According to Fortune, Millennials (those between the approximate age of 20 and 36) make up more than one-third of the American workforce today, making them the largest generation at work today. What companies must realize is that – given the values, attitudes, and work ethics of Millennials – they must be able to provide more to their employees. You may be asking yourself, “More what?” Well…not exactly days off, or even more money, but rather, more happiness.
Why should you strive to maximize employee happiness? Here are three major reasons:
1. Lower turnover rate.
A high turnover rate increases human resource costs, which can reach up to 150% of the annual salary per replaced employee, according to Data Science company Kaggle.
2. “Retain the specialness.”
British marketing agency Social Chain has employed Kiera Lawlor to be its Director of Happiness. She says her main priority is to “retain the specialness” of the young professionals working for the firm – “Running an office where puppies, ball pits, a bar and unlimited holidays are everyday life, this is far more than just a job to me, it is my passion.”
3. Happier customers.
Happier employees are typically more engaged, enthusiastic, and creative, which directly affects the bottom line, allowing for better company performance, and happier customers.
Staffing firm LaSalle Network puts major emphasis on its employees’ happiness. Taking extra care to provide a culture of compassion and motivation, LaSalle provides its people with a variety of employee perks, benefits, and celebrations. And it shows – the company was named by Corp Magazine as one of the Best and Brightest Companies to Work For in Chicago in 2015.
Says CEO and Founder Tom Gimbel, “We actually care about our people and our fun rewards aren’t gimmicks. When you really care about people, it shows, and they know it.”