How to keep your staff productive and happy at work

How to keep your staff productive and happy at work

Do you believe that your employees are happy in their work? Well a recent study by TINYpulse might change your mind, because they found that only 22% of employees in the financial services industry are happy, with 78% either indifferent or unhappy.

With all the benefits and flexible working hours in the industry, you would think that employees in the financial services industry would be happy in their work, but another study by the same company found that this isn’t so. In fact, it’s interpersonal relationships and a positive work culture that play a big role in the happiness of employees.

Whilst benefits, flexi time and wages do influence employees, these do not appear to have the same positive influence on employees as a feeling of being appreciated in the workplace. The problem is that this report also determined that worker recognition is becoming worse with only 25% of employees feeling valued in the work place.

All of this begs the question – why does the happiness of our employees matter? Well, a recent study at the University of Warwick found that when workers feel happy their productivity increases by 12%, regardless of their initial productivity levels. So making a highly productive worker happy will make them even more productive!

So what can managers do to make their employees happy at work?

It’s fair to say that happy employees can foster a positive workplace culture, so if we take this one step further, we could say that improving the happiness of employees creates a feedback loop, perpetuating a positive culture within the workplace, which makes people happier, and so on.

If you are interested in creating a better working environment for your employees and increasing their happiness at work, here are four strategies you need to consider.

1. Give praise when it’s due

When an employee has performed well, don’t ignore this accomplishment, instead actively praise their efforts. When employees feel proud of what they have achieved, it gives them an incentive to work even harder, because they realise that what they are doing is important. So give recognition where it’s due.

2. Don’t stint on career development opportunities

Career development, upskilling and education are important considerations for employees. In fact a LinkedIn study found that more than 90% of employees indicated that this factor alone influenced their decision to remain with a company. Whether it’s leadership skills, retraining or upgrading, actively encouraging the growth of employees leads to a more positive work environment.

3. Invest in a positive workplace culture

You do this by supporting the physical and mental health of your employees and encouraging workplace friendships. Installing a gym on-site or encouraging physical activities during the lunch hour (Pilates, yoga or meditation come to mind), adding games to communal break areas or meeting up for lunch or a weekly dinner are all ways to promote the health of your employees.

4. Ask for feedback

An anonymous survey or simply a suggestion box are two effective strategies that can be extremely valuable in showing your employees that you care about their welfare at work. Actively supporting the happiness, health and satisfaction of your employees is a strategy that will have significant impact on the productivity of your company. The first step is to listen to your employees!

General Advice Warning

The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

Workers’ Compensation

While some occupations and industries have a higher risk of workplace incidents and/or fatalities than others, Workers’ Compensation is compulsory for all Australian employers. It provides financial compensation to workers if they suffer a work-related injury or illness.

Workers’ Compensation

What is Worker’s Compensation Insurance?

Workers’ Compensation Insurance is compulsory for most employers in Australia. It provides cover for your business against the financial costs for weekly compensation or a lump sum benefit in the case of permanent disability.

Every business and industry has occupational and safety hazards that can result in injury to employees and contractors. Some workplaces have a higher risk of work-related incidents than others, but no matter the size of your business, or the industry or state/territory it’s in, you’re required by law to have Workers' Compensation Insurance.

Why is Workers' Compensation Insurance important?

As an employer, Workers' Compensation Insurance is statutory obligatory. This insurance is designed to reimburse the business against weekly wages or lump sums costs if an employee is injured at work.

Workers’ Compensation rules vary between states and territories, so it’s important to check the relevant regulator for exact requirements for your location and industry, and seek professional insurance advice when making your decision.

Working Directors. Check if you have to include yourself as a working director, as this depends on the state/territory. We also recommend that working directors consider Personal Accident Insurance which has additional benefits not covered under Workers’ Compensation.
Contractors. If you employ contractors, some states and territories also require that these people, called ‘deemed workers’, are insured for Workers' Compensation.
Sole Traders. As a sole trader, it’s unlikely you can get Workers' Compensation Insurance. However, if you can’t work, you’ll still need ongoing income to pay your regular bills, so you should consider Personal Accident, Life, and Sickness Insurance in case you have an accident or permanent disability.

What does Workers' Compensation Insurance cover?

In cases of a work-related illness or injury, Workers' Compensation can reimburse the business for weekly wages, as well as pay the cost of hospital, medical, and rehabilitation expenses.

Examples of work-related injuries include:

soft-tissue injuries from lifting in warehousing or packing
cuts, lacerations, and needlestick injuries in medical and allied health
slips and trips in the retailing or consulting industries
hearing damage, dust diseases or asbestosis in the construction industry
fatal incidents such as electrocution, poisoning, falls and being struck by a machine.

There are also exclusions for illness or injuries that happen outside the scope of employment, like driving to or from work
.
We’re ready to assist you in arranging Worker’s Compensation Insurance that meets the statutory requirements in your state or territory.

Frequently Asked Questions

How much does worker’s compensation insurance cost?

Each state and territory calculates premiums differently. In principle, the annual premium is based on the industry rate, total amount of gross wages paid, and your business’ claims history.

Does your business need worker’s compensation insurance?

If you have employees, then each state and territory requires that you have Worker’s Compensation Insurance in place before you start operating the business. Employees can be full-time or part-time, and may also include contractors or deemed workers, piece-meal workers and apprentices.

What types of injuries or illnesses are covered by worker’s comp?

Workers’ Comp covers any injury or illness directly caused at or by the type of work. For example, a needlestick injury may cause hepatitis in a nurse, a scaffolding collapse may cause permanent injuries, quarry workers could develop tinnitus (ringing in the ears) due to excessive workplace noise, or a warehouse worker could injure their back when packing shelves.

Who is exempt from worker’s compensation?

Workers’ Compensation Insurance covers employees and deemed workers. Business owners or sole traders, as well as independent contractors, usually aren’t insured under Workers' Compensation. If you’re not insured, we recommend that you consider buying Personal Accident Insurance.

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