Retaining top talent is one of the biggest challenges for many businesses. Based on research conducted among 600 businesses with 50-500 employees, 63% of companies reported having more difficulty in employee retention than hiring. Losing and replacing an employee is costly too. To avoid facing these issues, business leaders should know how to make and keep their employees happy.
While it is not a guarantee that a happy employee will always choose to stay, a 2019 review of employees’ job satisfaction and its effects on their retention shows that companies that have supportive management/co-workers and an environment where people feel like meaning-makers are more likely to have engaged and committed employees and thus have higher employee retention rates. According to the Corporate Leadership Council, committed and engaged employees are 87% less likely to leave their current company.
Happy employees help businesses thrive. Research shows that happy employees are more productive and also translate to having happier customers. Chick-fil-A, for example, is known for its excellent customer service, and one of their main strategies to have the most polite employees is to invest in their people and their company culture.
Companies that pay attention to their employees’ happiness also perform 20% better than their competitors, and the list of benefits goes on. It’s definitely worth investing in your business’ most valuable asset: human capital. Read on for suggestions on how to keep your people happy at work.
Prioritize work-life balance.
An organization that puts its people first will prioritize the work-life balance of its employees. If you want your people to work at your company for a long time and be happy while doing so, then you need to support and promote a healthy work-life balance.
There are many things you can do to help your employees find and maintain a work balance that’s right for them. One of the things you can do is to offer flexible schedules to minimize burnout. For managers, you can focus more on productivity instead of the number of hours each person works. Encourage employees to take more breaks, and let them know that it’s okay to step away from their desk when they feel overwhelmed or stressed. Keep your break room comfortable and provide more compelling incentives such as free coffee or snacks.
To prevent burnout, make sure that your employees’ workloads are achievable. Make sure that they take their paid time off. As a leader, you should set an example for your team to follow; they should also see that you have a healthy work-life balance. Since every employee’s situation is different, it could help if you asked each employee how the company can help them achieve a better work-life balance.
With a healthier work-life balance, you will have happier and more productive employees. On top of that, your company will create a reputation for looking after its people and, as a result, will attract and retain top talent.
Make work more fulfilling.
To keep your employees happy, they must feel that what they do matters and that their work contributes to the success of your company. As a leader or manager, you need to make sure that your people fully understand the meaning behind the work they’re doing and how that contributes to the bigger picture.
Another thing you can do is provide opportunities where an employee can take on more responsibility. When people are stuck doing monotonous and easy tasks, boredom will kick in and they’ll become less motivated. Doing simple and routine tasks won’t help keep your employees happy in the long run.
Giving your employees more challenging tasks or more responsibility the longer they’ve been at the company will make them feel that their work is also becoming more valuable to the company. They’ll take pride in what they are doing, which will boost their morale. Do keep in mind that these challenging tasks should be achievable, and make sure that you provide adequate support and resources to your employees too.
Create a positive workplace culture.
Companies with a positive workplace culture have lower chances of facing issues related to stressed, unhappy or disgruntled employees. While money is just one element that can motivate employees, salary isn’t one of the top factors that affects on-the-job happiness. Even if the pay isn’t the best in the market, a strong company culture can keep employees happy and engaged.
A positive workplace culture is one where every employee is appreciated and recognized at work. Based on a survey conducted by BCG, appreciation at work ranked first among 26 factors of happiness on the job. Managers need to give genuine and consistent praise and recognition. Doing so will make your employees happy and keep them motivated to perform even better than they already are.
In creating a positive workplace culture, you must also be vigilant in the recruitment process. It’s important for potential hires to understand your purpose and what you believe as an organization. When finding new talent, other than their hard skills, also consider if they possess the human skills that can support and promote your company’s culture.
A positive workplace culture is a caring culture. When you create a caring culture, you will make and retain happy employees and customers. To forge this kind of workplace culture, you must identify what drives and motivates your people; be open and transparent; show empathy; offer meaningful work; and invest in building good relationships with your people.
Remember…
Happiness at work does not happen by chance: it’s created intentionally. As a leader, you can set the tone in your workplace. You have a huge influence on both employees’ and customers’ happiness. Sometimes all it takes is a good leader to create a level of happiness in employees to make them perform at their best and stay with their company longer.
In love and respect,
Hilary Corna
