If you’re managing a business with hourly, distributed workers, you’re no stranger to competitive labor markets. But even seasoned businesses struggle to find and keep skilled workers during a labor shortage. After all, candidates are in short supply, turnover is skyrocketing, and your competitors are increasing wages in an effort to fill positions.
This landscape has left many employers straining under new wage and benefit pressures created by rival businesses. Industry competition has led hourly wages to rise by 22.6% since 2014. If you’re struggling to attract and retain a truly competitive workforce, the solution may lie in improving levels of employee satisfaction.
The Benefits of Employee Satisfaction
Studies show that an engaged and happy workforce supports greater corporate success. Recognizing employee satisfaction as a key metric in measuring operational success allows you to:
- Lower workforce turnover by supporting employee fulfillment
- Attract new talent by becoming an employer of choice
- Increase productivity by retaining a full, fully-motivated workforce
- Please your customers by ensuring the terms of your contracts are met
- Save on hiring, onboarding, and training expenses, increasing ROI
- Minimize safety and compliance risks by maintaining a quality workforce
In a difficult labor market, it makes infinitely more sense to keep your current employees happy—and therefore on your payroll--than to spend valuable time and money recruiting, hiring, and training their replacements. However, that’s easier said than done.
The Key to Making Employees Happy
When it comes to employee retention, never underestimate the danger of allowing low morale to flourish in your workplace. Even if you can’t always match the wages of a competitor, happy employees are more likely to stick around. Here are some baseline suggestions for ensuring your employees have compelling reasons to stay:
- Maintain accurate and dependable pay. When employees lose trust in your ability to pay them correctly or on time, they turn to more reliable employers. You need to be able to correctly process garnishments, withholdings, off-cycle pay, bonuses, blended overtime, shift differentials, and meal breaks on time, each and every time. The more dependable and precise you can make payroll processing, the better.
- Provide worker schedules in advance. Advanced notice of employee schedules helps manage expectations, facilitate trust, and promote communication between you and your employees. By allowing employees scheduling flexibility and the ability to swap and bid on open shifts, employees will experience less burnout, have more control over their work-life balance, and be less likely to look for competing job offers.
- Provide effective training, communication, and accessibility. Feeling properly trained is critical to employee satisfaction, even if that means attending extra classes, watching a series of training videos, or working through a mentorship. If you aren’t offering multi-lingual instructions, reviewable content, and open lines of communication between staff and supervisors, you’re ultimately setting your people up to fail. And no one wants to stay somewhere where they feel like they aren't able to succeed.
- Create opportunities for growth. If your employees feel that they don’t have opportunities to advance, especially with regards to pay or taking on more responsibility, they will feel stuck and look to improve their prospects. Do you offer your employees access to some type of skills tracking or performance measurements? How about tracks for promotion or title changes? Developing these avenues for advancement helps alert your employees that you value their growth and wish to provide further opportunities to them.
How EPAY Helps Employees Choose Your Business
EPAY can not only help you facilitate your operation but gives you a solution that benefits your workers and leads to improved job satisfaction. Our full Human Capital Management (HCM) solution includes:
- Complete payroll and tax processing, including the accommodation of multiple EINs, garnishment processing, tax filing, and optional pay card programs
- Powerful performance management solutions, including skills tracking, self-review features, goal management
- Mobile capabilities complete with reminders, shift bidding and swapping, and access to schedules as well as pay and benefit summaries
- A flexible learning management solution that including skills, education, and performance tracking as well as online learning content
Want to see these features in action? Check out a two-minute tour to see how EPAY can eliminate your workforce management problems with custom, optimized solutions.