A review of the nation’s top employers as listed by major publications like Forbes Magazine and CNN Money reveals a few similarities between the best ranked contenders. Of course some of these are salary-related, but there are plenty of other factors that can win valuable employee loyalty and earn your company a coveted spot on the list.
What do employees value most? Consider some of these factors. Recognize that many of them can be inexpensive to provide, but can pay off enormously by reducing turnover and attracting the interest of high quality applicants.
There are few things that employees cherish more than flexibility. Since time often exceeds money in terms of personal value, demonstrating a flexible approach to an employee’s time shows respect for that time and respect for the employee as a person. Studies show that employees with flexible schedules often voluntarily put in more hours of focused work during a five day week that those who are required to maintain rigid schedules. There are several possible reasons for this, but the benefits for the employer are twofold: allowing employees to adjust their hours or work from home occasionally can increase productivity and also generate valuable loyalty.
If you can’t increase pay rates, it’s always a good idea to review your benefits, especially health insurance benefits, and make improvements if possible. Many of the companies at the top of the list pay at or close to 100 percent of their employee’s premium costs. Employees also give high marks and show strong dedication to companies with nearby or onsite day-care facilities.
A high percentage of women
Interestingly, many of the companies that rank consistently high on employee surveys maintain a well-balanced gender ratio. If the number of women in the office reaches or exceeds fifty percent, employees of both genders seem happier. The exact reasons are unclear, but with more women in the office, turnover seems to drop and loyalty appears to increase. A similar effect can be noted among offices with high cultural diversity.
Before opening an office or branch in a new location, conduct thorough research, and don’t underestimate the impact of a livable location on employee satisfaction.
A serious emphasis on company culture
In many cases, employees will happily accept lower salaries in exchange for a work environment that’s stimulating, supportive, and offers room for growth. Maintaining a positive company culture often falls to managers, who can have a powerful impact on your bottom line if they demonstrate strong social skills and positive, goal-oriented leadership.
If you’re interested in furthering your education on what you can do to compete with top employers, feel free to contact us for more information.