While focusing on customer satisfaction is important to any business success, employee satisfaction is just as important. Many businesses fail to consider how satisfied their employees are with their positions and place of employment. When employees are not satisfied, the business can have expensively high turnover rates, insufficient staffing, and the inability to expand. These tips will ensure that you are valuing your employees and all of the hard work they do.
Implement an employee recognition program
An employee recognition program is one that takes notice of employees and their motivation and dedication to the business. About 86% of companies with employee recognition programs cite an increase in worker happiness. Most employees simply want to be recognized that they are doing a good job. This can come in the form of a bonus, words of appreciation, or even a plaque of appreciation. A plaque of appreciation gives them a physical item that they can hang in their office, extending the effects of the appreciation.
Design a bonus program
When money is involved, you will find that employees work harder than ever. The bonus does not even necessarily have to be cash itself, but something that is of cash value, such as a gift card or crystal thank you gifts. Some employees will also enjoy the idea of a fully paid for vacation or day at the spa. In a 2015 Psychometrics study, 58% of respondents said that leaders could improve employee engagement by giving recognition. The increased motivation will also help the business reach its sale goals.
Office holiday parties
Office holiday parties also show your employees that you care and they are a great way to celebrate. When you plan an office holiday party, you are providing your employees with a night of entertainment, free food and drinks, and in some cases, holiday gifts. You can also pass out plaques of appreciation at the annual holiday party. Most employees are satisfied with getting anything from their boss, including a plaque of appreciation or even the free party.
Don?t forget about your upper level management
Many employee recognition programs focus on lower level employees. While they are important to recognize, it is also important to appreciate your upper level management. Without good upper management, your business sales and the quality of the lower level employees are both affected. Giving out awards like 10 years service award and a 15 years service award show your appreciation for their time spent with the company. Upper management that stays in a position for a long time is a big deal today. The average CEO tenure has decreased from about 10 years in the 1990s to about 5.5 years today. Show them you appreciate their length of employment with the best boss award.
Show your appreciation in the benefits offered
In addition to an employee recognition program, it is important to always show appreciation of your employees with a strong benefits package. This will be crucial when hiring new employees and encouraging them to stay long enough to get a plaque of appreciation. Today, employees are looking at much more than pay when considering a new career position. They are looking at the whole package, including the benefits package.
Businesses often struggle with high turnover rates which can be expensive and waste valuable company time. One of the best ways to increase employee satisfaction and thus, reduce high turnover rates is to focus on employee recognition. Make sure you are showing your employees that you appreciate them and the work that they do for the company. Throw them holiday parties, offer great benefits packages, and utilize awards like plaques of appreciation.