Do You Know Which Factors Impact Employee Satisfaction?
Improve Employee Satisfaction by Being Intentional
Employee turnover is expensive, costing you approximately 20 percent of the position’s salary, and it’s costly to your company culture, too. Building employee satisfaction is an investment, too, but it’s not all about raises and other tangible perks.
Many of the factors that influence employee satisfaction are completely within your control, and you can start today. Here are some practices you can implement to help your employees stay engaged and positive:
Invest in your culture. Company culture plays a significant role in whether your employees will stay within the organization when they decide they are ready for a new set of challenges. A recent academic study confirms the idea that a strong company brand tends to keep employees on board.
How can you start building company culture? First, determine a few core values that you want to focus on, and what makes your company different from the competitors that might be after your best performers. Next, shape and gear everything you do in your company toward those values. For instance, if trust is a central theme, make sure employees experience it in their ability to do projects without a lot of unnecessary oversight from you and your managers.
The paycheck is still important. You hear a lot of employers and employees talking about work-life balance and company culture, but employees still want to receive competitive pay. When employees move positions, they receive a 5.2 percent pay increase on average. While it may not be the sole motivator for leaving, it’s definitely still part of the picture.
How do you determine whether you are contributing to employee satisfaction in this area? One way is to be sure that you understand what kinds of compensation your employees value. Do they want an increase in salary, or are they really more interested in a couple more days of vacation each year?
Don’t let employees stagnate. Depending on the size of your staff, you may easily lose track of how long employees have been in a position, but you can be sure that your employee knows. Stay current with employee development plans and encourage additional educational opportunities.
Implement the tools you need to be sure that employees are being transitioned to the right positions within your company. A behavioral assessment can help you establish benchmarks for your ideal candidate based on your current star performers and evaluate how a person will fare in a particular role.
To learn more about using a behavioral assessment to perfect your employee satisfaction strategy, talk to the experts at PI Consulting Group. With the PI System, we can help you choose the right candidate, align your current employees with their ideal role and train managers to identify the rewards that keep employee satisfaction high.