a return on investment that benefits both you and your employer.