Business problems and customer dissatisfaction can often be traced back to an internal company problem stemming from employee dissatisfaction.
Whether it’s a disgruntled employee or just an honest mistake, numbers show that unhappiness within a company can produce frowns on the faces of your customers. According to a white paper report by the global management consulting firm Hay Group, companies with engaged employees are able to generate 2.5 times the revenue growth than companies with low engagement. At a time when many industries are making technologically spurred transitions, it is becoming more important than ever for businesses to truly understand the people that ultimately allow them to keep their lights on.
“As the world goes through change, we need to get closer to our people than ever before,” said Keith Astill, divisional director of corporate human resources at Nationwide, in a report published by the Hay Group.
He and other experts from around the world agree keeping a company’s employees happy should be high on the list of priorities. There are many key strategies proven to keep your company workers – and through them, your customers – happy. Here are few noteworthy tips:
Happy employees are motivated; and motivated employees make company goals come true.
1. Employees want purpose in their work
While money will always be a prime motivator, workers want more from their daily routine than simply chasing a dollar. While offering a talented employee a competitive compensation package may be what initially convinces them to join your family, it will be meaningful work and the feeling that they are truly making a difference to the mission of the company that keeps them motivated in the long run.
“The motivation comes from … the challenge of the work, the purpose of the work, the opportunity to learn [and] the opportunity to contribute,” said Leonard Glick, senior academic specialist and executive professor of management and organizational development at Northeastern University, to Forbes.
“Money will always be a prime motivator, but workers want more than simply chasing a dollar.”
2. Employees need to be informed
Upper management has a tendency to stay silent about strategies until the eleventh hour. When a sales team is kept informed about new projects, policies and products set to roll out, they have the opportunity to get excited about the company’s overall mission. Glick pointed out to Forbes that when executives spread the word from on high, it gives everyone a better idea of what direction the company is headed, and their individual role in making the big dream a reality.
3. Employees want to be appreciated
People need recognition for their work. According to QualityDigest, one of the best ways to motivate your employees is to give them periodic praise based on their performance. The more specific the praise, the better. A simple “You’re doing OK” may not quite count, according to QualityDigest.
Actions often speak louder than words, however, and when employees continue high performance trends and good work ethic, compensation bonuses may become part of the discussion. If an employee is properly informed about the possibility of short- and long-term compensation benefits, most are happier and more motivated on a day-to-day basis. One of the best ways to keep employees informed and show them a roadmap for all they can accomplish is the use of compensation management software.
Compensation management software is a tool managers of all kinds use to help them organize their daily duties and implement incentive compensation management. With a tidy digital solution, companies can easily establish individualized plans that will allow each employee to track their specific compensation metrics. This can make the task of managing easier and faster, while simultaneously motivating sales teams to achieve top performance, and provide your company peak revenue and overall employee satisfaction.