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It is not uncommon to hear people grief about their job. Right from low pay packages to lack of recognition at work, several factors come into play when determining employee satisfaction. We scanned through the studies published on Forbes, Time and Guardian to delve deep into understanding the connection between happy employees and a company’s performance.
What do employee satisfaction reports say?
As per a report by Gallup, a well-known polling organization based in the US, there are two disengaged workers for every passionate employee in the world. The question is does it matter so much? As long as the employees are delivering what is expected of them, the company need not worry, right? Actually, companies do need to worry about it.
Let’s put it this way. Which factors would you say have a direct influence on a company’s financial standing? You may consider the company’s reach, popularity and the financial turnover of the organization to be major influencers. What if we told you that it is the employees of a company who determine its future in the long run? That’s right. And we have data to back it up!
As per Glassdoor’s report ‘Does Company Culture Pay Off’, there is a positive link between a company’s financial performance and its employee satisfaction. As per the report, companies listed on Fortune’s ‘Best Companies to Work For’ were clear winners as they outperformed the S&P 500 by approximately 84 percent (since 2009).
On the other hand, 30 of the lowest-rated companies on Glassdoor underperformed in the market from 2009 to 2014. It implies that high employee satisfaction, which makes a company a preferred place of work, leads to better-performing stocks.
The happiness meter
It is no surprise that the happier the employees of a company are, the better they will perform. Happy employees tend to be dedicated to their work and company, and are 12% more productive than those lacking motivation. Happy employees love their jobs so much, they take 10x less sick leaves than the disengaged ones.
So the ‘best places to work’ at, in turn, outperform the competition by 20% in comparison to those filled with employees who are unhappy with their jobs or company.
So what happens when happy workers come together? A happy sales team, especially boosts a company’s sales by up to 37%. Workers who share cordial relationships at work are 50% more satisfied with their jobs than those who don’t have a ‘work bestie’.
In fact, the role of a ‘best friend at work’ is so prominent that people with close friends in the office tend to engage 7x more in their work than those without one. And believe it or not, ‘job satisfaction’ is so critical to some that about 36% of workers are willing to sacrifice approximately $5000 from their salary to make their office a happier place to work at!
So what are some of the factors that come into play when determining employee satisfaction? The answers are quite simple. The biggest contributors are job security, opportunities at work to display potential, and the company’s financial position.
While companies do offer awards and recognition to their performers, only 42% employees feel satisfied with the rewards they get. Want to know a simple yet potent way to delight your employees and shoot up the employee satisfaction level in no time? Make free food available to them! We are not kidding! Studies reveal that 67% employees with access to free food are not just happy, but ecstatic about being associated with such companies. We vouch for it, we are among the lucky ones!
So looks like it is not all that difficult to keep your employees happy. What keeps you motivated at work? Share your thoughts in the comments section.