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Everything you need to know about employee job satisfaction to keep them happy and increase retention rate.
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It’s fairly easy to board the train of thought that when an employee quits, they can easily be replaced by someone else. However, did you know that replacing them could cost twice an employee’s yearly salary?
Employees should be one of your most valuable assets. So, it’s safe to jump off that train.
If you employ the right people for a job, it makes economic sense that you do what you can to hold on to them because the alternative is even more expensive.
When employees feel like their workplace is not meeting their professional or personal needs, they start to look for other opportunities. Ensuring that they don’t feel this way is important in retaining them. So, the key is to keep them happy, engaged, and productive.
In this article, we’ll discuss employee satisfaction, how it affects retention, and what you can do to improve the workplace.
There is a direct relationship between employee satisfaction and retention - The happier your employees are, the likelier they will keep working in your company.
When you use effective employee engagement strategies, employee productivity and efficiency increase alongside retention - this is the positive effect of job satisfaction. Naturally, client satisfaction is important in any company. Think of it as creating a ripple effect when the reverse happens, it affects the clients.
Consider these out-of-the-box creative ideas to keep your employers engaged and satisfied at work.
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Employee retention is a measure of how well an organization is doing when it comes to holding on to their employers. On the other hand, employee satisfaction is a measure of employees’ fulfillment and satisfaction in their position within the organization and the organization itself.
An organization with a low retention rate needs to make deliberate efforts to ensure employee satisfaction; they feed into each other. A company with a high retention rate will not only have happier employees but enjoy higher productivity and turnover at the end of a business year.
Taking an employee satisfaction survey periodically will ensure that employers can stay on top of things and know when to put in extra effort to keep their workers happy. These surveys are an effective way to identify employees’ pain points and needs.
It is easy to assume that employees only need better financial compensation to be happy and satisfied. While this is important, employers need to consider other needs.
Creating an employee satisfaction survey will ensure that you are not just assuming their needs but actually paying attention to them and their specific needs. When you incorporate the results from the survey, you’ll also show employees that you care about them.
Employee retention is sometimes challenging, and we understand that! Fortunately, there are ways to identify the challenges and improve on them.
There are many ways to improve job satisfaction and retention, including offering great perks, effective communication, good work-life balance, etc.
Since we have established that employee satisfaction and retention are directly proportional, it is a safe deduction to say that improving one affects the other positively.
Let’s take a closer look at how to improve employee satisfaction and retention at work:
Every achievement made by an individual or team should be acknowledged and celebrated. Things such as; wrapping up a project timely, flawless execution of a project, work anniversaries, etc., should be celebrated memorably.
Showing employees that you care about their life outside work by respecting their time is an excellent way to ensure job satisfaction. This is especially important when managing remote or hybrid employees.
If your employers don’t have a life outside work because they have to work odd hours, it won’t be long before they become dissatisfied at work.
The workplace can sometimes get so fast-paced that employees' contributions are dismissed or unappreciated.
It won’t take long before an employee starts to feel dissatisfied, and mangers need to find ways to engage the disengaged. Setting up a recognition and reward system will let employees know you value them. This outcome will be seen in their output and productivity at work.
Are your employees always confused because they get different information from different people? Are they in constant uncertainty because a clear communication system has not been established? Is there a system in place to help them communicate their ideas and complaints and feel heard?
No one wants to feel like they don’t know what they are doing at work because a functional system hasn’t been put in place.
Let your employees know how they are doing by offering constructive feedback. You don’t necessarily have to wait for a performance review. Discuss their professional goals and find ways the company can help them develop careerwise.
Your employees need to know that their professional well-being is important to you and that they can rely on the company’s support.
Asides from paying salaries, it’s essential for employees to know that you care about your employees’ physical and mental health.
Assist employees in managing their mental and physical health by offering gym memberships, stress management programs, fitness classes, mental health awareness, etc.
A good salary is not a replacement for perks. Excellent workplace perks vary, so you might consider taking a workplace survey to ensure that you’re giving your workers what they really want.
For example, employees might find remote work and paid time off volunteering to be better than annual company retreats.
Imagine being constantly fed a salad when you only want a double cheeseburger! Making assumptions leaves room for mistakes - thinking you know what your employees need instead of asking them.
A lot of the points mentioned above will only produce desired results when you don’t generalize the process. What works for other companies in your industry might not work in your own company. Instead, ask your employees for their opinions and listen.
What’s the general atmosphere like in your company? Do you feel that your employees are not happy at work and that they’ll rather be elsewhere?
If you think so, then it’s time to switch things up. The first step, of course, is to identify the things that give employees satisfaction at work and make them ready to go the next day.
If employees don’t have the autonomy to think independently because of some heavy micromanaging, they won’t enjoy what they do. Your employees should be free to get creative in executing their daily tasks.
No employee should feel discriminated against by management or their co-workers. Ensure that the workplace is a discrimination-free area, and invest in keeping the team spirit alive and healthy.
Very few people like doing the same thing repeatedly with little to no variety. When the tasks at your workplace become overly monotonous, employees don’t feel challenged anymore. Boredom brings about dissatisfaction, and that’s not what you want.
When employees feel like working in a place stifles their growth, they’ll become dissatisfied. A healthy work environment offers opportunities for both personal and professional development.
Employees need to feel like they are being paid fairly for the work they are putting in. You can’t tell them you appreciate them but severely underpay. It’s important to pay based on capabilities and industry standards.
It’s human nature to seek greener pastures, and it differs for everyone. You can take surveys to understand what makes your employees happier and apply them to create employee engagement KPIs to keep you on track.
Discarding their opinions and ideas in favor of what you think is right or trending will leave room for your employees to seek better opportunities.
Thinking about the next steps? (You should!) Assembly has creative solutions to help with employee engagement and recognition.
Take the first step towards making your employees happier; book a demo today.
Get the foundational knowledge on creating an employee recognition program that boosts employee engagement and helps them feel valued.
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