We all naturally understand that employees who are happy and engaged are a company’s best assets. Happy talent tends to be more productive and create a better working atmosphere for their colleagues.
Research over the past few decades continues to support the belief that talents who feel happier at work have both a subjective value as well as an objective monetary value to an organisation. They are both intellectually and emotionally committed to the company, and are more willing to invest extra time and effort to see it succeed. Unfortunately, in Hong Kong, jobsDB Laws of Attraction found that only 23% of job seekers surveyed feel ‘very happy’ or ‘happy’ with their existing employers.
Among the 20 industries surveyed, insurance, internet and start-up, education and training, engineering, and banking and financial services feel the most satisfied with their employers, with ‘Work-life balance’ and ‘Career Development Opportunities’ being two of the main factors for joining a company.
In terms of employee age-group, Generation Z aged 18 to 23 (26%) and Millennials aged 24 to 34 (24%) are, on average, happier with their employers than Generation X aged 35 to 54 (21%) and baby boomers aged 55 to 64 (21%). In particular, the latter two groups believe that ‘Colleagues/co-workers’ is the third most important factor that should not be ignored by employers.
While salary has always been important to employees, the change in generations coming into the workforce today has brought a tangible shift in the requirements of employees. Retaining talent nowadays relies on other non-monetary factors, which are a key role in job satisfaction.
Four ways to keep employees happy and attract new talent include:
- Protect their work-life balance
In this digital age, it is easier than ever to communicate with anyone at any time. However, it is also more difficult than ever to keep work and personal lives separate. As much as possible, employers should avoid contacting their staff outside of work hours, as this can cause employees to feel overwhelmed and resentful about their lack of personal time.
Flexible work policies, such as variable hours, arrangements and remote work, are also preferred, as they help employees manage life’s demands. Some employers have even set rules that bar emails from being sent or actioned outside of work hours. Others have implemented flexible working hours that allow staff to choose whether to work at home or in the office. These are having massive positive effects on staff morale and welfare. Dan Schawbel, Research Director, Future Workplace, said, “35 percent of employees want more flexible schedules and 46 percent of employees say that flexibility is the most important aspect when looking for a new job.”
- Set a clear career roadmap
Employees who do not think their career is progressing will often change jobs or lose motivation to perform to the best of their abilities. By offering an upward career roadmap, employers can help staff members take ownership of their careers. Knowing their hard work is leading somewhere is crucial for job satisfaction. Career movement does not always have to be upward or permanent. Offering staff the chance to work in another department or at a different location for a fixed period can also have positive benefits. The talent gains experience and feels valued, while the company gains someone who has more strings to their bow.
Employers should also conduct performance reviews and offer constructive feedback more frequently to address any immediate issues effectively before they become bigger problems. Feedback should be two-way, which means offering the opportunity for the staff member to react to feedback as well as offer their own views on their company and management. It does not need to be combative and can actually facilitate a useful dialogue fostering fresh ideas.
- Recognise your employees’ achievements
Recognition boosts positivity and motivation in the workplace. Employers should applaud the achievements of employees and show appreciation by thanking them, whether by email or by praising them publicly at a company meeting. It is also important to recognise that doing their job well is something that the company cares about. Impromptu small gifts or unplanned early finishes can boost a team’s spirits. It is also recommended to reward high-performing employees with gift vouchers or extra days of leave.
- Promote an open culture
Transparency is essential as it fosters trust and creates an open company culture. Different departments benefit from know what the other is doing. Openness encourages more honesty and integration. Employees value company cultures where news and updates, both good and bad, are shared with honesty and conviction in a timely manner. Encourage multi-generational interaction, reverse-mentoring and information sharing.
The information gap between top-level management and the rest of the staff is often an issue of contention, so employers are encouraged to pass information down the chain more efficiently and keep communication flowing both ways. Not sharing information or keeping teams up-to-date can be seen as secretive or disrespectful. Meetings are important; not too many, but well-structured and useful.
Overall, whilst good pay and benefits are crucial to the recruitment and retention of the best staff, it is also important to remember what motivates humans on a day to day basis. Remember that all staff members have a life outside of work, which can be just as important—or more so—than their careers. Reward staff regularly, keep them informed and be flexible. Your company will benefit from the long term gains of good people management.
Paul Arkwright
Publisher
