Strategies to Maximize Employee Happiness: 4 Unique Tips
Employers today are looking for strategies to maximize employee happiness, and with good reason. Research shows that happy employees are actually 12-20% more productive than their melancholy counterparts. While health insurance, retirement plans, and paid time off still lead the ranks of most desired benefits, employers are racking their brains to come up with creative new ways to boost morale. For 75 years, Motorlease has been assisting our clients to attract and retain top talent. Here are 4 Strategies to Maximize Employee Happiness that we’ve seen our clients utilize to attract and retain top talent within their organization…
Student Loan Reimbursement
Our first strategy to maximize employee happiness is student loan reimbursement. With the average Class of 2016 graduate leaving school owing over $37,000 in student loan debt, some companies are stepping forward to help ease worker’s financial burdens by providing student loan reimbursement as a perk for their employees. PricewaterhouseCoopers, Natixis Global Asset Management, and ChowNow were among some of the early adopters; using the perk to both retain current employees, and attract new talent. A recent survey revealed that nearly 50% of college students and recent graduates would prefer student loan help over health benefits or a 401(k) plan, so expect more companies to explore including this perk in their benefits package in the future.
All pet owners know “The Look”; that big-eyed, heartbreaking look that your furry friends give you as you walk out the door in the morning; the one that fills your soul with guilt. Well, some companies who are looking for strategies to maximize employee happiness are deciding to increase their workforce by inviting your pets into the office with you. According to Fortune, A recent survey of over 1,000 employees and 200 Human Resources decision makers showed that of those who work in a pet-friendly environment, “67% of employees and 81% of HR decision makers agreed that it led to an increase in productivity, 82% and 91% believed that it makes people more loyal to the company, and 86% and 92% said that it decreased employees’ stress levels”. The same survey also illustrated the power of paws in the office as a recruiting tool, with nearly two-thirds of the HR decision makers responding that candidates often ask about pet-friendly workplace policies during the interview process.
Company Provided Vehicles
While some employers simply offer some form of mileage reimbursement to their road warrior employees, many progressive companies have found there to be few other benefits as effective at increasing employee morale and productivity as a company-provided vehicle. In fact, according to Automotive Fleet Magazine, industry surveys show that prospective employees view a company vehicle as being a benefit on par with health care coverage or pension benefits.
Additionally, a 2014 study conducted by GE Capital revealed that 64% of company vehicle drivers said that they would be less likely to leave their current job due to their company’s vehicle program, and 87% of company vehicle drivers said that they would not consider performing their current role at a company that did not provide them with a company vehicle.
Those who are serious about finding new strategies to maximize employee happiness should seriously consider this option.
Unlimited Paid Time Off
Our last strategy to maximize employee happiness may sound extreme, but is actually becoming more and more prevalent. The standard two weeks vacation per year is becoming a thing of the past as an increasing number of companies are beginning to experiment with more flexible paid-time-off policies, including unlimited PTO. Though many organizations may be hesitant to adopt such a seemingly radical approach, companies such as Glassdoor, LinkedIn, Hubspot, Netflix, and General Electric have been pleasantly surprised with the results.
According to Mariah DeLeon, a manager at Glassdoor, employees actually end up working harder and more efficiently to meet deadlines before taking off for vacation or a long weekend because they do not want to let the team down or abuse the policy and ruin it for others. You also arm yourselves with an incredibly powerful recruitment tool for candidates who may be on the fence. Flexible PTO also shows your employees that you trust them and their judgment.