Job turnover rates appear to be increasing in many business sectors. The staggering costs of continually finding and training competent employees is estimated to be upwards of $550 billion dollars annually. These high turnover rates can be decreased by implementing more psychological job satisfaction programs that wind up increasing employee retention rates. Every type of business can benefit from these sorts of calculated employment programs that are based on psychological findings regarding each business’s employee group. When employees feel valued by their supervisors, and maintain satisfaction on the job, companies can dramatically reduce those high employee turnover numbers.
There can be differences in how employees feel about their jobs based on generational differences. Millennials tend to want a more engaging type of work environment. They are used to thinking for themselves, and these employees like validation of their job efforts by their immediate and top supervisors. Employees of the baby boomer era are often more disengaged in their workplaces. These older employees often feel less important and valued than their younger counterparts. Employers need an expert psychological assessment of their current employees and their overall satisfaction levels regarding their current job position.
Employers can raise employee work satisfaction rates by offering incentives for better work productivity. Almost all age groups of employees state that they would consider leaving the company if another company offered a raise of just 20%. This includes even those employees currently very happy about their jobs. Clearly, employees value better pay, and employers should seriously consider the costs of employee retention by way of small raises versus the higher costs of recruiting, hiring and training new employees often. Higher salaries often motivate employees to not mind working harder when things become super busy. There are other things that employers can change to keep their valued employees happy and productive.
Across the board, many employees would like more flexible scheduling opportunities. Many employees considering moving job positions do so because they are unable to manage a healthy balance between their work and their families or other off work interests. Some larger employers have already seen the benefits of flexible scheduling. Sadly, more employers have the means to incorporate job flexibility but neglect to put this into operation. With the advancement of computer and other technologies, more companies can allow their employees to work from home if they desire. Companies that pay according to production rather than a typical employee time clock report more satisfaction regarding job duties by a majority of their employees.
Other ways in which applied psychology in the workplace can help businesses should also be implemented. Employees want to have good relationships with their coworkers and their bosses. When trust between management and employees is broken, discord and workplace negativity begins to take root. Allowing the employees more say in their workplace practices can increase trust levels necessary for healthy work environments. Companies that offer more career advancement opportunities also fare better with regard to employee satisfaction levels.
Hiring a workplace specialist trained in applied psychology work methods can improve the work environment tremendously. Special care needs to be taken to ensure that everyone is treated with respect, from bosses to coworkers, no matter the person’s job position status. Happy employees equal increased productivity.