The business world is becoming more and more competitive, and it is all about acquiring the best talents as well as retaining them. Losing quality workforce is expensive for a company, a recent study has shown that 15.1% of the total U.S. workforce left their job in 2016, and if you take into consideration that the average cost-per-hire to fill a position is $4,129, you can get to a calculation that replacing an entry-level position can cost up to 40% of an employee’s salary. So it is definitely far more beneficial for employers to ensure higher worker retention through increasing the quality of working conditions and investing in employee satisfaction. This article features some of the most effective ways of doing just that.

Start by making your employees feel appreciated

This aspect is universal for all the companies around the globe. A recent study has shown that around 50% of Hong Kong employees are dissatisfied with their current working conditions. In most cases this dissatisfaction comes from lack of acknowledgment of the work they do and the value they bring to the company. And even a little gesture can go along way to improving the way the employees feel. Of course, regular raises and bonuses are appreciated, but not every company can afford it, however, opting for a company prepaid card in Hong Kong can be exactly what your employees need. That way they will feel noticed and appreciated, this can, in return, result in higher business productivity and quality of work, thus benefiting your company even further.

Try to alleviate common stress causes

Throughout business industries, there are several stress causes that are common denominators for all employees. One being the commute to work. Gretchen Rubin, author of The Happiness Project, states that bad commutes are a major source of unhappiness. People feel frustrated, powerless, and stressed. This is something that employers can have a say in. For example, they can address the arrival and departure times so as to account for major traffic congestion. In addition, a slightly less strict late-arrival policy can help lower the stress levels of the employees in cases when they are a bit delayed. Another common stressor are short deadlines. Now, in most situations there is little to be done about changing the time frame, but there are other ways of freeing up time to be used for certain projects. For example, shorten the daily meeting duration, exchange meetings with conference calls whenever the situation permits it. These little changes can really help lower the daily stress levels in your employees.

Promote good health

If you take into consideration that up to 90% of all doctor visits in the United States are for stress-related illnesses, and that work plays an important factor when it comes to the causes of stress, it is imperative that companies take certain measures to help workers maintain good health levels. The first step should definitely be education, informing employees of how they can make some positive changes that are beneficial for their health. The next step is providing incentive like free gym membership, healthier company catering and some active work outings like company marathons. By taking these measures employers are not only demonstrating that they care about their workers, but they are also investing in the company by ensuring that the workers are able to give their best performances.

Allow room for personal growth

One of the main causes of employee dissatisfaction is the lack of space to grow. For modern workers who want a career and not just a job being unable to advance upwards in the company hierarchy is simply not acceptable. So if you want to retain quality and ambitious workers there needs to be room for their growth. From offering to pay for additional courses to promoting them to more responsible positions. The movement needs to be vertical, and employees need to have a sense of achievement and advancement if you want them to stay and continue to benefit your company. And not only that, the incentives you offer, as well as the room for growth, is the first thing future employers will check, and if you want to attract top talent it is exactly what you need to provide to stay ahead in the business world.

There is no doubt that employee satisfaction is one of the main factors when it comes to building a successful business. It should be on the top of the list of any savvy entrepreneur looking to succeed in the modern business world.