The importance of employee satisfaction is never undervalued by anyone who is interested seriously in keeping a successful business. Someone only needs to introspectively glance at his or her own habit to learn about the effect of satisfying and happy working condition on high productivity.
Whilst the common sense order that keeping the bedrock, employees and foundation of each successful company, engaged and interested in their workspace will lead directly to the increased efficiency and profits. Furthermore, the bustle and hustle of the daily venture maintenance can frequently push this necessary business active into the background. A short glance at several latest surveys on employee satisfaction and proven methods to promote it may work very well for the most employers’ benefits.
The majority of human resource experts who work to promote the idea of employee satisfaction have at least read if not implemented inadvertently the ideas and ways by Frederick Reichheld through a book entitled The Service Profit Chain and or The Loyalty Effect. Those studies in numerous ways laid the basic of employee-employer interactions and the ideas that they promoted have turned to become commonplace within organizations across entire fields of business.
It is necessarily confirmed by contemporary statistics that employers can afford themselves to gauge what effect employee satisfaction strategies are having within today’s economy on business.
To get close to the most recent study, we can take a look at the Gallup poll surveys that a company which has high employee satisfaction will give positive effect to almost every aspect of business productivity. The surveys, if compiled, reveals that high employee satisfaction will further increase the general productivity customer loyalty, employee retention and workplace safety.
By using the strategies of employee satisfaction we can expect a 33 percent increase on the current company’s profitability.
An important question is ‘what are the main aspects in the business that deter from or contribute employee satisfaction?’ Based on the survey of Kaiser Family Deloitte, most all of the surveyed employees (about 99%) admitted that the sponsored healthcare for them was absolutely necessary to them. Sixty three percent of them indicated that the sponsored healthcare from their employer was the major reason why they choose to stay loyal to their employer.
Among top ways to promote employee satisfaction in the workspace is giving accessible, affordable healthcare that provides a large range of coverage as well as benefits. Due to the high cost of premiums as well as growing legislative needs, however, giving such affordable healthcare coverage could be hard. Employers need to seek for strategies of money saving such as 125 POP or premium only plans as the available tools to employers that are easy to use.
The POP or 125 premium only plans are affordable strategy that is given by the IRS allowing workers to contribute towards the healthcare group that is tax-free. When employers use POP then they can deduct the premium contributions of employee before the federal and regular state taxes are withdrawn. It will be part of employee satisfaction because it will increase dramatically the take home pay of employee and gives the 7.65% reduction to the annual FICA taxes that are matching.