More Than Money – Are You Investing in Your Employees?
18th June 2018
It might surprise you to learn that not every employee cites their salary as the most important factor at work. In fact, around only one in ten people say that money comes first when it comes to their job, with the rest rating job satisfaction, company culture and good working relationships more highly.
Even more surprisingly, this preference for a pleasant working environment led more than 50% of employees in the UK to claim that they’d rather earn less than work somewhere where they weren’t happy – even if it meant a big increase in salary.
So it’s good news for companies who are unable to throw money at top talent to keep them but is it worth investing in other areas of the business? Well, yes. Your staff talk and if the majority of your employees are having a miserable time at work, you can bet your bottom dollar they’re going to be telling everyone about it! Likewise, if you’re a great place to work, they’ll also be spreading the news – in turn helping to create brand or business awareness and attract quality candidates.
In addition, research carried out by the University of Warwick found that employees who are happier are more engaged – and are 12% more productive than those who aren’t. The obvious takeaway from this is that making sure your people are happy could have a real positive effect on your bottom line.
So how can you ensure your staff are committed to your company from the get-go? When a new member of staff joins you, of course training is a big part of their induction, but onboarding is also important. Ways you can ensure recent hires feel appreciated from their very first day include presenting them with a company handbook that will answer any questions they might have. There’s nothing worse than feeling disorientated and while it’s inevitable when starting a new job, you should do all you can to help minimize it.
Making sure your new hire understands company policies, their role within the company, and how they impact on their team and other departments is crucial (you can see more in our onboarding checklist here). A way of doing this could be to have new people shadow a more experienced employee for a few days, or spend time in other departments. They’ll see the firm’s ‘bigger picture’ and understand how they fit into the business as a whole.
When it comes to employee wellbeing and company culture, the obvious route to go down is providing either full or subsidized gym memberships for people, or allowing them to take time out for exercise. Or why not invest in team building – through traditional corporate days out, or even community or charity projects? And never underestimate the bonding power of the occasional happy hour!
Connections between individual employees and teams can be forged through (paid-for) team lunches or via one on ones consisting of the new team member and a more experienced one.
After all, the happier your workplace, the more likely you are to attract and retain top talent, resulting in a happier and more successful business.