1. It’s all about the salary: Survey aftersurvey indicates that the number one most important thing to employees about a job is salary. And why shouldn’t it be? We all want to be paid what we’re worth.In fact, salary negotiation is a huge part of the work. Employers that can afford to pay should do just that to keep the best and brightest on their staff, whether it’s in the form of a pay raise or periodic performance-based bonuses.
2. Good health insurance: This benefit is ranked as the most important benefit any organization can provide for servicing it’s staff. Providing employers with health insurance options typically does translate into an additional expense for employers, but it’s an investment worth making not only to incentivize employees, but to ensure that employees are healthy and productive. Offering solid health insurance also demonstrates that the employer cares about its employees’ health and wellbeing, a good way to boost morale.
3. Work-life balance: Employees in a recent survey reported this as being the most important factor to them, other than salary, when it comes to deciding whether to take a new job or leave their current job. The best way to run an employee out the door is to overwork them. There are only so many hours in the day, and the more time that an employer demands of its employees, the less time the employee has available to spend pursuing their own interests and hobbies or with family and friends. And those extra hours aren’t necessarily worth all that much to the employer anyway, yet it causes the employee to build resentment and risks burning them out. Employers should ensure they are enabling—or at the very least, not preventing— employers from having rewarding and fulfilling lives outside of the workplace. Offering a flexible work schedule is one of the best ways to ensure employees are able to sustain good work/life balance, and it typically doesn’t cost an employer much to make such adjustments, like offering flex time or telework options.
4. Opportunities for advancement and professional development. When employees are satisfied with the programs for career development that are available to them, they are more likely to remain with an employer. An employee who feels stagnant in their role is much more likely to get restless and look elsewhere for opportunities, so employers should offer an array of programs to assist employees with improving and development their skill sets. Offering opportunities for advancement within the company is also crucial. If employees have opportunities for growth and advancement within a company, the company has a much better chance of keeping them around longer.
5. A sense of purpose: Employees want jobs that have meaning and provide them with a sense of purpose. While employees still view earnings as the most important factor in taking a job. This generation seeks to work for companies that are socially responsible and value a positive impact on society. Employers must be cognizant of that. This means being transparent in how they conduct business to gain the trust of their employees, especially the younger generation. This also means supporting initiatives that have a positive impact on society and contribute to the greater good.
To conclude, Employers need to ensure that they are fulfilling their employees’ needs. Why? Because rates of loyalty to employers are low, and the cost of replacing a good employee is steep. It’s that simple. There’s no better investment a company can make than in the people who keep the organization running and thriving. A significant pay raise is always a strong incentive to keep a good employee happy, but there are plenty of other ways to keep employees engaged in their current roles.