In the aftermath of the pandemic, employee well-being is under strain as observed in heightened stress, burnout, and loneliness. Studies reveal that four out of 10 U.S. employees feel their mental health is adversely affected by their job, with less than one in four believing their organization prioritizes their well-being. This alarming data indicates a looming wellness crisis, but there's hope. Employee Appreciation serves as a remedy. Recognition significantly boosts the well-being of employees, just as low well-being signifies the lack thereof, emphasizing the critical need to prioritize both aspects. Here are some ways to ensure your employees maintain high well-being:
Compensation. Fair compensation can reduce turnover by 31%. Monetary compensation does not have to require an organizational sacrifice or adjustment to the budget (as employee appreciation/increase should already be considered). Employees can be offered bonuses for completing a project. These are called “spot” bonuses which may be for a small amount – under $1K – or a gift card to their favorite restaurant or store. The saying “It is the thought that counts” rings true in most scenarios. The employee may not have expected any type of reward for the completion of the assignment or may believe no one noticed the additional time they have worked to accomplish a goal. Offering these small forms of appreciation can go a long way and encourages the employee to do more. Many organizations have also incorporated corporate gamification systems. These systems allow management from throughout the company, and some even peers, to give employees recognition and show appreciation for a job well done. Based on data provided by the reviewer, the employee is awarded points or “dollars” that they are then able to use to purchase items through an internal system. Items purchased can be gifts, gift cards, or even discounts on local attractions. You can also feed the team. As a member of accounting management, I would order food for my team during quarter-end close as well as audit. This granted me maximum productivity because my team did not have to waste time thinking about what they were going to pick up for lunch. They did not have to spend money or spend time once they were home preparing a meal for the next day. We also incorporated this process when employees stayed in the office late to meet deadlines.
Listen to Feedback. Listening to an employee can go a long way. Show your employees their opinions matter. As a member of management, you need your team. They know it and you know it. So, act like it. Offer your help to the team if you see them struggling to meet a deadline or figure something out. Invite them in on the conversation, or at least have periodic meetings where you communicate transparently and allow the team to give feedback. There are some situations where your opinion nor the team’s will impact the decision of the organization, but at least give them that safe space to speak their mind. Additionally, this allows you to build trust with the team members. Trust permits a manager to delegate additional responsibility. Employees feel empowered to make suggestions and try new things. All great ideas are not from management, but from the people who do the day-to-day tasks and are more familiar with the daily systems. As you work to establish trust with your team, you can create a “Suggestions” box. While this may seem a bit elementary, employees will take advantage of this system because it provides comfort they may not have when speaking with management face-to-face.
Look for ways to boost mental health. Offer Wellness days. These days can include shutting down the office early on a Friday, especially during the summer. Chiropractic or masseuse services can be brought onsite and offered to the employees free of charge or for a deeply discounted price. Offer a healthy breakfast or free, healthy snacks to employees they can munch on throughout the day. This is especially helpful during crunch time. Healthy foods can boost mental acuity allowing employees to become more productive during times of high stress. Offer reduced gym memberships or an onsite gym. Make sure your employees know they are not expected to respond to emails sent to them after hours. If there are multiple companies within your building, the organizations can share the cost of adding a gym to the building, so the burden is not on one company.
Employee recognition does not have to be dramatic or expensive, but it will have an impact. Implementing these small changes fosters trust, elevates productivity, and reduces turnover, crucial elements for a positive workplace. Previous research by Gallup and Workhuman highlights a significant link between employee recognition and well-being. Workers who receive appropriate recognition experience lower burnout, enhanced daily emotions, and stronger colleague relationships. Recent findings from Gallup and Workhuman emphasize that the combination of recognition and well-being contributes to improved business outcomes. Thriving well-being, coupled with recognition, correlates with higher performance and a sense of fair compensation and is less likely to be actively looking or watching for job opportunities.
The Transform Tuesdays newsletter was created to help professionals navigate the world of corporate America by overcoming the hurdles hindering them from growing to the next level in their careers, including knowing their value, using their voice, and being authentic to themselves.
During her 15 years as a corporate accountant in PE-backed and privately-held organizations, Sherrika Sanders progressed through various roles from Senior Biller to Corporate Controller. She worked to develop consolidated business processes, post-acquisition financial integration, and Fresh Start Accounting upon emergence from Chapter 11, within seven months of initial filing, and successfully managed teams of various sizes within the US, Canada, and Latin America. While her years as an accountant provided much growth, it was during this time that Sherrika learned to be seen and not heard. She was constantly reminded to be proud of being the only one in the room who looked like her (especially with her non-traditional education). Sherrika felt her voice was taken. After years of no work-life balance, taking work vacations based on the company's schedule, and being expected to always be available for the needs of the company, Sherrika decided enough was enough and started the transition to find and use her voice. Sherrika ultimately resigned from her role as Corporate Controller to take a leap of faith and start her own company, Transform the GAAP (Goals Assigned Achieving Purpose), where she specializes in helping professionals understand and overcome obstacles currently hindering them from excelling in their careers. Sherrika's passion is to equip professionals with the skills necessary to thrive in any setting. If you are seeking one-on-one coaching to enhance your accounting or professional skills, click on the following link for a complimentary consultation to learn how you can work with Sherrika to Transform the GAAP together. Sherrika believes in a judgment-free zone where all are contributors working towards a common goal. Visit https://www.transformthegaap.com/ to learn more.
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