Your Employees Aren’t Just Looking For a Pay Raise
Employee satisfaction is one of the main factors that come into play when it comes to retaining talent. Many people in the workforce, particularly Millennials, are starting to focus more on qualitative aspects such as welfare and health benefits as compared to just looking out for an attractive pay package.
Clearly, there is value in motivation and recognition beyond financial compensation, and in this article, we share some tips on how to keep your employees satisfied.
Perks offer a better work-life balance
Work flexibility gives employees an opportunity to have a life outside of work, which has become an increasingly important trait that many value throughout the years. Not only does it allow employees to have time to pursue other activities and hobbies that are important to them, it also motivates them to be more productive at their day jobs.
Rise reports that although seemingly unimportant, giving employees more time to hit the gym or have a life outside of work showcases a deeper level of understanding and care for them. The results? Happy employees make for loyal ones.
Personal growth takes precedence over an increase in salary
Employees are constantly looking to value-add in both their personal lives and careers. For one, many are often looking for opportunities to grow at their job, allowing them to consistently learn through new challenges, opportunities, and training. Giving due recognition to your employees is important to keep them engaged and make them feel valued. A little appreciation goes a long way towards employee satisfaction, motivating them to work harder and better for the company, says Inc.
There’s no ‘one-size-fits-all’ solution
Companies need to find a good balance between monetary remuneration and fancy perks. Some employees may also value performance-based bonuses over novelty perks. Leaders need to assess their employee demographic and get to know them on a deeper level to understand and prioritise the perks that matter.
It is crucial to understand that nowadays, money isn’t always king. As individuals and employees evolve with time and their demands, it is important for businesses to be constantly and consistently evolving as well. A positive work environment and a strong team culture are also essential factors that contribute to employee satisfaction, says Mr Vincent Low, Senior Director & General Manager of Canon’s Business Imaging Solutions. A supportive and thriving workplace means more to your employees than all the novelty perks combined.
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