“Workplace Promotion.” You can ask any employee what motivates them, and this aspect is sure to pop up. It’s human nature to grow it means the ascension of an employee to higher ranks. Workplace promotion involves an increase in salary, position, responsibilities, status, and benefits. Workplace promotion is a reward for dedication and loyalty towards an organization.
While many companies continue to believe the most important considerations to an employee are their salary and benefits. Therefore, the latest studies show that pay is now considered the third most important consideration when employees are assessing their happiness. Job satisfaction is ranked second, with interpersonal relationships stealing the top spot.
How does workplace promotion save costs?
Leadership and Management Skill Development
An organisation mighty feels expensive to send the team members to training courses or to have leadership trainers come into the company to run these sessions but should not be underestimated the value of having great leaders. Having this management skill development can lead the leaders to improve company culture by encouraging open communication and enhancing employee engagement. Employees who have great leadership and management skill will work harder to reach goals and targets.
While there are expenses to enhancing employee’s satisfaction with their jobs, employees who are happy with your corporate culture and their work-life balance will save your company substantially more money than keeping those employees happy will cost.
Increase Employee Retention
If an employee tends to move to another company with a more positive work environment that means the employee is unhappy with the company culture. While this is great for the employee, it’s not as good for the company they used to work for. This will lead the company to find another employee to replace them and it generally takes time with the notice period, hiring and training.
There are hard costs involved when an employee decides to move on to another company. Following is the cost that an organisation has to face:
- the cost of finding a new employee – placing ads, the time of the person who is going through resumes and interviewing candidates
- the cost of training the new employee – the time of the person training the new employee as well as the time of the new employee
- the cost of reduced productivity for the team, which is missing a fully contributing team member during the training process
- the opportunity cost of having an empty seat during the search process, possibly resulting in having to turn away work
The little things can make a huge difference to your company culture and the way your employees feel. Cultivating a friendly atmosphere at work may not seem like the most obvious way to save your company money, but for very little financial investment, your business could save a fortune over the years.
Alchemy Resources, as an HR consulting firm, places high value on these practices and has implemented them in our workplace. We have held training sessions for employees and managers with regard to these topics. At ARSB, we have helped our clients by providing consultancy and training on building a positive culture and cultivating a supportive environment while achieving the company’s goals. Reach us at email@example.com should you need more assistance.