Upholding employee satisfaction has proven to be a key element in the formula for reducing employee turnover. Employers conventionally believe that offering competitive pay and strong benefits incentivizes workers and rewards them for their effort.
Over the course of time, employees’ desires and demands have evolved to the point where it may be challenging for companies to keep up. In order to attract and retain top talent, employers need to understand what employees desire from a company.
What Benefits do Employees Value the Most?
Employees expect a lot more than just the monthly salary. Apart from the paycheck, they also value the following -
Company Culture and Mission - Culture helps inform employees what types of behaviors are acceptable, how they can positively impact the organization, and what level of performance is expected throughout the company. People are in pursuit of a healthy culture with respectable values that they can adhere to. Having an intentional culture that is lived out in the workplace will help in attracting and retaining the right employees.
Approachable Leadership -People do not leave companies, they leave bosses. An approachable leadership, at all levels, binds the team towards a common goal. An approachable leadership allows and even encourages employees to talk with their managers about everything from work issues to future career plans. The role an approachable leadership plays is vital as it helps communicate the desires and principles of the company to the employees in a respectable manner.
Opportunity to Grow in the Workplace - Employees today also value the opportunity to develop and grow – maybe even beyond the role they were hired for. For employees to thrive, they need challenging opportunities and roles where they can use and improve their skills. People feel motivated and honored when their company invests in their growth. It is essential to view employees with respect to their talents and allow them to grow by experiencing new opportunities in the workplace.
Working with a Purpose - Modern-day employees desire to work with a purpose. Many employees would be willing to give up all conveniences in exchange for fulfilling work. A sense of purpose is needed for employees to connect with their work and their company. With a sense of purpose, employee motivation, productivity & morale get boosted with overall job satisfaction.
Flexibility for Balancing Work and Life - Flexibility at work for balancing professional and personal lives is another key feature of today’s employee’s value above salary. The stiff nine-to-five workday regime has become increasingly outdated and fails to grab the attention of the employees of today. Having a more flexible work regime that allows employees to balance their professional and personal lives also respects their mental well-being and reduces workplace stress which further allows them to perform better in the workplace.
Recognition – Every individual wants to be recognized for superlative performance, and within the workplace, this can be even more valuable. This desire is so strong, workers are twice as likely to quit within the next year if they feel their work hasn’t been recognized. Acknowledging the effort and value behind an employee’s work is imperative to help them feel valued. This recognition also contributes to their confidence which helps them perform better.
Quality healthcare is the benefit that employees value the most. With workplace wellness initiatives that employers can show employees that they truly care about their health and well-being. All employees have the desire to be treated as human beings, not as mechanical robots.
While it is understood that attractive benefits and competitive pay are significant factors into an employee’s decision to join a company, there are several other overlooked desires that are paramount. For an employee to feel truly satisfied, they must feel respected by their employers and must empowered in both facets of their lives – professional and personal. These features will drive better employee satisfaction, not a paycheck.