In today’s super competitive recruiting and hiring environment, retaining your current employees is crucial to business success. Low turnover of staff is good for your company’s bottom line and allows you to build a firm foundation for the future. Many employers believe that paying employees more is the key to retaining them, but this is not always the case. Whilst raises and cash bonuses never go unwelcomed, there’s more to keeping an employee happy than simply giving them more money. In fact, studies have shown that employees who enjoy high job satisfaction are generally more productive, engaged with, and loyal to the companies that they work for.
Here are some of the best ways to keep your employees happy without giving them a raise.
1. Prioritize Work-Life Balance.
Employees are always going to be happier when they do not feel that work is taking away from other aspects of their life. Engaging your workforce and remaining competitive in your industry means coming away from solely focusing on financial benefits and thinking more about your employees’ emotional needs too. Flexible working hours early finishes at the end of the week, and an overall positive work experience that’s part of a fulfilling and rich life is even more important.
2. Include Employees in Decision-making.
The best benefit that you can offer your employees won’t cost you a penny – give them the opportunity to make a difference to your company through their work and include them as part of the bigger picture. Benefits such as clear, frequent communication on company decisions and changes, along with individual department and big-picture company directions can make all the difference when it comes to employee happiness. Ask for feedback often and take suggestions on board for future improvements.
3. Create a Career Pathway.
Today, the majority of employees are not content in working for a company where they have little chance of climbing the career ladder. Most will want to take on further responsibilities and be able to work towards boosting their chances of being promoted to a more senior role. Providing developmental support, such as career mentoring and training opportunities, will give your employees something to work towards and a bigger reason to stick around.
4. It’s the Little Things That Count.
Often, small benefits and perks are overlooked, but this can make all the difference when it comes to creating a positive work environment with employees who feel valued in their positions. Offer a benefits program to all employees where they can choose from a range of perks such as free or discounted memberships, money off tickets and attractions, or discounted food at restaurants. You may want to consider using benefit administration systems to allow for employee self-service and further streamline HR. And, don’t forget about seemingly small perks such as dress down days, extra holiday days, early finishes, and edible treats in the office – they all make for a nicer place to work.
Keeping your employees happy at work will make for a more productive and profitable workplace.