Happiness is essential in the workplace, as it is the root of employees' performance or underperformance. According to Michael C. Bush, the CEO of Great Place to Work, 40% of the world's workforce are unhappy with their job, which accounts for almost 2 billion people. That is a daunting number, especially when considering that unhappy employees can cost your business literally millions of dollars in loss of productivity or low retention; hence it is essential to look at this problem carefully and dissect what really makes an employee happy:
Is it the working environment? Friendly colleagues? Freedom? A nice boss? Great employee benefits?
Since all of the above are valid considerations, this article by Pacific Prime article will help analyze the best options and ways to create happiness in the workplace, thus improving your business's bottom line.
What do employees want?
Happiness in the workplace starts with the culture surrounding the organization. If the culture is welcoming to employees, in the sense that it gives them the freedom and ability to voice their opinions, then you already have a head start on keeping your employees happy. Therefore, a welcoming environment is vital to recruiting and retaining employees. Other factors that influence employee happiness include trust, open and mutual communication, as well as the right employee benefits, including pay and wellness.
Trust
Trust is a major factor that will help keep employees motivated and happy. Delegating them with important tasks will empower them and at the same time, allow them to believe that you trust them. Micromanaging an employee will do the exact opposite and will lead to a negative vibe around the workplace.
Listen to your employees
Listening does not mean nodding your head as the employee is voicing his opinion; neither does blindly agreeing with their point. Listening is when concerns or opinions are addressed and the action takes place. By doing this, you are telling your employees that they matter and that their voice does have power in the workplace.
Providing employees with benefits is a sign of appreciation and care, therefore it is important that you are doing it the right way. According to Pacific Prime's State of Health Insurance report, employee benefit plans are changing all over the world due to the need to retain and attract future employees. Staying on top of the latest trends, in this case, is important as it could mean the difference between a happy and healthy workplace, versus one that is the exact opposite.
Providing happiness in the workplace
Now that we have learned the needs of employees, it is time to consider the ways organizations can meet these needs:
Trust and fairness
Trust is the core element of any relationship, be it personal or work. There are several different ways to show employees that they are trusted, and one way is to delegate responsibility. Delegating important tasks is risky; however, it is the risk that brings forward the mutual trust.
Fairness, like trust, is essential to the workplace. Having any kind of biases will ruin the work environment and cause unhealthy competition within the group. Being unfair can harm the workplace as it takes away unity. Salesforce, an American tech company, is leading by example in terms of fairness. When it came to their CEO's realization that there was a gender pay gap within his company, he pumped in $3 million to help balance the gap. Salesforce is ranked first by Great Place to Work in terms of being the best place to work. Therefore, it can be seen that in the long run being fair and having a good company culture benefits the organization itself.
Flexible employee benefits plan and workplace wellness
Like the rapid changes occurring in the tech and science world, the employee benefits world is also experiencing quite a few changes. Nowadays, companies providing 'only' health insurance as their auxiliary benefits might find it challenging to retain their top talent. Companies are now taking time to carefully lay out decent employee benefits plans that follow the current workforce trends worldwide.
Flexible employee benefits
One of the most significant changes in employee benefits trends we have noticed is that companies are allowing employees to tailor their employee benefits plans to fit their needs. This may cost the company more and provide extra work for human resources; however, it is effective in terms of retaining and gaining talent.
Workplace wellness
Another trend we have noticed is the rise of wellness programs, which are becoming a popular way to provide a healthy and stress-free workplace. Workplace wellness programs may include the following activities:
- Exercise sessions
- Sabbatical leave
- Parental leave
- Mental health consultations
- Health check-ups
A well-designed wellness program increases employee engagement and at the same by providing a culture of health, has the potential to decrease a company's healthcare costs. Healthy employees see doctors less and take less sick leave days off - all leading to better performance, and ultimately, more stable and better results for your company.
Contact us
For expert advice on devising employee benefits plans, contact us today and our team of insurance advisors will help design and advise on the most ideal solutions. For more information, visit our website's ' Prime Guides' section to download our latest guides and reports - including the State of the Health Insurance Report and GDPR and Employee Benefits guide, among others.