There is no doubt that job satisfaction will equate with the retention of employees. Turnover of employees and the process of having to replace them can be very costly to companies, as mush as 20 to 30 percent of an annual salary for a lower level employee to upwards 150 percent of what it costs to pay a mid-level employee per year. This is just to find someone to replace them. It’s even more mind blowing for a high level or specialized employee replacing them can cost a staggering 400 percent of what it costs the business to employ them per year.
So business owners should take vital steps to ramp up morale and satisfaction so they don’t have to replace employees very often, costing them money. The best advice is to communicate and know what employees like. Adding bonus incentives the employees can work for each quarter will motivate them. Some great ideas for this are festival passes, gas cards, restaurant cards, even an extra vacation day is something a hard working employee would be happy to get.
Make sure the company has a recognition program for accomplishments and employees who have gone above and beyond expectations. An announcement at a meeting or even so much as an entire office email praising an employee who just landed a big contract or stayed late to get a job done can go a long way. People love to feel appreciated and it will make them more inclined to stay with their jobs longer rather than looking for other opportunities.
Lastly, keeping employees informed of company happenings with a newsletter, or email reports makes them feel more a part of things than just another employee. Have time at the office meetings to allow employees to ask any questions they may have about the company.
Darius Fisher is the president of Status Labs, a top online reputation management firm, and he will speak at Impact15 on Sept. 23-25 in Las Vegas, Nevada. The topic he is speaking about is the internet, specifically google and what those search results mean to top level executives. Changing the results takes effort as well, and that will be touched on. Darius will speak not he importance of protecting and managing what the internet says about you.
Darius Fisher is a digital guru, and he offers great privacy tips and hints for the digital world. Even if you are not a public figure taking his advice could help you get a job or keep yours. Status Labs is the premier online reputation management, digital marketing, and public relations firm with offices in Austin, New York, and São Paulo.