Contrary to popular demand, higher pay is not a driver for retaining top talent. The rewards that top performers look for is a more intrinsic value to the company that they work for, sometimes they are small and some are even intangible.
Employees who are highly satisfied in their jobs state that their employer and human resources department provides:
- Open honest communication: Create transparency across the business. If you are open with employees about the state of the organization, good or bad, they want to know. You never know what kind of ideas your employees have. All you have to do is ask, listen and consider.
- Trust your staff: let them make decisions. You may find that discovery and solution becomes the focus while placing blame is unimportant.
- Recognition: celebrate those who are contributing to the success of the organization both big and small. We all feel energized and part of a team when we are valued for our contribution.
- Accountability (even yourself): Hold people to the goals they set. You expect people to say what they are going to do, so you should follow through with what you say.
- Additional responsibility: More responsibility gives employees a sense of ownership in the business and how things are done. It may be more clear to the employee how they impact the organization and contribute to the bottom line. This also provides a development opportunity for them to move up in the organization.
- Exposure to other areas of the business: Cross training of employees creates a team mentality. An employee who spends a day in another area of the business that he/she may work with, can gain a different perspective of the job. Gaining a better understanding of how/why things are done the way they are will provide understanding and foster a team environment.
While pay and benefits are important, studies have shown that these are only short term drivers for creating a happy, engaged workforce.
How can a happy engaged workforce benefit your organization?
- Happy employees are productive employees. Studies have proven that happy people are more productive, take fewer sick days and get along with others better.
- Happy employees will stay with you. They won’t be out looking in the job market. The cost associated with hiring an employee can be as high as 2.5 times their annual salary. If you’re losing a staff member every 6 months what is the affect on your bottom line?
- Happy employees will treat customers well because they are engaged in the business and want to succeed.
How does your human resources and management team keep employees happy?