Money alone can’t buy happiness for today’s employees

Gone are the days when a great salary was the only driving force for a person to accept a job offer. In today’s world, while evaluating a job or deciding whether to continue with the company, employees are considering many other crucial parameters than just an attractive salary. The three most important employee value propositions (EVP) are work-life balance, good reputation and attractive salary. We list some of the most important factors other than monetary compensation that contribute to job satisfaction and employee retention.

Maintaining equilibrium
Work-life balance tops the list, as it is crucial to maintain a healthy balance between the time employees dedicate to their professional and to their personal lives. Achieving a balance between these two aspects can be possible only when a person knows how to prioritize tasks, set boundaries and learn to say No when required. Flexible work conditions, reasonable working hours, a good leave policy and an impressive pension scheme are some of the most important factors in attaining equilibrium.

Great development opportunities
Sometimes, secondary employment conditions play a bigger role in hiring skilled people than the primary working conditions. Such secondary conditions could be opportunities for learning and career growth, a personal development plan and a buddy system. Employees look for opportunities where they can advance within the organization and take on new challenges rather than just devoting their time to a monotonous routine.

Recognizing the efforts
When employees are recognized and appreciated, it not only boosts a person’s morale but also adds to their overall job satisfaction. Regular encouragement also strengthens confidence and thus increases productivity. Appreciation acts as a key factor in retaining top talent and in turn leading to the success of the company.

Strong leadership is the key
Vision and direction can make a significant contribution to improving the overall work environment. Leaders must communicate expectations clearly and provide every possible support to help their staff meet the goals. Empathy is also essential so that employees feel welcome. Employees always appreciate  leaders who are well-informed and who have the power to make clear decisions.

Positive work conditions
Positive work conditions tend to promote collaboration and teamwork. It is an essential aspect that aids in improving productivity and employees feel enthusiastic to dedicate themselves wholeheartedly to the company. A positive work culture infuses a supportive atmosphere within the team and contributes positively to the organization’s growth.

Health and wellness programs matter
Employee wellness programs are not just beneficial for employees but are equally important for employers. Enhanced health, increased productivity, lower stress and improved retention are some of the great outcomes of these health initiatives. Employees’ performances are bound to improve when the company feels more like a community than a production hub. The company’s genuine care for the staff increases loyalty and helps bring the team members together.

Delegating responsibilities plays a pivotal role
People feel confident doing what they are good at. Determining their strengths and delegating responsibilities accordingly helps to create a sense of mutual trust. This way employees will feel more committed to their work and the company. Trusting employees helps to create a positive perception of the company.

Engaging and welcoming environment
When leaders share the ins and outs of the company and clearly define the goals, employees feel engaged and involved. Sharing feedback is also a great way to make the employees feel that their contribution matters and infuses a sense of belonging in them. It also leaves a great impression when diversity and equality are embraced in every aspect.

Benefits and perks
Apart from salary, employees appreciate a comprehensive package of perks and extra benefits, such as flexible leave plans, health insurance, retirement benefits, paid time off and so on. These benefits not only provide a sense of security to the employees, but also address their financial concerns.

Written by Parul Sachdeva