Effective Strategies for Employee Satisfaction Programs

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.


Advertisement


Low Cost Accounting Software Support

Provider of low cost support, consulting, training and custom report writing for MAS 90, MAS 200 and MAS 500 accounting software systems. Call us toll free at 1-866-762-3990 to learn how we can help. http://www.saveonsupport.com


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.

You may like these other stories...

CFOs and management accountants are playing an ever-increasing role in supporting the adoption of natural capital accounting in their organizations, according to a recent report.Natural capital – forests, rivers,...
Tesco says it overstated profit forecastStanley Reed of the New York Times reported that Tesco, the large British grocery retailer, disclosed on Monday that it had overstated its expected half-year profit by about $400...
The Public Company Accounting Oversight Board (PCAOB) on Monday reminded auditors that they should continue adhering to the board’s existing standards when considering an organization’s ability to operate as a...

Already a member? log in here.

Upcoming CPE Webinars

Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30
Many Excel users have a love-hate relationship with workbook links. For the uninitiated, workbook links allow you to connect one Microsoft Excel spreadsheet to other spreadsheets, Word documents, databases, and even web pages.