Employee Theft Show
Employee theft occurs when the employee of a business steals tangible property (e.g., cash, tools, raw materials, equipment) or intangible property (e.g., trade secrets, designs, intellectual property) from his or her employer. This is a serious crime committed against businesses by insiders who possess specialized knowledge about the business and who have the ability to circumvent guardianship mechanisms. Although employee theft is most prevalent in places that handle numerous cash transactions, such as gas stations, corner stores, and restaurants, as many as seven in 10 businesses will experience theft by an employee. As employees engage in their normal and legitimate workplace roles, they gain knowledge of guardianship mechanisms used by the business. Employees motivated to steal use this knowledge in ways that increase the ...  locked icon Sign in to access this contentSign in Get a 30 day FREE TRIAL
sign up today! Employee engagement and job satisfaction both deserve equal attention if you are to maximize your workforce’s potential and enable the growth of your organization. Read our primer to know about the difference between employee engagement and job satisfaction, as well as how they are intrinsically related. Did you know that a staggering 41.4 million people in the U.S. left their jobs voluntarily in 2018? This is 8.3% more than the previous year and 88% more than at the start of this decade, according to the 2019 Retention Report by Work Institute. This rate of voluntary turnover costs companies billions in lost productivity, rehiring, and retraining expenses every year. One way to retain at least some number of employees is by addressing the issues of employee engagement and job satisfaction. The two are different, and learning how they differ can help you keep your employees happy, motivated, and less likely to quit. And this has a massive impact: even a 10% reduction in voluntary turnover can save U.S. companies $475 billion, says the Work Institute report mentioned above. So, how do employee engagement and job satisfaction differ? Is your assessment of these two metrics accurate? Let’s find out. Table of Contents
Employee Engagement and Job Satisfaction: Are They the Same?To identify the difference between these two areas, let’s consider two types of employees. Imagine a manufacturing employee, Nathan, who starts his shift at 9 AM every day and works until 5 PM with a one-hour lunch break in-between. He receives a competitive pay package, better than other manufacturing plants located in his county. It takes Nathan only 20 minutes to reach the plant, and he has been working there for the last seven years. In this period, he has been promoted twice. He also receives full medical coverage for himself and his family, which makes him worry less about the future. These indicators suggest that Nathan is satisfied with his job. The job provides everything he needs, and he has no complaints from it. Now consider Amanda, a software developer at a startup. The company is in the early stages of growth, and Amanda has been offered equity benefits instead of standard compensation elements until the first round of funding comes in. Amanda often spends over 10 hours in the office, trying to meet deadlines and getting the product off the ground. She is passionate about her work and is continually learning new things in her domain, which makes her a highly skilled professional. Amanda’s passion for her job and her desire to learn more about her work are indicators that she is highly engaged in her job, even though some of the traditional satisfaction components are missing. What is important to note here, however, is that job satisfaction and employee engagement are both equally important. While satisfaction may be enough to sustain an employee in a job for seven years, it is engagement in the job that will help employees reach their full potential and subsequently enable the growth of the organization. Only when your workforce is satisfied and engaged, you can sustain productivity levels in the long run. Job SatisfactionJob satisfaction can be defined as the sense of contentment one feels as a direct result of being employed in a particular role. It isn’t only when the employee is content while in the office/workplace — their job makes them feel content in life, impacting areas such as security and confidence. Job satisfaction is a must-have if you want your employees to have a long tenure with your company. Considering Amanda’s example above, she may be engaged. Still, unless the company receives funding and starts providing her with the pay commensurate with her efforts, she is likely to start looking for a new job because the satisfaction element may be missing. Employee EngagementEmployee engagement can be defined as the level of involvement and connection one feels in their job. Various forces shape engagement, including the nature of leadership and the sense of community in the workplace. There’s also an individual factor in employee engagement – if you placed Nathan in Amanda’s role, he might not have experienced the same level of engagement. Motivation, interest, passion, purpose, and personal investment all make up how engaged an employee is. Engagement is what ensures that employees are part of a company’s growth curve. For example, if Nathan isn’t engaged in his role at the manufacturing plant, he will feel there is no direct link between his job and the company’s success. Over time, this feeling could intensify, causing him to look for a more meaningful employment option. This is where you should note that engagement is also associated with employees’ personality type. Nathan’s seven years at the job can be an indicator that for him, the security that comes with a job and the ensuing satisfaction is a higher priority than being engaged on the job at the cost of weaker job security. So, there’s a subtle but definite difference between employee engagement and job satisfaction. Let’s look at the top factors influencing these parameters. Factors Affecting Job SatisfactionTypically, it is the monetary and associated factors that determine how satisfied employees are with their job. The top four elements include: 1. CompensationThe first (and probably the biggest) driver of job satisfaction is compensation. Remember two things here. One, the pay scale must be positioned competitively against similar companies in your region. Two, employees should be able to maintain an above-average quality of life with the compensation provided. 2. BenefitsSupporting the advantages of good pay, you can offer a comprehensive benefits package that takes care of physical and mental well-being, financial wellness, childcare, and family coverage. You may not need innovative perks like unlimited paid time off or an in-house gym. And this is a key difference between employee engagement and job satisfaction. People want stronger basics than perks they can do without. 3. Work-life balance62% of workers feel the work-life balance is most important for a company culture that fosters success. Shorter commutes, the freedom to work from home, paid leaves, and mandatory vacation days, among other things, can ensure a positive work-life balance for your workforce. They will have more time to spend with family or in personal pursuits, thereby improving the quality of life. This is one of those factors that not only ensures satisfaction but can also contribute to a certain level of employee engagement. 4. RecognitionEvery employee, no matter their personality, professional goals, or level of engagement/satisfaction, wants to be appreciated for their contribution. You can adopt a formal structure of recognition, with annual reviews and appraisals, or an informal one, where achievements are acknowledged in the moment. We recommend both. Note, again, that this is a factor that can enable both satisfaction and engagement at work. Factors Affecting Employee EngagementThe drivers of employee engagement are slightly different. You’ll notice that they are focused more on employee development and future needs. Here are the top four factors for this parameter.: 1. Inspiring leadershipEmployee engagement starts at the top. Company leaders must be collaborative, regularly interacting with their workforce, sharing ideas with them, and soliciting their contributions before making a significant decision. This makes employees feel like they are involved in the company’s growth and keeps them engaged. 2. Career developmentIn many ways, career development can be better than employee benefits, and this applies particularly to millennials/Gen Zers. LinkedIn’s 2019 Workforce Learning Report found that the No. 1 reason this segment quits is the lack of learning and career development opportunities. 3. Internal communicationCommunication plays a significant role in how engaged your employees are, especially if you have a large distributed workforce. The ability to connect in real-time, receive regular updates from the company, and quickly resolve issues (no matter how trivial) is critical to enabling an engagement-friendly workplace. 4. A culture of diversityTo ensure maximum engagement for all individuals, diverse work culture is essential. This means that the company is open to new ideas from every employee, proactively prevents bias, and ensures equal opportunity for all. Diversity must be embedded within the company values, covering every minority group as well as the generational divide. Learn More: 20 Fresh Employee Engagement Ideas for 2020 How Do Employee Engagement Metrics Differ From Job Satisfaction Metrics?To demonstrate the difference between employee engagement and job satisfaction, let’s look at the findings of a 2017 survey by the Society for Human Resource Management (SHRM). SHRM’s 2017 Employee Job Satisfaction and Engagement Report found that employees are now more satisfied with work than ever before. Companies are treating their workers with respect, compensation is mostly attractive, and job security is now almost commonplace. In contrast, the report said that engagement levels were only “moderate,” and there was “room for organizations to improve employee engagement.” Take a look at these job satisfaction findings in the report:
Now take a look at these findings on employee engagement in the report:
As you can see from these metrics, it is essential to measure both satisfaction and engagement separately and carefully to arrive at an accurate picture of organizational health. Let’s look at how you can effectively measure them. Measure these metrics to assess job satisfactionTo pinpoint the exact level of job satisfaction among your workforce, look at the more tangible aspects of your company. For example, compensation, benefits, and workplace amenities are factors that require careful evaluation. Measure the following three metrics to get a clear picture of job satisfaction: 1. Absenteeism and unpaid leavesAbsenteeism is a clear sign that employees aren’t motivated enough to turn up for work as per schedule. This doesn’t include paid leaves – after all, if employees choose to use their paid leaves to explore their personal goals/targets, it suggests a positive work-life balance. But if employees are willing to forego part of their compensation for unpaid leave, you may need to revisit your job satisfaction measures. 2. Referral volumesSomeone satisfied with their job is likely to recommend others to join as well. They would like their friends and family to enjoy the same benefits that they receive in your company. However, a dip in referrals could indicate employees aren’t satisfied. They might still be engaged – in other words, they value their work but feel that workplace benefits aren’t adequate to compensate for their efforts. That’s why this metric needs careful observation. 3. Social media reviewsEmployee reviews on social networks like Glassdoor or Indeed can reveal valuable data on job satisfaction. Often, the information they might not share directly with their employer is expressed via social media. Turn reviews into action points and monitor the impact on your job satisfaction scores. Measure these metrics to gauge employee engagementEmployee engagement has a broader purview than satisfaction. This is why the metrics for measurement are slightly more complex – they capture a variety of variables. Track the following three parameters to ascertain how engaged employees are at your company: 1. Employee net promoter score (eNPS)eNPS indicates an employee’s willingness to recommend others (note that the actual volume of referrals isn’t part of eNPS calculations). Employees assign your company a score of 0 to 10, depending on which they are categorized as promoters, detractors, or passives. A large number of promoters than detractors is a good sign of engagement. Read more about this on our detailed guide to eNPS. 2. Offer acceptance ratesOffer acceptance rates reflect the candidate engagement factor at your company. Let’s say a company is scheduled to onboard 10 recruits in a month – but only five of them turn up. There is a clear gap in engaging these candidates. This could be a reflection of the overall engagement at your company – if the engagement efforts cannot bring in candidates, they may be less successful in retaining current employees. 3. Total health index (THI)This is a relatively new concept that aims to capture three traits of employee engagement. First, it measures attendance, a basic criterion that shows interest. Second, it factors in unhealthy presenteeism: when employees turn up to work despite feeling unwell or facing other pressures. Finally, it evaluates willingness for discretionary effort, where employees are resilient enough to go the extra mile for the company. Providing a picture of overall engagement, this metric helps organizations streamline efforts in multiple areas to ensure total engagement during the employee lifecycle. Employee Engagement and Job Satisfaction on Maslow’s PyramidOne way to understand the difference between employee engagement and job satisfaction – as well as how the two are related – is by placing them on Maslow’s hierarchy of needs pyramid. Maslow’s pyramid is widely applied to study the different factors influencing workplace engagement. Interestingly, if you look at the bottom three layers, they deal primarily with job satisfaction drivers. As you progress up the pyramid, factors contributing to employee engagement come into play. The pyramid also suggests that job satisfaction and employee engagement belong on the same spectrum, and you cannot have one without the other. Fig 1. Job satisfaction and employee engagement represented on Maslow’s Hierarchy of Needs Job satisfaction is the foundation without which employee engagement cannot be sustained. And employee engagement differentiates the job role from the many others available to the professional. It gives the work meaning and a sense of purpose, enabling pride and self-development – factors necessary to achieve one’s full potential. So, the progress would look like this: companies begin by regularly measuring job satisfaction among employees. They implement the necessary measures to improve satisfaction. They then follow them up with employee engagement surveys, understanding the areas where the company isn’t performing so well. Accordingly, engagement initiatives can be deployed – this could include career pathing programs, out-of-the-box perks, personalized learning, customized rewards, and so on. Going back to our original example, imagine if Amanda’s company had to wait for over two years before launching their product. On the surface, it may seem that Amanda is extraordinarily engaged and invested in the company’s future. But biannual surveys could reveal that she is not experiencing any satisfaction in her job, making her a prime candidate for voluntary attrition. For outcome-focused companies, there’s always a risk of prioritizing engagement over satisfaction. And the reverse might be true in process-based verticals. That’s why it is so important to use a framework like Maslow’s hierarchy of needs to understand precisely where you are on the spectrum. To become an employer of choice, start at the bottom and offer support to your employees as they make their way to the top of the pyramid. Learn More: 15 Essential Employee Satisfaction Survey Questions for Your 2020 Questionnaire Key TakeawaysEmployee engagement and job satisfaction might be different, but they both play a vital role for companies looking to improve employee retention and maximize productivity. That’s why you should keep the following points of difference in mind:
By regularly measuring both facets, you can ensure that your company is on the right track. It will help to reduce voluntary attrition, strengthen your employer brand, and accelerate growth, unhindered by workforce-related roadblocks. What is your assessment of the difference between employee engagement and job satisfaction? Tell us on Facebook, LinkedIn, or Twitter. We’d love to hear your thoughts! What are the 2 theories of job satisfaction?Job satisfaction theories have a strong overlap with theories explaining human motivation. The most common and prominent theories in this area include: Maslow's needs hierarchy theory; Herzberg's motivator-hygiene theory; the Job Characteristics Model; and the dispositional approach.
What is discrepancy theory of job satisfaction?Locke developed the idea known as discrepancy theory. This theory suggests that a person's job satisfaction comes from what they feel is important rather than the fulfillment or unfulfillment of their needs. A person's importance rating of a variable is refered to "how much" of something is wanted.
Is a theory of job satisfaction stating that employees will be satisfied if their ratio of effort to reward is similar to that of other employees?Equity Theory - A theory of job satisfaction stating that employees will be satisfied if their ratio of effort to reward is similar to that of other employees.
What is job satisfaction quizlet?job satisfaction. a pleasurable emotional state resulting from the appraisal of one's job or job experience; how you feel and what you think about your job.
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Which model of job satisfaction reflects the difference between what an employee expects to receive from a job and what he or she actually receives?
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