In an effort to retain workers or encourage individuals to apply with their company, business owners devote much of their attention to ensuring that their workers are adequately compensated, whether through salary or employee benefits. However, even if workers won the lottery, a substantial number of them would continue working for the company they're with, according to a recently released poll.
More than 50 percent of respondents said that if they won the grand prize in the lottery, they would continue to work, job search engine CareerBuilder reported based on a poll it commissioned. More specifically, 30 percent said they'd keep the job they have.
Having an additional source of income wasn't the main reason for many respondents saying they'd stay in the workforce. For example, more than three-quarters indicated that they'd be bored if they didn't work and 76 percent said that work gave them a sense of purpose and accomplishment, CareerBuilder found. Also, approximately 1 in 4 also said that leaving work would cause them to miss their fellow employees too much.
Ultimately, job satisfaction is what determines whether employees opt to say with a company or go someplace else – independent of whether someone wins the lottery. And one of the ways in which satisfaction is achieved is through a good work-life balance, based on a separate survey.
Just less than two-thirds of close to 400 employees polled said that the most important factor that defined how content they were with their jobs was whether they were able to devote as much time to their personal life as their professional, according to management consulting services Eagle Hill. Work-life balance was cited more frequently than job security and compensation.
Melissa Jezior, president and CEO of Eagle Hill Consulting, said that this is an issue that business owners need to keep in mind when it comes to managing their workforce.
"As employees feel strongly about work-life balance, it will positively or negatively impact engagement, productivity, and retention for organizations," said Jezior. "As employees feel their contributions, time, and lives are valued, they are more likely to be engaged in their work. And as a result, their productivity will increase – impacting your performance and bottom line."
Wellness programs help keep workers productive
Being able to retain a productive workforce is of little value, however, if there's a lot of absenteeism due to illnesses. This is why many workplaces have implemented wellness programs, where employees are offered incentives for remaining in good shape or improving their overall physical fitness.
David Lewis, an employee benefits management expert, recently discussed some ways of implementing a successful worksite wellness program.
For example, the best workplace wellness systems are those that address the health issues that a workforce is experiencing. In order to determine what that is, Lewis said that it's a good idea to review past insurance claims data, perform a survey or develop a health assessment that tests workers' exercise capabilities.
Business owners should also think about the incentives to offer for those people who do the best. Lewis noted that they can include gift cards, cash bonuses, or discounts on certain purchases.
