Employee satisfaction is the result of organizational strategies that utilize both tangible and non-tangible benefits, according to a recent Business Excellence Board study. The study results indicate that the most effective method for garnering employee satisfaction among the benchmarked companies was employee recognition and praise at weekly or monthly staff meetings.
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The Organizational Strategies for Improving Employee Morale benchmarking survey examined 39 companies of varying sizes from multiple industries including banking, consulting, food and beverage, pharmaceuticals, financial services and technology. Results revealed that trends in employee satisfaction programs demonstrate the effectiveness and cost of tactics. Company size alters the effectiveness of both high-cost and low-cost tactics, indicating that it is vital for firms to ascertain the most appropriate strategies for their size in order to maximize efficiency.
The study identified three trends in employee satisfaction programs to help executives and managers:
- Learn the advantages and disadvantages of different strategies
- Allocate funds appropriately for maximum employee satisfaction
- Gain from other company's trial and error to establish effective employee satisfaction programs
Other specific data points include:
- Intervals of communication activities
- Responsibility for implementing and funding programs
- The impact of company size on effectiveness ratings of tangible and non-tanglible benefits.
Each of the many tactics for improving employee morale and satisfaction has different advantages and disadvantages. Comparison of the cost of execution to effectiveness reveals the framework for achieving the best results.