Balancing Employee Pay, the Bottom Line and Employee Satisfaction
As if dealing with labor costs while tamping down turnover wasn't a challenge before, the COVID-19 pandemic presented a completely new set of problems.
Company leaders doing what is good for the business and decisions that make staff members happy are not mutually exclusive. This seeming contradiction can make obvious employee-related choices more challenging than they should be. Business leaders often receive overstated, anecdotal views into employee satisfaction. While some businesses use employee surveys to gauge satisfaction, they have a tendency to blend feedback into soupy clusters, which makes it difficult for executives to act on precise, representative data.
Ultimately, company leaders ought to obtain a balance between the good of the business and the satisfaction of workers. Compensation is a big part of that, but it isn’t the only part. Company leaders have many other levers that they can pull to ensure they people stay happy and productive.
The Limited Usefulness of Perks
Quite a few businesses have turned to steps like complimentary lunches and onsite fitness centers to support employee satisfaction. While these benefits can certainly improve employees' appreciation of their employer, they often don't speak to employees' engagement with their actual work, and thus, have a somewhat limited impact on happiness.
As opposed to depending on perks, senior managers ought to focus on creating supportive environments in which everybody has an opportunity to play a role in collective success. Making certain workers are empowered to solve problems on their own is a key first step. When folks can get involved in making decisions that directly affect their work, their feelings of ownership and engagement increase.
As opposed to being a special domain of top executives, decision-making procedures should be pushed as low as possible in the organization, with supervisors given the resources required to execute solutions. Also, customer feedback system can let workers to hear positive and constructive feedback specifically associated with their work. When done right, empowerment and transparency can cultivate pride and personal ownership within a company.
When people get the impression their career has plateaued, they see it as something people above them can resolve, however, company leaders cannot take responsibility to the development of individual employees.
That said, some company leaders are uniquely positioned to boost visibility for their staff members who might otherwise be anonymous to top executives. One major way to boost employee satisfaction is to showcase individual accomplishments to leaders in higher-level company meetings. In addition to giving valuable expose to top performing employees, these showcases are a great way for top executives to get to know and take advantage of the perspectives of people they do not regularly interact with in their course of their day.
We Can Help You Have an Engaged and Successful Workforce
At Quanta, we work intently with our clients to help them have engaged, productive employees, who also happen to be satisfied with their work. Please contact us today to find out how we can help your company.