Studies have consistently shown that employee compensation, although important, is not the primary factor that makes workers stay at a company. It’s not all about the money. In fact, some firms that provide stellar compensation packages suffer high turnover, low morale, and dwindling market share. Others - including smaller companies that may not offer tip-top benefit packages - maintain a loyal and dedicated workforce that regularly contributes to the company’s success. In fact, many studies show that happy workers provide more efficient production, better customer service, and greater innovation. They’re also less likely to quit or call in sick.
What factors could make your company a better place to work? Here are four keys.
Respect. Show employees that they matter by providing them with necessary training, acknowledging outstanding work, and creating a healthy and upbeat workplace.
Fairness. Treat employees equitably. This applies, of course, to hiring and promotion decisions, but might also include sharing the firm’s success through a structured bonus plan.
A sense of pride. Most people enjoy working with a team that accomplishes something significant. Create this type of work environment and you’ll foster company loyalty. Strive to make everything you do - and everyone you employ - an integral part of the firm’s mission.
Opportunities. No one looks forward to a dead-end job. Give your workers an adventure to anticipate. Find ways to expand their horizons. For example, you might provide cross-training to develop new skills or encourage innovation.
Even if you can’t offer the best compensation package on the planet, satisfied workers can help propel your company forward. And they’ll let their talented friends know that your company is a great place to work.
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