Maintaining a consistently good workplace is more than just offering crazy employee perks. In fact, key practices aren’t that expensive. And they yield pretty amazing results. According to research from Great Place to Work, a workplace full of happy employees results in:
-3x the revenue growth
-50 percent less employee turnover
-Workplaces perform 3x better in the stock market
So, what are the key components of a great workplace? What empowers employees to stay in their jobs? Research shows that employees stay in jobs where they feel they’re making a difference and working on interesting and exciting projects — and they feel connected to the mission of the organization.
Benefits and incentives
Inclusive benefits and incentives include development opportunities, access to healthcare and performance bonuses.
Financial compensation
Payment for work completed provides security and stability. Pay raises for good performance is also a motivating factor.
Buying into the company mission and vision
Being part of something special goes beyond the company culture — the behavior of a company — although culture is important to employees too. Being a part of a collective mission taps into emotional connections; employees are motivated to be part of something that’s not only about making money, but also solving problems and providing top-notch service.
When an employee believes their work intersects with the company’s vision and mission, their job becomes that much more important. Work is no longer just work. Employees become emotionally invested, thus their work and the success of the company really matter.
Exciting work
Most employees want to grow in their careers, earn more money and take on more responsibility. Promoting from within your organization provides opportunities and growth, so people feel like they have a long-term future there. Working on interesting projects on a well-balanced team is motivating.
Managers who make employees feel valued, provide frequent feedback and offer clear expectations retain staff better than those who micromanage and offer vague, infrequent feedback.
Work-life balance
According to a survey from FlexJobs, when parents are considering a new job opportunity, they rank work flexibility as one of the most important factors.
By implementing flex schedules or telecommuting, you’re still able to ensure productivity while giving your team the freedom they need. Offer clear expectations and stay in communication by using programs like Slack. Keep track of completed projects and evaluate to understand the impact on the bottom line. Then, you’ll know how to move forward.
Career growth and development
Most employees want potential for advancement — as well as the opportunity to work on new and challenging projects while learning new skills. By offering webinars and lunch and learns or sponsoring attendance at conferences, you develop a culture of growth and learning. Tuition reimbursement programs that allow employees to achieve a degree or certification can also empower your employees to learn new skills and gain knowledge.
Mentorship
Empowering experienced team members to mentor new employees is a win for all. Mentorship makes the onboarding process for new employees easier, while also easing the process of transferring knowledge when long-term employees retire. Learning the job with a hands-on approach boosts retention and enhances customer service.
Feeling valued and recognized
Productive employees want to be recognized for their contributions. Show them that their talents and skills are valued at all levels of the company, especially leadership. This mutual respect strengthens the bond between employees and the company as a whole.
Promote open and direct communication
Promote open communication between employees and management by being open and transparent. When leadership shows that they are available and ready to listen, employees notice. Articulate goals and responsibilities so everyone is moving towards one common goal. A few other tips? Schedule regular check-ins and meetings, send out an internal newsletter, and encourage video conferencing for remote employees.
By offering ongoing learning opportunities, encouraging mentorship and promoting open and direct communication, your business will see revenue growth, less turnover and better overall company performance.