Open communication, employee recognition and involving personnel in decision making are the top three qualities people value most in a company, according to the MAP survey.
“Clearly, a work environment where employees are recognized as part of the team is more valuable than simply receiving a paycheck,” said to Lee Froschheiser, president and CEO of MAP, in a press release.
The survey revealed “open communication between management and employees” is the number one factor contributing to employee loyalty. Open communication was mentioned almost twice as frequently as “receiving raises.”
The most perceptive business leaders realize the enormous value of motivating employees in non-monetary ways, according to Froschheiser.
“Most of all, clearly communicating the company's vision and mission, as well as making employees feel they're playing an important role in the business' overall success are among these CEO's top employee-retention strategies,” Froshchheiser said.
Effective communication can contribute to a company’s profitability according to the recently released Communication ROI Study by Watson Wyatt.
Companies with the most effective communication programs had a 47% higher total return to shareholders from 2002 to 2006, compared to companies that communicate least effectively.
Those companies with effective communication are four times as likely to report high levels of employee engagement as compared to those with less effective communication.
The Watson Wyatt study identified that the highest-performing companies:
- Focused managers and employees on customer needs.
- Engaged employees in running the business.
- Helped managers communicate more effectively.
- Utilized the communication talents of internal communicators to manage change effectively.
- Measured the impact of employee communication.
- Branded the employee experience.
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