- Research shows that companies that in their employees and workplace post better profits than those that don’t
- Fair pay and benefits, an open leadership model, and other strategies to improve your company culture
- Ensuring that your employees are engaged with their work is also a crucial factor
All employers want their employees to be hardworking and motivated in order to drive higher profits. But if a worker dreads going to work each day, how likely are they to give 100 percent in their daily efforts?
Several studies have linked employee satisfaction with the financial success of their company. Workers who like their managers and co-workers, and see a business as offering opportunities for career growth, are more likely to be happy in their role. This in turn can drive positive outcomes such as improved employee retention and productivity, lower absenteeism rates, better stock performance, and improved customer ratings, sales, and profits.
A satisfied workforce also makes your company more attractive to new hires. One analysis found that the companies listed on Fortune‘s list of the 100 best companies to work for hired employees at a rate five times higher than the national average.
Employers can help improve employee satisfaction by offering fair pay and benefits, including profit sharing to give workers more of a sense of ownership in the company; a leadership model that encourages managers to be accessible and open to employees’ ideas and concerns; and a relaxed office environment, including perks employees can enjoy when taking a break.
Employees who are satisfied with their workforce may not result in better financial outcomes if they are not engaged in their work. Employers can encourage better engagement by putting an emphasis on employee communications and hiring the best managers.
Investing in your employees can be a difficult choice for employers, since competitive pay and stellar benefits will be quite costly. However, it is well worth it to make this investment to help support the long-term success of your company.