We are hearing a lot of talk in the industry about employee perks and how best to satisfy your workforce. We entered a phase of foosball tables and stocked kitchens, kegs in the office, and unlimited vacation. Perks are great, but there are some simple, concrete and conventional ways to satisfy employees for the long-term, long after the allure of beer and recreation wears off. Here are three elements to keeping your employees satisfied:
Organizational growth issues exist in some form at almost every company. There can often be a “chicken or the egg” mentality between two opposing factors that often lead to a scramble instead of a steady positive growth curve. Most companies blame this on external factors like funding, the market, or even a competitor move. However, new research from Bain & Company shows that most organizational growth issues actually stem from within the organization. According to the survey of 400 executives:
Merchants are constantly trying to figure out how to build customer loyalty. In an age of digital price comparison where Amazon and Walmart usually win the day, businesses are constantly trying to devise lasting strategies to ensure that they develop real customer loyalty and keep consumers coming back again and again. Few merchants realize customer loyalty often begins with employee satisfaction. When employees are satisfied at work and have a good relationship with their managers, they create the best experience possible for consumers, which in turn keeps consumers coming back.
If you knew 50% of your employees didn't feel like they were being paid fairly, would you make the necessary adjustments to ensure your employees felt fairly compensated? Would you want to ensure your employees felt like if they were doing a good job, they were getting paid for it? Seems fairly obvious that you would but, according to the 2014 Towers Watson Global Workforce study, only 40% of employees think their employer links performance and pay scale. These numbers are pretty staggering. It's time employers listen to employees regarding employee compensation before there is irreparable harm done to the employee employer relationship and retention rates decline. Employers, on the other hand, know that they are only doing a mediocre job communicating pay scale. Only 35% of employers think their employees understand how base pay is communicated. So, employers have a few options at their disposal to improve employee compensation issues: