You can learn a lot from highly successful businesses. Begin with this simple question: What do they do that makes them stand out from the competition?
It's not always about tapping into new markets or creating innovative sales techniques. Rather, it's how they support their employees. Companies that boast low turnover and high worker satisfaction tend to enjoy healthy growth and profits.
How do they do it? Simple: they create work environments that motivate employees to be more productive and dedicated. In other words, their workers enjoy what they do and where they do it, and thus are not always looking for the next career move.
One ranking of the 50 best companies to work for found that most place a premium on employee satisfaction. And it's not just offering generous benefits, employee discounts, and flexible hours. These companies support their employees in all aspects of their lives and careers with the idea that being invested in their staff is one of the best ways to invest in the company's future.
Here are some best practices from top corporations with high worker satisfaction ratings that you can try for your business:
1. New York Life
They offer seven employment-resource groups to promote inclusion and a sense of community. For instance, their Women's Initiative fosters career development for their female employees who make up more than half of their staff.
2. Procter & Gamble
The company offers training on stress and time management and career-growth courses that cover areas like business writing and leadership skills.
The company supports its demanding work by creating a stress-free atmosphere like offering on-site massages, standing and treadmill desks, free snacks and drinks, and dog-friendly offices.
They implement what they call a 9/80 work week schedule. This means that the company officially closes every other Friday, which gives employees a regular built-in three-day weekend to spend time with their family or themselves.
The footwear brand sponsors a monthly hour-long Learning Series. A guest speaker talks on a variety of topics and employees ask questions.
This biotech manufacturer offers on-site amenities like car washes, mobile spas, and childcare centers.
7. NuStar Energy
Many companies offer paid time off for workers to partake in a volunteer project of their choice. NuStar Energy lets employees use up to 60 hours, or 7.5 days, of paid time to volunteer.
You may not have the resources or infrastructure to execute all of these strategies, but they could stimulate ideas about how to emulate some into your business. Sometimes the smallest gestures can have the greatest impact.
For instance, I have owned many small businesses with limited budget to offer perks that compete with larger businesses. Instead, I offer more work flexibility and implementing technology like Google and Slack allows my team to work and collaborate from anywhere.
These benefits help working parents get their work done and still be there for their kids when they need them. It also allows those who look after sick parents the flexibility they need for doctor appointments.
There is a lot you can do to help promote workplace satisfaction. And when workers are happy your business tends to be happy, too.