It’s January and it’s the time of year when most people
look to make changes, and that includes changes in their
jobs. It is also a time when most companies begin posting
new positions. Depending on which side of this scenario you
are sitting on will determine if that is good news or bad
news for you and your company.
Consider this. In a recent job satisfaction survey,
compensation was indicated as the most important factor for
job satisfaction for employees under the age of 35 as well
as those between the ages of 36 to 55. (Source: SHRM 2006
Job Satisfaction Survey.) Surprising? Maybe, particularly
when you consider that over 20 aspects of employee job
satisfaction were examined including career advancement
opportunities, benefits, flexibility to balance life and
work, and compensation.
What does this mean for your organization? As the pool of
talent continues to compress, compensation costs are likely
to increase. However, it is important to note that
compensation isn’t the only factor that impacts job
satisfaction and your success in recruiting and retaining
talented employees will rest upon your ability to create a
compelling employment package and satisfactory work
environment overall.
Sound expensive? Not to fear. In a recent Red Ladder poll
(November 2006), when asked their greatest wish for
themselves or their co-workers in the coming year, here’s
what employees said:
• 36% want development opportunities that allow (them/ me)
to stretch and    grow
• 27% want more balance and alignment between (their/ my)
personal and professional commitments
• 23% want tools, training and resources to get (their/ my)
work done more efficiently.
This means that you have other options at your disposal
that you can use to help to increase job satisfaction and
retain employees without bankrupting your budget.
It will be important to remember that one size will not fit
all. Managers will need to become skilled in assessing what
motivates their employees and then work to find ways to
deliver on these strategies while adhering to corporate
policies and budgets. While this will take more time on the
front-end, consider the costs to replace even one of your
employees. These costs include lost productivity,
recruiting fees, and training costs to orient a new
employee to your company and get them up to speed, not to
mention the impact to the remaining staff who will have to
pick up the slack during the process, and of course, your
customers.
Consider any investment you make in your employees like
buying reverse insurance. You pay a small ongoing premium
with the hopes that you won’t ever need to pay a lump-sum
premium (to cover the costs noted above) at the back-end to
bring on even one new employee. In my opinion, that’s a
policy worth investing in.
Copyright 2007 Regina Barr, Red Ladder, Inc.
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Regina Barr is a management consultant and speaker. Her
consulting firm, Red Ladder, Inc., specializes in helping
organizations and their leaders develop their full
potential through strategic consulting and project
management, executive coaching and training. Regina also
helps companies develop strategies to attract, develop and
retain high potential leaders. For more information visit
http://www.RedLadder.com or http://www.redladder.blogs.com/
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