What Really Makes Your Employees Happy?
When it comes to employee satisfaction, America’s employers have some work to do. Only six out of ten workers polled say that their employers are providing benefits that meet their personal and household needs, according to MetLife’s 2023 U.S. Employee Benefit Trends Study. In contrast, 83 percent of employers surveyed think their workers are happy with their benefits. Are you one of these misinformed business owners?
When your people are content, everybody wins.
The report also reveals that 58 percent of employees surveyed feel they are well taken care of by their employers. While that's hardly an impressive rate, there's a positive story within it: Among these contented workers:
- 92 percent will be inclined to feel more engaged
- 65 percent are likely to be more loyal.
- 56% are apt to be more productive.
"Here at For a Financial, we're always gauging our team's satisfaction with the many benefits and programs we offer — everything from flexible workdays to ping-pong tournaments and group volunteering days," says Cassandra Gomez, Director of HR and Administration. "It's one of the reasons we have such a happy and productive workplace, and many long-term employees," she adds.
What can you do to build morale?
To get started on fostering a happier and more productive workplace, consider these options.
Strive for flexibility. After pay/compensation, a flexible work environment is the second-most popular employee consideration in the MetLife study. In fact, 83 percent of those polled say that how they “get work completed” is a critical aspect of their happiness at work. Innovations in this area include.
- Four-day work weeks
- Flexible hours/work-at-home options
- Unlimited PTO (personal time off)
- Family-friendly policies for parents and other caregivers
Promote physical, mental, and financial wellness. Another frequently cited benefit, wellness can go far beyond providing a great medical plan. A comprehensive wellness package may include perks like:
- On-site yoga
- Reduced-cost gym memberships
- Weight-loss programs
- Employee assistance programs (EAPs) that provide access to confidential counseling services or legal services.
Financial health factors into wellness, too. In addition to offering retirement accounts, consider bringing in well-vetted local financial advisors, eldercare lawyers, and CPAs to offer their expertise on sound financial planning. It won’t cost you anything, and they’ll appreciate the new business opportunities.
Foster career development. Professional development opportunities show your employees that you care about them enough to invest in their futures. Think about:
- In-house or off-site training
- Sponsoring attendance at conferences or memberships in professional organizations
- Tuition reimbursement programs
Create a social and supportive culture that includes DEI. It takes more than your employees gathering around a birthday cake occasionally to maintain a social, supportive, and inclusive culture. Off-site team building days, group volunteer efforts, and social events that emphasize interaction — like a game night or storytelling event — can develop intra-team bonds that foster inclusiveness and equality, while building a happy, productive workplace.
Recognize employee accomplishments. Who doesn’t want to be acknowledged for a job well done? Did someone save the firm money by finding a lower cost supplier? Or maybe you have a staffer who's reached out to the local community and upped the currency of your brand. Be sure to make it about more than sales and quotas.
Offer commuter benefits. Depending on where you're located, you can work with the local transit system to subsidize fare cards or have employees pay for commuting with pre-tax dollars. Or here's a practically cost-free initiative: Reward employees who regularly bike to work for a month or a quarter with time off, a gift card to a local restaurant. You’ll be helping the environment and showing them you care about their health, too.
"Though many employee-benefit programs require financial investment, consider the return on that investment over time," says Gomez. "What's more, many of these initiatives simply call for a little time and effort to establish," she adds. "If it makes your employees healthier, happier, and more productive, then it's worth it!"
Since 2008, Fora Financial has distributed $4 billion to 55,000 businesses. Click here or call (877) 419-3568 for more information on how Fora Financial's working capital solutions can help your business thrive.
