On February 11th, 2016, Status Labs president and co-founder Darius Fisher shared his tips on increasing employee job satisfaction with Forbes magazine. He strongly believes that maintaining happy workers can reduce turnover within a company. Because Fisher has been the primary leader of Status Labs for the past three years, he is well-qualified to provide business advice.
According to an article in ERE Media, replacing an employee can cost between 30 to 400 percent of the worker’s annual salary. The exact cost of the replacement depends on the skill level of the professional. While eliminating turnover completely is unlikely, most companies can greatly increase the employee job satisfaction.
Creating incentivized goals will motivate almost every employee. In 2015, Fisher offered Apple watches, vacation trips, and monthly home cleaning services to team members who surpassed quarterly goals. If these types of incentives are not in a company’s budget, the chief executive officer can provide exceptional employees with an extra vacation day. Some additional possible rewards include a free month of yoga classes, movie tickets, or monthly massages.
Regularly acknowledging accomplishments will also greatly increase the employee job satisfaction. Therefore, Fisher always sends an email to the entire company when a team member completes a challenging project, closes a big sale, or generates major press for the business. Here are some examples of key yet simple phases: “Emily has been outstanding in the Public Relations Department this week!” or “Everyone congratulate David! He completed a major transaction with a client for 40, 000.” These small and thoughtful gestures will have a massive impact on morale.
Lastly, providing regular and sufficient raises will encourage employees to continue to complete quality work. Moreover, the prospect of a pay increase will discourage workers from searching for a career elsewhere. Along with frequent raises, some additional incentives include fostering a creative workspace, recognizing birthdays, and scheduling fun office activities.
Fisher received his college education from Vanderbilt University, and he has been working as a professional for the past ten years. He hopes that his great business advice will help companies reduce their turnover rates.