In the midst of high attrition rates, it has become the need of the hour for employers across all sectors to ensure the psychological well-being of their employees and not just the highly paid ones.

Aside from reasons of morality, it makes financial sense for an employer to worry about this aspect of its workforce as there exists strong evidence linking employee satisfaction and higher profitability.

This effect is observed across all pay scales within an organization.

Another big incentive is employee turnover. Losing personnel will require rehiring and retraining new employees which can get quite expensive, not to mention the possibly catastrophic damage to company productivity and output.

To start off, employers can start with the following goals:

1) Appreciate that for most employees, money is not enough, and their psychological needs are of equal if not of more importance.

2) Recognize that there is probably a large difference between the working circumstances of your employees versus yours.

3) Analyze to what degree psychological needs are being met across various jobs and teams and benchmark it against industry peers.

Read more: ResearchED: Here’s Why Silicon Valley Employees Are Quitting Their Jobs

4) Identify how areas with room for improvement can be worked on. This typically happens with a shift in company culture, day-to-day work practices, etc.

5) Act by creating processes and projects to make your employees feel more confident and purposeful.

6) Monitor and evaluate the overall employee satisfaction levels as well as how it affects the bottom line.

7) The best way to go about creating processes to engage more employees and improve satisfiability is usually to involve the employees in the decision-making process themselves.

Being open to suggestions via employee engagement programmes and the like can work wonders for the ground floor to the tippy top.

Image Credits: Google Images

Feature Image designed by Saudamini Seth

Sources: Mckinsey and Company, Forbes, The Globe and mail

Find the blogger: @SreemayeeN

This post is tagged under: Companies, leaders, organisations, employees, mental well being, mental health

Disclaimer: We do not hold any right, copyright over any of the images used, these have been taken from Google. In case of credits or removal, the owner may kindly mail us.

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