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5 ways to enhance employee satisfaction and retention in the post-COVID workplace

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As pandemic restrictions ease in Ireland - and many employers are now welcoming their employees back to the office – the outlook for business looks bright.

In fact, Bloomberg recently announced that Ireland sits on top of its COVID Resilience Ranking.

This ranking is a "monthly snapshot of where the virus is being handled most effectively with the least social and economic upheaval".

While many businesses will feel positive that they have been able to reopen their doors over recent months, countless companies still find themselves having to adapt to new financial realities.

50% of Irish businesses have frozen pay increases since the pandemic began and this is a situation that may not be changing in the near future.

Pay freezes enable businesses to solidify their standing financially. However, it can be challenging to attract, retain and satisfy staff without being able to reward them financially. Employee morale can also be negatively affected when employers do not offer suitable benefits to their staff.

With that in mind, this guide takes a closer look at five actions employers can embrace in order to boost employee satisfaction and retention.

 

 

1 - Maintain your remote working policy

In January 2020, a transition to remote working would have seemed an impossibility for many Irish businesses.

However, countless organisations across Ireland were left with no choice but to flexible approach to remote working due to Covid-19.

In September, the Irish government announced that remote working was no longer mandatory for workers.

Undoubtedly there is a challenge for businesses in managing remote teams. When teams do not interact on a regular basis, it can be difficult to build a strong culture within an organisation.

However, there are upsides to remote work too – for both the business and the employee.

Recent surveys have indicated that most workers would prefer not to return to the office on a full time basis.

In fact, more than 70% of workers say they are less likely to leave an employer if they have an opportunity to work from home. And more than 9 in 10 workers say they do not want to return to the office full time. Interestingly, 77% of remote workers feel that they are more productive while working from home.

So while it may be tempting to recall every staff member to the office, it may be a good idea to introduce a remote working policy and open a dialogue with your colleagues to find a compromise solution which satisfies both the business and the workforce.

The government has also stated that they want remote working to become a permanent fixture in Irish working life.

"If done right, the benefits will be huge; reduced business costs, better work-life balance especially for parents, less traffic, lower emissions & time saved on the commute," said Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar.

 

How to Enhance the Financial Wellbeing of your Employees

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2 - Prioritise training and development programs

Considering how challenging it can be to attract and recruit talent initially, it's easy to see the importance of developing employees and nurturing their potential.

Career development opportunities are a significant tool which can be used to inspire, satisfy, and retain staff.

According to the LinkedIn's Workplace Learning Report, most workers say they will stay longer with a company if their employer invests in their professional development.

A successfully implemented training and development plan can help your employees to feel that they are an important part of their organisation's overall success.

What's more, by fully embracing a culture of continual improvement amongst your employees, you can develop leaders within your workforce, motivate staff and empower them to excel in their roles.

 

 

3 - Recognise and appreciate top performers

A new report from McKinsey & Co illustrates the desire that employees have to feel valued by their company. Regular employee validation also instils a sense of belonging among a workforce.

With this in mind, recognising and rewarding the positive contributions team members make can be an inexpensive way to boost morale within an organisation.

What's more, a recent survey has indicated that when an employee feels recognised at work, they are less likely to look for a new job within the next 3-6 works. In contrast, the survey also found that the majority of workers who feel they are not recognised at work will look to change their employment in the near future.

From financial rewards and bonuses to monthly or quarterly awards – there are a number of ways that organisations can choose to recognise and reward their staff. Whatever method you choose, it's important to publicise employee accomplishments within your internal forums such as company newsletters, dashboards and in team meetings. This will help to ensure that staff feel recognition amongst both management and colleagues.

4 - Effective communication in the workplace

Employers who communicate effectively with their staff can build trust, enhance morale and increase productivity.

And, as John Goulding, CEO & Founder of Workvivo points out, building a culture of trust will play a key role in helping employees to feel a sense of belonging with their organisation.

"Trust is built on familiarity, on human authenticity. We have seen CEO's use Workvivo to deliver weekly video updates to their staff. This is not over-produced content; it is just a very human, authentic message of what is going on at that point in time.

"We should want our employees to feel and act like owners of the organisation. And feeling informed is one of the biggest drivers of that sense of ownership. It's not just feeling informed about what's going on today, it's about the bigger things going on in the company."

What's more, employees that feel heard are roughly five times more likely to perform to the best of their abilities at work.

With this in mind, it is very important for employers to provide regular opportunities to staff to air their views, suggest their ideas, share their concerns and provide feedback.

Establish a structure where all voices and opinions are heard and acknowledged. If an employee feels like their suggestions and ideas are not being heard, it is likely that they will stop contributing their ideas and their engagement with their role may drop.

It's important to keep your team in the know and give them an opportunity to voice their opinion.

 

 

5 - Focus on financial wellbeing for employees

COVID-19 placed a financial strain on countless employers across Ireland.

As a result, many businesses are not in a position where they can offer salary increases to their employees in the near future.

However, there are many other routes employers can take to boost the financial wellbeing of their employees.

Take the area of taxation, for example.

Many Irish workers are unsure of their tax entitlements and obligations. In fact, more than one in three workers have no idea how much tax they pay. And over 60% of Irish taxpayers do not claim the tax reliefs they are entitled to.

As a result, thousands of euro in tax refunds goes unclaimed every year.

At Taxback.com, we have developed a financial wellbeing solution specifically aimed at alleviating financial stress on employees around Ireland

When you sign up to our financial wellbeing service, our tax team will ensure that your employees are availing of every tax-saving opportunity that they are entitled to and help them to claim their tax back in Ireland.

Our average Irish tax refund is €1,880 so it is easy to see why reviewing your tax entitlements makes so much sense

 

How to Enhance the Financial Wellbeing of your Employees

Learn More Here

 

How can we help your employees?

Taxback.com partners with employers like you to extend our tax review services to their employees. Our team of tax experts prepare and submit a tax return for your employees and ensure they receive their maximum legal tax rebate.

We will also host a customised virtual tax clinic for your colleagues, detailing their tax filing obligations and the reliefs they may be entitled to.

How it works

  • When you partner with Taxback.com, we will create a dedicated portal for you to share with your employees
  • When an employee registers, we'll conduct a full review of their tax situation
  • Our Irish tax team will manage all of the paperwork requirements on behalf of your employee and file their tax return with Revenue.
  • If your employee is due a tax refund, we will transfer their money straight to their bank account.

 

Book a free demonstration

If you would like to learn more about our Financial Wellbeing Service, why not book a free demonstration today?

Simply contact our team today to learn more.

 

How to Enhance the Financial Wellbeing of your Employees

Learn More Here

About The Author

Mark Corcoran - Digital Content Executive @ Taxback.com

Mark is the Digital Content Executive at Taxback.com. Since graduating from Griffith College Dublin with a degree in Journalism and Visual Media, his work has been published both in print and online.

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