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3 Ways To Enhance Job Satisfaction Beyond Giving Your Employees A Raise
Posted by Insightlink on 04/02/18
This year, a majority of private U.S. companies have or plan to give out raises averaging 4.3 percent to their best and brightest employees, according to PricewaterhouseCoopers. But not all companies are in a position to reward employees with monetary incentives this year, which, of course, could have an impact on employee retention.
However, there are some job perks that will make some consider working for less. In fact, more than 4 in 5 workers say they're willing to work for less if their employers offer some other form of compelling non-financial incentives, including long-term job security, flexible office hours and a management structure that emphasizes mentorship and a better career trajectory.
Here are three ways to boost employee job satisfaction beyond giving out raises.
1. Career Advancement Potential
These days, a significant number of employees are more interested in potentially securing long-term career advancement opportunities compared to a raise that may net them an extra $500 per paycheck. In fact, a Qualtrics survey found that 38 percent of millennials would take a pay cut between 6 percent and 12 percent in exchange for long-term job security.
Meantime, 30 percent of this same cohort say they would be willing to take a salary reduction in return for mentorship opportunities. Indeed, both requests reflect employees’ interest in career advancement opportunities, which outranks compensation and benefits as the biggest factor influencing employee satisfaction.
Mentorship programs are an easy way to offer employees opportunities for career trajectory. Meantime, certification programs and college tuition reimbursement are also some other positive ways to increase employee satisfaction. In fact, Cigna recently discovered that for every dollar the insurance carrier spent on its educational reimbursement program, it got back $1 and saved another $1.29 through reduced employee turnover and lowered recruiting costs.
2. Scheduling and Telecommuting Flexibility
Employees also value flexible options when it comes to when and where they work. In fact, 37 percent of all millennials are willing to take a salary cut in exchange for flexible work hours. The ability to work from home is also a compelling benefit for many workers.
Case in point: A Fractl survey of 2,000 U.S. workers found that when given the opportunity to choose between a higher-paying job and a lower-paying job with better benefits, 80 percent of workers would consider the latter if the job offered the opportunity to work from home.
3. Technology Perks
With 6 in 10 companies now encouraging workers to bring their own devices to work, offering technology perks can be another cost-efficient way to enhance employee job satisfaction.Offering mobile technology to workers can benefit your company as well as improve employee morale.
In fact, your company can streamline productivity even more through integrated company-supplied mobile devices featuring an automated phone directory service that routes, tracks and manages calls more efficiently, as successful companies like Verizon have done. Additionally, providing workers with mobile devices can help you enforce your security policy, ensuring all devices are configured for optimal security.
Providing some form of potential career advancement opportunities, scheduling and telecommuting flexibility and/or technology perks are three cost-efficient incentives you can offer employees to boost job satisfaction. Indeed, offering these incentives as an alternative to a raise can help employees stay more engaged, thereby reducing turnover rates and recruitment costs.
Insightlink Communications is a leader in full service employee surveys and offers a range of employee survey products and services to fit their client's needs. With over 18 years of experience, Insightlink's reputation has been built on giving organizations the knowledge they need to create effective change using their acclaimed employee research, analytics, benchmarking and survey methodologies. Insightlink's expertise in data collection reporting and analytics takes the pressure off organizations that find data overwhelming and daunting creating reports that are digestible and understandable, simple and easy to understand for organizations of any size and experience level.
For more information please contact us at 866-802-8095 ext 705 or visit our website here.
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AboutInsightlink Communications are experts in employee survey design, data collection and analysis. Since 2001 we've helped companies of all sizes measure and improve their employee satisfaction and engagement.
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