The 10 Key Factors for Employee Growth and Well-Being
A thriving employee is an engaged, motivated, and happy individual who actively contributes to the success of both their personal and professional lives. As a manager, have you ever wondered what keeps your employees ticking and what you can do to help them thrive? Employees flourish when they feel valued, empowered, and motivated. It is said that happy employees are productive employees, and in this blog post, we will share the 10 key elements for thriving employees that we measure at Evans Consulting. From involvement and mentorship to a connection with company strategy, we’ll delve into the factors that contribute to employee growth, backed by real-life examples, credible statistics, and actionable tips. Let’s get started!
A sense of belonging is crucial for every employee. When employees are involved and engaged, they are more likely to feel motivated and deliver higher performance levels. A Gallup study found that highly engaged teams showed 23% greater profitability. Employers can foster involvement by creating opportunities for their staff to participate in company activities and internal change projects. Even simply creating opportunities for intentional connecting through socialization and team-building, can foster a sense of camaraderie.
Employees who receive strong mentorship exhibit better engagement and retention rates. According to a Deloitte study, millennial employees intending to stay with their current employers for more than five years are twice as likely to have mentors. Companies can facilitate mentorship programs by pairing new hires with experienced staff members, implementing peer-to-peer mentoring initiatives, or encouraging reverse mentoring by pairing up new employees with more tenured leadership.
Employees thrive when they are challenged to grow and learn at work. Offering stretch projects, opportunities to learn new skills, regular learning programs, and setting individual goals can foster personal and professional growth. At Evans, we embrace life-long learning and support employees seeking to upskill through a learning and development fund that gives employees the flexibility and time to pursue degrees and certifications or attend conferences, and opportunities for unique social learning, where employees teach one another.
Maintaining work-life integration promotes employee well-being and productivity. A recent Glint report found that employees are 3.7x more likely to recommend working for their company when the company shows care for employees’ well-being. Employers can promote a healthy work environment by offering flexible job schedules or remote work options, sponsoring health initiatives, and providing comprehensive well-being programs. Setting realistic work plans and equipping managers to support the whole person can also be a simple but powerful way to support wellness for employees.
5. Paid Fairly
Fair compensation is critical for retaining and attracting top talent. Conducting regular salary surveys to evaluate your compensation program is one way to ensure salaries are fair. Offering competitive salaries, benefits packages, and opportunities for bonuses can go a long way to keep employees satisfied and committed to the company. According to a Glassdoor survey, 67% of job seekers report that salary is a significant factor when searching for a job.
Recognition and rewards play an essential role in fostering employee satisfaction. When companies acknowledge and reward employees for their hard work and achievements, they create an atmosphere of trust and engagement. Designing your recognition program to create avenues for leadership, managers, and peers to recognize and reward employees is impactful. At Evans, managers can nominate for spot bonuses, or use our employee morale fund to take an employee out for a ‘thank you’ coffee or to their favorite lunch spot. Managers, as well as peers can also recognize each other through our Celebrations of Success program. Through this important piece of Evans reward and recognition platform, co-workers share significant accomplishments made by their team members who have embraced challenging work and brought meaningful projects to life.
Empowering employees means entrusting them with a degree of decision-making authority. When employees feel empowered and can influence the direction of their role, they become more invested in their jobs. At Evans, we have found that taking a skills-based approach to hiring and promotion, and a deliberately developmental organization (DDO) approach to performance ensures that employees are aligned to the work that is optimally suited to their skills and interests and they feel empowered to contribute their best work to the company.
Trust between employees and management is critical for any organization’s success. While Evans’ overall Voice of Employee scores are consistently high year-over-year, ‘trust’ remains the highest rating with an average of 4.6 out of 5 over the past four years. Leaders can foster trust by being open and transparent about company decisions, expectations, and finances. Creating space for leaders to be vulnerable, transparent, and foster a culture of asking for feedback (and adjust based on that feedback) are powerful ways to build trust. One simple way we foster trust at Evans, which was initiated from employee feedback, is a monthly video from Evans Managing Partners that gives team members insight into current company performance, shares their vision for success, and informs employees how they can contribute to that success.
9. Connected to Strategy
Employees need to understand their role in realizing the company’s overall goals. Companies can achieve this by clearly communicating their organizational strategies and showing how each employee contributes to the bigger picture. When teams have a clear purpose and shared goals, they’re clear about how their work contributes to the strategic goals of the organization. Evans consultants recently worked with a team going through a major restructuring. Through facilitated workshops that allowed the team to contribute to the vision for success, Evans was able to bridge trust between management and the team to create a successful path forward.
Encouraging open lines of communication and giving employees a platform to voice their opinions fosters a sense of belonging and ownership. A Salesforce study found that employees who feel their voice is heard are 4.6x more likely to feel empowered to do their best work. Listening to employee concerns and feedback helps cultivate a positive work environment. Soliciting feedback through survey tools, 1:1 check-ins, small focus groups, and holding regular team and all employee forums can help bridge the communication gap.
As a leader, investing in your employees by fostering involvement, mentorship, challenges, health, fair pay, appreciation, empowerment, trust, strategy connection, and open communication can create an environment where employees thrive. Use the actionable tips provided to ensure your employees feel valued, motivated, and prosperous. After all, a thriving employee is a company’s cornerstone for success. It’s time to level up and unlock the full potential of your workforce!