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Employee Happiness And Corporate Financial Performance

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Question:

Discuss about the Employee Happiness and Corporate Financial Performance.
 
 

Answer:

Introduction

To start with, there is no doubt in the fact that no corporation could accomplish its objectives in case if it doesn’t hold the suitable set of staff members (Bhatti and Qureshi, 2007). The staff members within an organization greatly decide the company’s success. This is the chief reason as to why corporations put in high efforts in selecting employees for their corporations. Many times, knowledge and skills of the staff member is taken into consideration for gauging his outcome within the firm (Wang and Lee, 2009). One aspect, which is being ignored through majority of the corporate owners, is staff satisfaction. Several researches and surveys have highlighted that staff satisfaction performs an essential part in candidate’s performance (Rizwan et. al., 2013). In case if any corporation wishes to achieve the best from its staff members then it should offer appropriate means for satisfying their requirements and needs.

Employee satisfaction is highly important for the success and effectiveness of each and every business or company, regardless of its scope and products it deals in (Burnett and Roger, 2004). A high level of employee satisfaction is directly associated with a lesser turnover rate. As a result, keeping employees contended and satisfied within the company should be seen as a top-most priority of every employer or organization. Employee satisfaction has now become a critical part in successful functioning of organizations across almost work domains in (Burnett and Roger, 2004). And thus, it is highly important to adapt best practices and strategies within the organizational culture (Bhatti and Qureshi, 2007). Further, taking the above discussion this particular paper attempts to provide an insight into the factors influencing employee satisfaction in departmental stores in Australia.

Employee satisfaction is extremely vital within a company since it is what productivity and outcome depends greatly on in (Burnett and Roger, 2004). If the staff members are satisfied they would generate superior quality output in best possible time and result in increasing level of profits (Wang and Lee, 2009). Moreover, satisfied employees are more likely to be innovative and creative and produce breakthroughs which make possible for an organization to expand and revolutionize positively with passing time and continuously changing marketplace conditions in (Bhatti and Qureshi, 2007). No corporation could attain its objectives in case if it does not include the correct set of employees and appropriate satisfaction strategies.

The employees within an organization greatly decide its success. Therefore, firms put in high efforts in making sure that the employees are satisfied with their assigned tasks and organizational practices (Rizwan et. al., 2013). Many times, knowledge and skill sets of an employee are considered to be gauging his routine in the company in (Burnett and Roger, 2004). A large number of research studies and surveys have highlighted that employee satisfaction performs a pivotal part in performance of the person (Chan et. al., 2000). If a corporation wants its employees to put in their best and maximum efforts then it should make available the best means to fulfil the requirements and needs of its employees (Luthans, 2002).

Employee satisfaction is basically the term adopted to illustrate a situation when the employees are contented and satisfied with his/her job and the work surroundings (Wang and Lee, 2009).  Employee Satisfaction is of supreme significance in any company be it large or small. Considering that satisfaction of employees is vital only for the employees is not at all correct (Luthans, 2002). It is equally vital for the company for which the employees work as well. There are several factors that affect employees’ satisfaction at work.

 

Factors affecting employee satisfaction

Employee satisfaction is considered as the degree of contentment one has with respect to his/her job. It's basically the positive emotional connection with the work that functions like a motivational force. Moreover, Job satisfaction is straightaway linked with outcome. Higher the job contentment, greater would be the performance of the staff member (Bhatti and Qureshi, 2007).  Diverse staff members hold distinct view related to their job, as a result making job satisfaction forces indefinite. A force, which works for a particular staff member may not work for the other. Nevertheless, there are few commonly recognised forces, which impact job satisfaction that are highlighted in the continuing sections.

Individuals feel satisfied in performing the task they enjoy. At the time when individuals having right type of capabilities are placed at correct task, there exist high possibilities that they are contended and satisfied (Wang and Lee, 2009). For example, when an individual is performing a task he does not like, even a small issue could be frustrating and irritating (Bhatti and Qureshi, 2007). However in case if similar issue arises while performing a task he likes, he would see it like a challenge and will consider it like an achievement for overcoming the issue.

An individual could remain happy at the time when he could enjoy personal and professional life equally. When stress and workloads begin consuming a person's time for personal life, it would leave them restless and mentally exhausted. At the time when an individual has too many issues in personal life, it has a high affect upon their professional outcome (Wang and Lee, 2009). However, the affect upon personal life because unmanaged work life is even greater.  

 

Space for growth and career development

Individuals are contended with their present work at the time when they observe opportunities for growth. A number of corporations these days are involved in offering suitable training to their staff members for making them competent of dealing with new and difficult jobs (Rizwan et. al., 2013). Apart from this, several corporations even motivate their staff for acquiring greater abilities and qualifications through assisting them with their educational fees. Higher skills and qualifications offer the chance for promotion or career development and staff members feel contended. Staff members are more contended with the present job in case if they observe a route present for moving up the positions within the corporation and be offered greater accountability and greater compensation (Wang and Lee, 2009). Several corporations motivate staff members to attain more progressive abilities, which would result in the possibility of promotion.

When the corporation offers opportunity to the staff members for deciding their functioning hours themselves, they have been found to show higher performance (Rizwan et. al., 2013). Individuals feel contended when they get a chance to function according to their schedule.

Efficient managers identify their staff members’ needs and compliment for their accomplishments and efforts (Wang and Lee, 2009). Employees must also know that their managers are always there for them for discussing any issue they are facing, which is impacting their capability of doing their tasks efficiently and obstructing their contentment at work.

Employees’ satisfaction is affected through staff perceptions regarding the equality of the corporation pay scale along with the present pay the person might be obtaining (Rizwan et. al., 2013). Corporations must hold a means for evaluating staff outcome and providing salary rise to best performers. Opportunities for earning special rewards, like bonuses, vacations or extra paid time off, also result in pleasure and greater job contentment within the workplace (Wang and Lee, 2009).

For the reason that staff members spend a good amount of time within their work atmosphere, it is highly vital for corporations to make every possible effort for optimizing working conditions (Rizwan et. al., 2013). These things like offering large work areas instead of confined ones, sufficient lighting as well as relaxed work stations make contribution towards constructive workplace conditions (Wang and Lee, 2009). Offering output tools like advanced information technology for helping staff members in accomplishing tasks more proficiently makes contribution towards job satisfaction also.

 


Moving ahead, apart from these there are several other factors that exist within a company which contribute to the area of employees’ satisfaction (Chan et. al., 2000). The factors influencing employee satisfaction include:

  • The brand name of company is highly importance to the staff members and it is taken into consideration at the time when satisfaction of an employee is taken into account.
  • The objectives and aims of the company where an employee operates are likely to have an impact on the employee satisfaction in (Burnett and Roger, 2004).
  • Pay and Salary are one among the most vital factors affecting the employee satisfaction. The pay should at all times be with respect to the employee’s position within the organization.
  • Incentives and penalties are other essential things which influence the satisfaction level of employees in their job.
  • The type of treatment showed by the manager to the employees greatly determines their satisfaction level. It’s at all times desired to deal with the staff members in a good way.
  • Functioning methods of the company decide the satisfactory level of the staff members. It is true that each and every company has its own operating methods however some amount of freedom should also be offered to the staff members.
  • It is vital to ensure that the skills and personality of the individuals goes well with the kind of job being assigned to him//her.
  • Expectations of the staff members should also be as per the level of company within which he/she is operating.

Benefits of high employee satisfaction

A high level of employee satisfaction has significant impact on both the organizations and its employees, which is depicted in the lines below:

In light of an organisation:

  • It improves employees’ retention and the organization does not require training the employees time after time.
  • The overall productivity and effectiveness of the firm is enhanced and it helps in attaining the objectives of the firm.
  • When staff members are satisfied with their assigned tasks and job they handle customers in an improved way and as a result customer satisfaction is attained to great level.
  • It assists the organization in attaining better products and services from its staff members.
  • Funds spent on training of the new applicants and appointment of new applicants could be saved greatly.

In light of the employee:

  • When the staff members get satisfactory services and facilities from the organization initially, they tend to believe that alike treatment would be provided to them during long run (Luthans, 2002).
  • Employees begin taking interest in their work rather than worrying about any other concerns.
  • The employees hold a sense of accountability toward the company.
  • They deal with the customers in a better manner and build up strong association with them.
  • They out in every possible effort to generate better results so as to obtain appreciation from their manager and the company (Luthans, 2002).
 

Conclusion

To conclude, it can be clearly stated that the management and organization should have a constructive impact on and try their best to support the contentment of, the company’s employees in (Burnett and Roger, 2004). Basis for this aren’t just to benefit the staff members since the organizations also stand to benefit from the employee satisfaction. Within economic surroundings just as the present one, the employers time and again pay no attention to the costs related to discontented staff members, apparently holding the view that these staff members are stuck within their present positions and would bear unpleasant working atmosphere in (Bhatti and Qureshi, 2007). However, this is not the situation. Several reasons for employees’ discontentment and dissatisfaction are well under the control of company and effective management procedures could make possible for a company to reduce or eliminate, such reasons (Chan et. al., 2000). Further, satisfied employees would operate harder for the organization and remain with the company for long, ultimately trimming down the organization’s labour costs.

 

References

Bhatti, K. K. and Qureshi, T. M. (2007) Impact of employee participation on job satisfaction, employee commitment and employee productivity, International Review of Business Research Papers, Vol. 3, No. 2

Burnett, M. and Roger, J. B. (2004) Employee Satisfaction and Shareholder Returns, Journal of Business and Economic Research, Vol. 2, No. 2, pp. 35-42

Chan, K. C., Gee, M. V. and  Steiner, T. L. (2000) Employee happiness and corporate financial performance, Financial Practice and Education, Vol. 10, pp. 47-52

Luthans, F. (2002) Positive organizational behaviour: Developing and managing psychological strengths, Academy of Management Executive, Vol. 16, pp. 57-72

Rizwan, M., Jaskani, J. H., Ameen, H., Hussain, S., Farooq, R. U., and Omair, M. (2013) Antecedents of Employee Satisfaction and it?s impact on Job Turnover, International journal of Management Sciences and Business Research, Vol. 2, No. 1, pp. 55-64

Wang, G. and Lee, P.D. (2009) Psychological empowerment and job satisfaction: An analysis of interactive effects, Group Organization Management, Vol. 34, No. 3, pp. 271-96

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