Employees need stability to feel secure in their job and be productive. According to the Society for Human Resource Management, more than half of employees (55 percent) say they would leave their jobs if they felt their manager was unstable. Furthermore, less than one-third of employees (30 percent) report significantly engaged in their work. This is likely due, at least in part, to the lack of stability in the workplace. When employees don’t feel secure, they are less likely to be productive and more likely to look for other opportunities.
One of the primary factors of stability is providing employees with what they need from their jobs and lives. Here are a few you might consider.
Competitive Salary
One of the most important things you can do to promote stability is to offer a competitive salary. If your employees feel like they are being underpaid, they will be more likely to look for other opportunities. Furthermore, if you’re not paying your employees enough, they may not be able to live comfortably, which can lead to stress and anxiety.
A competitive salary usually means paying your employees above industry standards, but it also means paying them fair market value for their skills and experience. Appraisals and bonuses will also be critical in this regard.
A study by the American Management Association found that 70 percent of employees say they would leave their current job if they received a 10 percent raise from another employer. This indicates that salary is a significant factor in employee stability. If you struggle to provide a competitive salary, consider other ways to promote stability, such as offering more benefits or increasing job security.
Benefits
Employee benefits are another critical factor in promoting stability. Benefits can include health insurance, retirement plans, and paid time off. These benefits help employees feel secure in their jobs and give them a sense of financial security.
Health insurance is one of your employees’ most important benefits. According to the Kaiser Family Foundation, nearly 60 percent of workers say health insurance is critical. Furthermore, 24 percent of workers say they would leave their current job if they lost their health insurance.
Retirement plans are also crucial for many employees. A study by the Employee Benefit Research Institute found that 85 percent of workers say having a retirement plan is very important.
Paid time off is another benefit that can help promote employee stability. According to the Society for Human Resource Management, paid time off is the most critical use for employees. Paid time off allows employees to relax and recharge, leading to increased productivity.
Employers can get health insurance in the Philippines for their employees through private health insurance companies. There are a number of these companies, such as Blue Cross, Maxicare, and Intellicare. Employers can also provide health insurance through the Philippine Health Insurance Corporation (PhilHealth).
PhilHealth offers employeess a range of health insurance plans, including hospitalization, outpatient care, maternity care, and more.
Job Security
Job security is another critical factor in promoting employee stability. Job security helps employees feel secure and less likely to look for other opportunities. Furthermore, job security can lead to increased productivity and engagement.
One way you can promote job security is by offering long-term contracts. Long-term contracts show employees that you are committed to them and their careers. Another way to promote job security is by offering promotions and raises. This shows your employees that their hard work is appreciated and that they have a future with the company.
Finally, you can promote job security by investing in employee development. Employee development programs show your employees that you are committed to their growth and development. Furthermore, these programs can help your employees learn new skills and improve their existing ones.
Career Development Plans
Employee development plans are critical for promoting employee stability. Career development plans show your employees you are committed to their growth and development. Furthermore, these programs can help your employees learn new skills and improve their existing ones.
You can promote employee development by offering training and education opportunities, mentorship, and professional development programs. These programs can help your employees learn and improve their existing skills. You can start with an employee development plan template to get started.
Final Thoughts
Employee stability is critical for businesses. You can promote employee stability by offering competitive salaries, benefits, and job security. Furthermore, you can show your employees that you are committed to their growth and development by investing in employee development.
Following these tips can create a work environment that promotes employee stability. This will lead to increased productivity and engagement from your employees.
