Every company is looking for the best way to improve their employee retention rate. Some studies have shown that having to replace an employee costs the company around 6-months of the salary of the position extra, and not making the needed decision to fire and replace a person in a position costs the company around 1-year's worth of the salary. Are you setting up your employees to stick around and do a great job while they are working for your company?
Pay isn't enough. It's not news that pay isn't the ultimate factor at play when an employee is deciding to stick it out at the company they're employed with, especially among millennials. So what is it, then? Here is a list of the top 10 factors for on-the-job employee happiness according to Forbes.
1. Appreciation for your work
2. Good relationships with colleagues
3. Good work-life balance
4. Good relationships with superiors
5. Company's financial stability
6. Learning & career development
7. Job security
8. Attractive, fixed salary
9. Interesting job content
10. Company values