Many people are concerned about the high turnover rates in the workforce, especially for companies that have to spend a lot of time and resources training new employees. However, there is good news! According to a study by Gallup, one-third of employees feel engaged at their company. What keeps these employees happy? How can you make your employee retention rate higher? Check out this list of top five reasons why employees stay with their company.
#1 Higher pay
According to the study by Gallup, compensation was listed as an important factor that motivates employees. As long as your company meets their basic needs like providing food and shelter, money is a great way to get them engaged in their work. When they feel valued through higher pay, many employees are more likely to stay with their company.
#2 Good work/life balance
The study also showed that employees who have a good work/life balance are more likely to be engaged in their job. This means that they feel like they can leave work at work and enjoy their time outside of the office. When employees feel like they can take a break without having to worry about their job, they are more likely to stay with their companies.
Work/life balance and flexible work schedules are also important for employees who want to stay on with their companies longer. Having to time off or being able to change your schedule will help reduce stress levels which can be very beneficial in keeping employees engaged in their jobs as well as reducing turnover rates within an organization. For example, Google offers many benefits including free gourmet food, subsidized massages, and gym memberships; all of which contribute to employees having work/life balance.
#3 Job security
Having a safe and secure job is also important for employees who want to feel like they can work without worrying about losing it. If an employee knows that there will always be opportunities within the company, then he or she will know that there isn’t a risk of losing their job. This can make them feel more valued and happy with the company they work for, which will increase retention rates.
One of the top reasons why employees stay with their company is because they feel like they have job stability. A study conducted by Career Builder showed that more than half of the workers surveyed (57 percent) said that if their employer suddenly disappeared, they would find another similar position at a different business right away.
#4 Strong leadership
A strong leader is also important for employee retention because employees want to know that they are working under an effective manager who knows what he or she is doing. If there isn’t good leadership within the company, then employees are more likely to feel like they cannot trust their leaders and will want to look for another job where they can be under a manager who is effective.
#5 A fun work environment
Finally, it has been shown that having a good work environment is important in keeping your staff happy. If you want them to stay with your company, then they need to enjoy their time working there. This means that you should avoid strict rules and policies as much as possible because those types of environments can feel like a prison rather than an enjoyable work environment for employees.
People want to be appreciated for the good they do, and a great way is to provide them with a comfortable place to work. Having an office that offers employees flexibility in terms of schedules will make many feel at home. Creating areas where people can engage socially on their breaks also contributes to worker satisfaction.
Conclusion
The most important factors that keep employees happy and engaged in their company are a good work/life balance, job security, strong leadership, and an enjoyable environment. However, you don’t always need to offer these things to your workers if they’re still productive with what’s currently available. That’s why it’s important to note that the most important thing is to hire people who are a good fit for your organization.