SIGNIFICANCE OF EMPLOYEE SATISFACTION

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Employees in an organization act as pawns, the foot soldiers. The foundation laid by the founder is strengthened by them. The knowers of a small scale to large scale. It is the hard work of employees that enables an organization to ascend. The importance of employee satisfaction is mentioned in every single book that talks about business. Also called Job satisfaction, employee satisfaction or work satisfaction. It is usually confused with monetary satisfaction. But it is a measure of workers' contentment with their job, whether they like the job or individual aspects or facets of jobs, such as nature of work or supervision. Approximately 70% of the world's population comes in the employee category. The rest are either self-employed or unemployed. There are many reasons employers should be concerned with the overall welfare and happiness of their team of employees. But the biggest one is that it influences the bottom line. Studies have shown a correlation between employee satisfaction and profitability. A happy member of staff is a more productive member of staff, and they also perform better. An unhappy member of staff is unlikely to put in the hard yards. They are more likely to leave in pursuit of another job.

Companies usually overlook employee retention, but it can make a massive difference to company productivity. A quick employee turnover put a question mark on the company's goodwill. 

One of the core reasons for dissatisfaction among employees is being underpaid. Every employee can assess the monetary value of their job based on workload. Money compensates for the huge workload and miserable work environment. A handsome salary helps to attract and retain employees. It is mentioned that Maslow’s higher-order needs of esteem and self-actualization do correlate with salary, but more from the perspective that a high salary can serve to prompt a stronger sense of self-worth and accomplishment. Also, links between salary and motivation are often debated. Most experts agree that a reasonable salary for a given job increases motivation in employees. 

On the job stress and pressure is also key reason why employees quit or remain unsatisfied with their job. A growth led environment is very important in any organization but accomplishing it with increased pressure creates havoc. Target-based jobs turn out to be unduly stressful in a survey conducted. Therefore, reaching out to co-workers can help. Chances are, they’re having a similar experience and can offer coping suggestions or lend an empathetic ear.

It’s easy to disengage from a job and organization that doesn’t value its employees or offer incentives for job growth. Not having the opportunity to climb the ladder and grow the career is another area that can foster dissatisfaction with a position. This could mean that the employee will potentially leave for another organization that might have better career growth opportunities. Therefore, when employees feel their contributions are significant, they feel happy at their work and work harder.

Summing up, employee satisfaction has a significant impact on the bottom line of your business.

Satisfied employees are less likely to be hunting for a new job, lowering your turnover rate and increasing retention.

And they’re more productive at work, whether they’re at executive or entry-level worker. Satisfied employees are loyal advocates for business too. When they feel supported, they’re more likely to perform above and beyond.