Optimize Employee Satisfaction and Keep Turnover Low Without Costly Incentives

A pay increase and company car aren’t the only ways to obtain employee satisfaction. Being transparent and honest with your employees can go a long way to help them feel valued and respected. Sometimes all it takes from an employer is a simple “thank you” to show appreciation. Other times it may require the expertise of a human resources partner to provide a platform that enables you to focus on employee satisfaction and culture.

Here are five ways to optimize employee satisfaction without costly incentives:

1. Focus on the bigger picture.

You shouldn’t allow the back-office side of your business to slow growth or impede progress. Taking care of often complex and time-consuming administrative tasks prevents you from focusing on the bigger picture of corporate culture. Remember, your employees are your most valuable asset, so keeping them engaged should be a priority. 

Consider automating tedious tasks with an all-encompassing HR platform that helps you manage the employee lifecycle of your business. You are more beneficial to your business when you put time back into your day to focus on what matters for the continued success of your employees.

2. Promote better engagement.

The ability to understand the concerns of your employees is important, but it’s what you do with that knowledge that’s critical to retention. Be transparent with your staff by not only sharing company successes, but also any problem areas within the company that need improvement. Have a ready course of action for addressing the problem areas and engage your employees in the discussion. 

One example of this may be internal issues with payroll administration. Are checks not going out on time? Are there too many adjustments being made to timesheets and hourly wages? Acknowledge the issue with your employees and provide a resolution. Sharing your plan to hire an outside team of payroll specialists will help them to breathe easier.

3. Instill a positive work culture.

Happy employees are productive and less likely to leave the company. You want to make it your top priority to find and keep the best people because great talent doesn’t grow on trees. There’s no need to break the bank in order to provide monetary incentives. Free up space on the company calendar for team building exercises. Congratulate employees on a job well done. Encourage peer recognition and project collaboration. Offer catered lunches to show employees you care about their overall health and general well-being. Nurture a positive environment even if many of your staff members are working from home. Always remember that a simple “thank you” goes a long way to show your appreciation.

4. Build employee satisfaction from hire to retire.

Find people who share the operational values of your organization from the outset. Assess whether or not they will fit in with the company culture and provide growth opportunities to help them individually express their values and those of the company. Create spaces for employees to share thoughts, feelings and opinions and let them know their employer is listening. Have an open door policy so that your staff knows their voices are being heard. 

If your last-ditch effort to retain an employee is by giving them a raise, it’s already too late to win their loyalty. Begin building team members up from the moment they are hired and make the necessary efforts to maintain satisfaction along the way. Don’t wait until it’s too late to improve recruiting, retention and company culture.

5. Manage talent with developmental support.

Provide developmental training and career mentoring to all employees, but especially those who believe there are no attractive opportunities for them to grow within the company. Encourage developmental and organizational growth by having regular career planning discussions with your employees. Make sure employees are aware of the different types of career paths or job opportunities throughout the company. 

Talent management helps optimize employee satisfaction, streamlines performance and brings about more accurate measurements of compensation and benefits. It’s important your employees know you care about their financial success and genuinely want them to achieve all of the benefits and perks afforded to them in the company.

Why Is Employee Satisfaction Important?

Unhappy workers are more likely to leave for a new job. When a workplace is unhealthy it impacts employee retention. This makes employee turnover inevitable and places additional stress on your business, as HR must then direct resources and efforts to interviewing candidates and training replacement hires.

Sure, a pay raise is nice, but it’s not necessary to incentivize your staff. Focus on the bigger picture, promote better engagement and instill a positive work culture. Start building employee satisfaction from the point of hire and offer development career support along the way. Contact us today and let our human capital management platform free you up to focus on creating a great place to work.

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