What Employees and Employers Really Value at Work
Several million workers worldwide quit their jobs every month, costing their organizations time and money. The solution? Engaging employees and creating a better place to work, discusses Patrick Ahern, VP of Client Success at Reward Gateway.
With low unemployment and a good market for job opportunities, today’s employees are on the move more than ever before. According to a recent Job Openings and Labor Turnover Survey (JOLTS) from the Bureau of Labor Statistics (BLS), over 3.5 million Americans quit their jobs every month. This is an alarming statistic considering how much it costs from a monetary and productivity standpoint to train a new employee. On average, it costs small businesses about $1,200 to train a new hire and takes eight to 26 weeks for that person to achieve full productivity.
With this in mind, businesses should be motivated to keep their best employees, and the best way to do that is by keeping them engaged. Engagement is integral to business success, and healthy workplace cultures that foster growth and community can keep employees invested in a company’s mission. An environment built on shared values, healthy communication, and collaboration is what all employers should strive to achieve. With that said, employers and employees are not always aligned when it comes to what they want from their work. Take the below infographic, for example, as to what employees and employers value at work.
So, how can employers look at their businesses holistically to come up with solutions that will keep their top talent invested in their company’s mission?
First, businesses need to define their employee value proposition (EVP) to build long-term success. An EVP is what makes an organization stand out above competitors. For example, if a strong candidate was offered a job at two organizations, what would compel them to choose your offer over the other one? Is it their link to the purpose, mission, and values of your organization? Is it the way you recognize and reward achievers, providing them with opportunities to grow and progress in their careers? Perhaps it’s the compensation package or creative perks you offer to your people.
Learn More: Want to Lower Your Attrition Rate? Engage Your Employees
Because each person will value different things, improving and strengthening EVP is essential to attracting and retaining engaged and productive employees. The recognition reflects and embeds a company’s culture and shines a spotlight on the most impactful individuals and teams while making it clear to new starters what success looks like.
By rewarding people based on a value system, employers can continually communicate and reinforce the company’s purpose, while talking to employees on how to arrive at success. A recent study showed that more than 90 percent of HR professionals agree that having a sufficient employee reward and recognition program has a positive effect on retention, and nearly the same amount agree that recognition drives business results.
Once you’ve defined your value proposition, and begin implementing a system that puts people first, the challenge is maintaining those systems in place to ensure that your people are getting the most out of their opportunities. To keep employees connected, employers must look at reward and recognition strategies and decide what makes the most sense for their employee base. Then, they must continuously reinforce those tactics through the appropriate channels.
Learn More: 10 Simple Employee Engagement Techniques for the Long Run
One way to recognize employees is by creating spaces and opportunities for people to connect digitally. This may mean investing in tools that enable more video conference calls, instant messages, or blogs that are written and published by people within the business. Additionally, employers can also introduce a peer-to-peer recognition and reward program with a rolling social recognition wall that displays accomplishments in real-time. Seeing the everyday success celebrated makes remote employees feel visible and valued, and encourages interaction by enabling employees to react to and comment on ecards and awards. Finally, using your HR platforms as opportunities to showcase and strengthen your brand provides a more engaging and impactful experience for your people. Where possible, create a one-stop-shop where people can access all the tools you’ve invested in to stand out as a great place to work, like voluntary benefits, communications, recognition, and more.
Ultimately, what works for one organization might not work for another. It takes time to understand what your employees need and value. It takes even more time to build a system designed to accurately keep them engaged and connected to your company’s purpose. Creating an environment where workers are motivated and involved will help you stand out as a great place to work and achieve your business objectives.
