Let’s face it, we’d all like to earn a good salary. After all, the economy isn’t what it once was, and financial security is currently at a premium. But is a whopping pay check really the sole key to job satisfaction?
Sure you might be clearing a stratospheric six-figure income, but does that really equate to any real-time value when the pressures of work leave you very little time to actually enjoy the fruits of your labour?
Today many companies make the mistake of relying too heavily on financial incentives to attract top talent. And while this might be effective in the short-term and succeed in getting that signature on the dotted line, it’s unlikely to prove a sustainable strategy for success.
Studies indicate that today’s employees in fact find value far beyond the bounds of their income bracket. A recent study by Monster indicates that a massive 87% of jobseekers regard employee well-being as their top job drawcard, with just 66% citing a high salary as the barometer of their contentment.
You see, today’s employees above all things want to feel valued. And true value isn’t something that comes with a price tag. Yes, salary of course plays an important part in your employee value proposition, but there are other, more economic measures you can go about implementing that’ll help you to more effectively reduce staff turnover, and in turn boost employee morale.
It might sound trite, but simply acknowledging your employees’ good work can go a long way towards bolstering satisfaction in the work place. Don’t make the mistake of thinking that just because you sign off their salary at month-end that you’re accurately conveying your sense of appreciation. A simple ‘thank you’ or a well-placed ‘good job’ can in fact have a far greater effect on morale than the security afforded by a regular payday.
You might even want to take it a step further and implement employee recognition programs, sending out regular mailers throughout the company that make note of memorable milestones and achievements. This can help not only to promote a sense of well-being, but also to further incentivise employees to go the extra mile.
It’s often been said that employees don’t leave jobs, but instead leave managers. Ultimately, no matter the pay or the perks, if an employee isn’t able to get along with their manager, they’re unlikely to stay the course. Conversely, an excellent manager has the capacity to inspire excellent performance and on-going loyalty irrespective of one’s salary size, and as such, it’s vital that organisations ensure that management personnel are equipped with the correct communication skills and know-how to tackle their assigned roles.
Working in a void is probably the thing most detrimental to employee health. Without feedback, reassurance, guidance and conversation, an employee is unable to assess their progress and career prospects with any degree of certainty, invariably sending them into a state of anxiety-induced flux.
So make sure to sit down with your staff on a regular basis so as to review their progress, assess their trajectory up the corporate ladder and provide them with constructive feedback to aid them in bolstering their job performance.
How employee satisfaction is defined can differ massively from one person to the next. So it’s important that you listen to your employees and understand their individual needs in order to ensure they feel truly valued.
Launching a compulsory, company-wide table tennis contest for instance might seem like a fun idea and one that is sure to improve morale, but the reality is that it might induce primal fear in those with a more tenuous grip on hand-eye co-ordination.
The trick is to get to know your employees more personally. Find out what makes them tick. If you know that Janet’s son plays football every Tuesday afternoon, why not give her the option to make her working hours more flexible so she can watch from time to time? If you’re aware that Mohammed suffers from social anxiety, why not give him the option to work from home.
You see value means different things to different people. Yes, we all value our livelihoods, and salary plays a very big part in that, but it’s only by communicating effectively with your employees that you’ll truly be able to create a value proposition that keeps them loyal, committed and productive.
Speak to us today about creating an effective employee value proposition for your company.