Four factors that make your company a great place to work

Four factors that make your company a great place to work

You might think that compensation is the primary factor for retaining employees. Yet if employee retention is "all about the money," how do you account for those firms you know of that provide stellar compensation packages and still suffer high turnover, low morale, and dwindling market share? And what about others that may not offer tip-top benefit packages, and maintain a loyal and dedicated workforce that regularly contributes to the success of the business? Why the seeming contradiction?

Studies have shown compensation is only one part of reducing employee turnover. Here are four other key factors.

Respect. Show your employees how much they matter by providing necessary training, acknowledging outstanding work, and creating a healthy and upbeat workplace.

Fairness. Treat your employees equitably. This applies to hiring and promotion decisions as well as to compensation, such as sharing your firm's success through a structured bonus plan.

A sense of pride. Create a team environment that engages your employees in accomplishing meaningful work. State your firm's mission clearly, communicate the mission to your employees in unambiguous terms, and strive to make each employee an integral part of achieving the mission.

Opportunity. No matter the job description, give your workers opportunities for advancement and career development. Cross-training can nurture new skills and encourage innovation, and an employee mentoring program can provide support to help employees learn how to handle challenging work situations.

Satisfied workers provide better customer service, are less likely to quit or call in sick, and can help propel your company to prosperity. Then, when you're ready to expand, your happy workers will let their talented friends know your company is a great place to work.


Burzenski and Company, P.C.