Studies show that turnover costs are astronomically high. In fact, employee turnover costs can range from 30% to 400% of an employee’s annual salary to replace. If employers did their best to improve the happiness of their employees, they would keep more money in their pockets.
However, the benefits of a happy workplace go beyond direct financial gains. Being in a positive work environment does wonders for our mental health and physical wellbeing. If you want to see your staff transform into their better selves, try the following 5 ideas in your workplace.
How to Keep Employees Healthy and Happy
Employers don’t need to pay their staff more to see a change in morale (but it helps). There are other things you can do to keep employees healthy and happy every single day.
Prioritize Work-Life Balance and Flexibility
Work-life balance is all about giving your employees control over their free time. If work hours are between 9 AM to 5 PM, they shouldn’t be required to do more unless they’re being paid overtime. Staying after work hours shouldn’t be encouraged either verbally or through benefits.
For example, an employee may feel pressured to work late if they saw their other coworker get a promotion because they were available on weekends. Give your employees time to detach from work and allow them to say “no” to extra work if they’re overwhelmed or need training.
Share Tips, Awards, and Rewards Fairly
Feedback is essential for your employees because it acknowledges their hard work and encourages them to be better. Awards and other rewards should be given to employees when they improve or exceed expectations. Make sure these awards are accessible to everyone.
If you work in an industry with a tipping culture, be sure to divvy up the tips fairly. In the US, servers, and bartenders are paid less than minimum wage and should receive 90-100% of the check’s tip. By making tipping fun and engaging with jar slogans, staff could make more money.
Be Transparent, Honest, and Thankful
Without employees, you can’t run a business, but they’re often left out of key business decisions that affect them. If your employees see that you’re adopting automation, they may be afraid of losing their jobs. Even if they are, it’s vital that you keep them informed to reduce stress levels.
Always remember that transparency is a two-way street. Your employees should be able to speak to you about an issue without worrying they’ll be reprimanded or fired. Happy employees feel appreciated and heard. They’re also more likely to trust their employers and managers.
Offer Health Benefits Beyond the Basics
From purchasing an extra level of life insurance to offering ancillary benefits like dental, optical, or wellness, employees appreciate when their employers go above and beyond. However, it isn’t all about insurance. You should also provide other perks, like gym or yoga memberships.
Retirement planning, paid vacations, performance bonuses, learning stipends, and commuter assistance should also be considered if you have the cash flow. Don’t forget about your remote workers, as they’ll enjoy participating in trivia night or a virtual class on a Friday afternoon.
Encourage Growth and Career Success
Lack of career growth is a big reason why employees leave. It’s discouraging to feel stuck in the same position without any means to move into something better. Employers should consider training their own staff to fill in for managerial or other skilled roles, as it can boost morale.
But it isn’t enough just to train your employees; you also have to set a clear path for them. If your employees know they need a certificate or a year of relevant experience to move into another role, they’ll understand what they need to do now if they want to excel at your startup.