The relationship between employees and employers has undergone a significant transformation in recent times. Employees now seek more from their employers than just a salary and conventional benefits, while employers look for loyalty and enhanced productivity from their employees.
To foster a positive work environment that prioritizes financial stability, wellness, and inclusivity, it is crucial to understand the key elements of attracting and retaining employees.
Employees today want to bring their true selves to work and be supported, respected, and motivated by their leaders. The pandemic has been tough on everyone, and employees don't want to add stress from work to their list of worries.
As workers search for a company with a modern culture and comprehensive benefits, employers must compete to attract and retain top talent. The ability to create a supportive and inspiring work environment is crucial in this competition.
"84% of employers acknowledge the importance of delivering a positive employee experience, yet only 9% believe they are ready to address this issue."
- 2019 Deloitte Global Human Capital Trends Report
Here are three core secrets to help you win the hearts and minds of your existing employees.
Keep the intrinsic and extrinsic motivators in check
Employers who believe that a competitive salary and standard work benefits are enough to keep their employees motivated are in for a surprise. According to a study by McKinsey, intrinsic factors such as autonomy, mastery, and purpose are just as important in motivating employees. When employees feel like they are part of a larger mission and have a sense of purpose at work, they perform their duties with more zeal and dedication.
Intrinsic motivators such as autonomy, mastery, and purpose make employees feel trusted, valued, and supported. Autonomy empowers employees to have greater control over their work, while mastery helps them improve their skills and confidence over time. When employees are trusted with projects and given the freedom to manage them from start to finish, they are more likely to succeed. Employers who prioritize their employees' internal motivation levels tend to have a more loyal and dedicated workforce.
External motivators, such as salaries, incentives, retirement plans, and team-building activities, also play a role in motivating employees. They provide the external satisfaction employees seek and help them make smart financial decisions. Although external motivators are short-lived, they do help build relationships between employees and employers.
In conclusion, by focusing on intrinsic and extrinsic motivators, employers can foster a culture of trust, support, and encouragement for their employees.
Revamp your Wellness Packages
While many companies are making efforts to support their employees post-pandemic, some still overlook the importance of comprehensive wellness programs. While salaries, 401(k) plans, and health insurance are attractive and provide extrinsic motivation, employers can still provide value to their employees at a low cost.
The increasing demand for early access to earnings reveals a shift in how employees want to receive their pay. With over half of the US workforce living paycheck to paycheck, it is understandable for employees to want access to their earnings on a daily basis to handle unexpected financial emergencies.
To meet this new demand, solutions such as on-demand pay have emerged, allowing employees to access their earnings after each shift instead of waiting until payday.
For employers facing difficulties in retaining talent, on-demand pay offers a solution with minimal effort and cost. It can be easily integrated into existing systems without affecting cash flow or increasing workload, creating a beneficial outcome for all parties involved.
Healthy work culture always wins
A focus on maintaining a healthy work culture can lead to success for companies. The definition of what constitutes a healthy work environment has evolved along with changes in perspectives and employee needs.
Effective organizations communicate with their employees, fostering open and honest feedback. Clear and frequent communication, with attention to both frequency and tone, is now considered an essential aspect of a healthy work culture. By actively listening to and acknowledging employees' perspectives, organizations can create a sense of being seen, heard, and supported.
In addition to clear communication, employers should demonstrate their gratitude for employees in tangible ways. Simple acts such as sending personalized thank-you notes or gift certificates can have a significant impact on maintaining a positive work culture.
A healthy work culture values and supports each employee, fostering a sense of belonging and trust. In this environment, employees are empowered to learn, grow, and contribute to the team while their intrinsic and extrinsic needs are met.
Have you won your employees already?
The current trend of mass resignations and intense competition for top talent has made it imperative for companies to maintain a balance in their employee wellness programs and work environment. Some organizations have achieved this balance by offering a comprehensive wellness package and a toxic-free work culture that addresses both the intrinsic and extrinsic motivations of their employees.
The benefits of this approach are clear: higher productivity, improved talent retention, and positive word-of-mouth promotion from employees. Companies must adapt their workplace practices to keep up with evolving work cultures and stay ahead of the game.
So, what are you doing to win your employees? Let us know in the comments.