This year has been a complicated year for employees. Swinging from work from home orders and furloughs to being back into the office from the advice of one news broadcast – and you’ve got yourself a complicated year. That didn’t stop employees from rating their favourite companies to work for, and as usual, the Fortune 100 list is here again.
One comment Fortune made is that the results of the study are clear to see. The businesses that did the best are the ones that know how to treat their employees the best – especially during the times of adversity we’ve faced.
Some other factors are at play – like salary, working flexibility, and career progression. Let’s explore below.
Companies That Reward Win
Rewards come in as one of the top reasons employees voted their company as one of the best – and it makes sense, who wouldn’t like to be rewarded for the work they do. Plus, there are other benefits to offering an employee engagement programme.
Studies show that the average cost of recruitment is $2500, including a first month’s salary. And 63.3% of brands agree hiring new employees is far more complicated than retaining an experienced one. One final and – 71% of managers think employee engagement is critical to the company’s success. A rewarding engagement program seeks to ensure employees are not only loyal but that they are happy and engaged at the same time.
Failing to focus on an employee incentive program can increase absenteeism by 37% and lower productivity by 18% – yet it’s as easy as signing up for an incentives scheme.
Any Type Of Progression Is Attractive
Progression is highly valuable to employees, both current and new. 41% of employees said they consider career advancement opportunities to be one of the most important factors when rating job satisfaction – and 94% will stay with a company if they value and invest in their careers.
Some companies make it trickier. For example, it’s hard to progress someone to a more technical role if they don’t have the qualifications or experience – but that’s where trainee, apprenticeships, and mentoring roles come into play. Many companies opt to put willing employees through courses that make them more qualified to take on a career progression.
Or, if you don’t have the scope to offer that, sometimes the experience is good enough if you can offer a progression without a pay increase. For example, you may wish to allow some employees to train new employees, which looks well on a CV – something employees and employers value.
Flexible Approaches To Working
Flexible approaches to working were less of a trend before the pandemic, but according to a recent article on Microsoft News, more than two-thirds of staff want flexible working to stay so they have the option of working from home or going into the office.
It’s a great way to keep employees happy – and realistically, it’s no detriment to business and productivity. With advancements in technology now creating virtual office spaces and software like Microsoft Teams – the home environment feels more like the office than ever before.
Companies like Google, Microsoft, Apple, and many more have adopted a completely flexible working environment, and it works well.
Employee satisfaction isn’t tricky to achieve – the problem is many brands are wrapped up in marketing, sales, and investments to realize when their employees aren’t happy. Focus on creating a nurturing, rewarding, trusting, and progression-filled workplace if you want to make the Fortune 100 Best Companies to Work For®.