The prime asset of any business is its employees and if you have a team of dedicated and skilled professionals you have already covered one step to make it to the list of fortune 500. Business productivity is directly proportional to your employee productivity. With that said, you must understand the importance of keeping your employees happy and satisfied.
Other than analyzing your business productivity and reviewing your employees’ performance, you need to be initiated and work on ensuring that your employees are positively willing to work for you. Here we list down 5 strategies what best companies follow to keep their employees happy:
- Challenging Work Environment
Too much monitoring and directing can offend an employee’s attitude towards his work. Today, the new race of ambitious and trained employees has come into the picture. Your employees are now adults they like to be treated like one and they now enjoy a more authoritative command over the tasks allotted to them. Give them the authority they demand along with an environment where they can polish their skills and have more room for innovation. Allow them to dare new challenges and keep them motivated.
- Incentives Are True Motivation
Profit sharing is undeniably the best motivation for your workforce. Companies that employ performance-based incentive plans are successfully able to motivate their employees to put in extra efforts in return for a handsome bonus. Pitching an idea of extra bonus based on some sales targets or task benchmarks can help you increase your business productivity and revenue. You can utilize the increased profit figures earned each month to distribute among your employees (based on their performance). An incentive plan helps you keep a performance track and your employees are also able to correlate their efforts with the compensations.
- Workers Compensation Program
If your firm involves field work with some risk of physical injury, you must offer workers compensation scheme. Workers compensation legal services allow a worker to claim insurance in case of an injury during the course of his work.
The workers compensation scheme is quite beneficial for an employee it helps cover the medical and travel expenses during the time of injury along with compensation payments during the loss of earnings. This insurance helps build trust between you and your employees.
- Split-dollar Life Insurance
A split-dollar life insurance is a way in which your employees can buy insurance at a lesser price than as an individual. In this scheme, you as an employer pay a certain percentage of the insurance premium for the insurance bought by your employee as a benefit from the company. It can be insurance bought by the employee for himself or his family, but the cost of insurance is split between the employee and the employer. This strategy helps you boost employee loyalty and hence your business productivity.
- Leisure Activities Are A Must
Gone are the days when the salary was the only factor that decided the loyalty of an employee. Today’s workforce requires a proper work-life balance with some flexibility in work. Your management should plan sufficient amount of leisure activities that could help your employees get an escape from the regular hectic work schedule. Your staff should enjoy working in your firm for which you must create a lively and comfortable workspace environment.
A good strategy would be to discuss the above points with your management team and see how you can implement these strategies for your organization to build a happy and dedicated workforce. With this, these strategies will also help you analyze the individual performance status of your employees and get out more returns from your workforce.