Nearly 4 out of 10 employees, at any given point, have a less than positive experience in terms of how they are led, inspired, rewarded, recognized, developed, and enabled – Ken Oehler, Global Culture & Engagement Practice Leader at AON.
The world has changed, and the metamorphosis continues. We inhabit a digital era. The meaning of interaction today at workplaces is emails, files, and telephone calls, for most of the millennials. So, what happens to employee engagement and satisfaction?
Did you know?
- 58% of the employees say that they don’t trust the leadership of their company. (HBR survey)
- People don’t quit companies. It’s the bosses. 79% cited lack of appreciation as the reason for leaving. (Global Studies)
- 88% of employees feel a distinct workplace culture is important for organizational success. (Deloitte)
- Nearly 4 out of 10 employees, at any given point, have a less than positive experience in terms of how they are led, inspired, rewarded, recognized, developed, and enabled.” – Ken Oehler, Global Culture & Engagement Practice Leader at AON.
- 5% of employees report feeling not engaged, while 16.5% are actively disengaged. (Gallup). You must read the ways to identify disenaged people in the workplace.
- 26% of the employees are dissatisfied with their jobs, 66% who are satisfied are still open to new employment. (Jobvite)
- 1 in 4 employees would quit their job if given a 10% raise somewhere else. (TINYpulse)
Harvard conducted a study about what employees want from their workplaces and the results were astonishing. Companies, these days, spend huge sums of money to make their workplaces attractive for their employees. However, this was proven to be a waste of resources. What employees strived for were the basic facilities like better air quality and proper lights over perks like onsite gyms.
Surprisingly, according to the study, what interested them most were the basics.
Listed below are the findings:
It was found that employees who are satisfied with their work environment are-
- 16% more productive,
- 18% more likely to stay,
- 30% more attracted to their company over competitors.
So what does employee-centric precisely entail?
In simple words, employee-centric workplaces are designed keeping in mind the need of the employees. It’s not just customers that make a business profitable. Employee centric workplaces focus on the human aspect of human resources. It is where employees are honoured and taken care of.
Let’s look at what does a high attrition rate does to your company? Replacing employees is costly. According to ere media,
- It costs about 30-50% of their annual salary to replace an entry-level employee.
- 150% to replace a mid-level employee.
- 400% to replace a high-level/specialized employee.
Benefits of the employee-centric workplace:
- Employees are more engaged and committed when they know the company cares about them more than the profit margins.
- Boosts productivity.
- Reduces absenteeism, presentism, and attrition rate for the company.
- Higher customer satisfaction.
- Lower turnover rate.
- Higher profits.
- Augments growth.
- It’s a win-win for all stakeholders.
HR Steps to Improve the Well-Being of the Employees:
Listed below are a few steps the company HR can take to improve the overall well-being of the employees
- Find out what they need, and not your version of what they want as demonstrated in the study by Harvard.
- Wellness isn’t a standalone concept, it encompasses all the facets like emotional, mental, and physical wellbeing. So focus on everything like access to cleaner air, outdoor light, temperature control, comfortable acoustics, etc.
- Help them feel connected to the cause of the company as happiness and engagement go hand in hand.
- Let them personalize their workspaces as employees spent most of their day at their work station, and it would help them feel connected to the environment around them.
- It’s very important to be acknowledged for the efforts you put in for healthy engagement. Lack of employee appreciation and reward has been one of the major causes of employees quitting from their jobs.
- Communication is the keystone of any successful relationship. Transparent communication help strengthens trust, a key element for any organization. According to a study, 93% of the employees say trusting their superior is essential for their overall happiness at the workplace.
- Let your employees connect to the cause of the company. A study by Glassdoor stated that 75% of employees aged 18-34, expect their companies to take a stand on important social issues.
A meal together, healthy communication, a strong cause, suitable facility, and embracing the differences might go a long way in keeping your work culture healthy and sound. Satisfied employees make for content customers, and consequently a sound business.
Sources used to collect the data in this article: