Motivated employees are every company’s most valuable asset. And yet, research has shown that a whopping 87% of employees worldwide aren’t engaged at work. Needless to say, this trend negatively affects employers’ bottom line. Disengaged employees will constantly and actively search for an opportunity to leave, which brings us to the problem of a high turnover rate in certain industries. According to a study, a company has to invest six to nine months of an employee’s salary in order to find and train their replacement. But apart from a huge financial loss, companies with high turnover rates experience a falloff in quality. Here’s what you can do to motivate your employees and boost their productivity.
Recognition still matters big time
If you think that not complaining about your employee’s performance is a clear indicator that they do a good job, you’re wrong. 66% of employees would quit if they felt underappreciated at work, which means that managers need to try harder and actually express their appreciation and gratitude. By recognizing that your employees are doing their best to achieve the set goals, you’ll establish an emotional connection with them which will, in turn, result in their increased engagement. We all know that the best things in life are free, and this also applies to recognition. You can send an email and thank your employees for their hard work and contribution, or you can use the next meeting to thank them publicly.
Incentives work too
Incentivizing and rewarding your employees is another method of effectively motivating them. A raise or a quarterly bonus will most certainly be a welcome addition to their budget and a very powerful motivator, but there are other ways of giving your employees something valuable. For example, introducing an employee share option plan is an excellent practice for rewarding engaged and hard-working employees, and not only will company shares bring them dividends, but they will also increase their sense of belonging to the organization.
Introduce flexible scheduling
We live in the world of advanced technology, and there’s no need to limit your employees and squeeze them into the nine-to-five workday. By allowing flexible hours whenever it’s possible, you’ll have an army of productive, happy workers. Similarly, a remote working option is one of the most desirable employee benefits. According to a research study, working remotely can significantly increase employee productivity because it eliminates various office distractions. Apart from being able to work from the comfort of their own homes, remote employees also don’t have to waste time commuting to work. Furthermore, having a well furnished and optimized work space increases productivity, so many companies choose to rent a shared office spaces, such as this serviced office in Sydney.
Free food is another perk that employees love. Take a cue from Google, as the tech giant is famous for providing an impressive menu to its workers. Of course, not every company has $80 million to spend on food every year, but free coffee, donuts, and some fruit is something that even startups on a shoestring budget can afford. And even these modest food offerings will show your employees that you’re interested in their well-being. It’s all about being thoughtful and treating them as people first and not just as means for making money.
Encourage professional and personal development
Employees who perform the same tasks on a daily basis tend to get tired and bored. This is a surefire way of slipping into a rut and becoming disenchanted with your job. Savvy managers know that employees who are encouraged to grow and develop professionally are creative, motivated, and satisfied. That’s why various conferences, seminars, or training workshops will help your employees learn new skills that will allow them to advance their career. In addition to improving your workforce’s career opportunities, training programs will also provide you with educated, skilled employees who are good at their jobs, which will subsequently improve your business and bottom line.
Get to know your employees
Building strong personal relationships with your employees is essential for creating a healthy work environment. Knowing when their birthdays are, what they’re interested in, or what their hobbies are will help you find a way to make them tick. For example, you can occasionally give an employee a day off to spend some quality day with their kids, or you can allow another one to bring their dog to work. They will be more than thankful for these small favors, and this gratitude will fuel their productivity and motivation.
It doesn’t take much effort to motivate your employees, and everything you invest in their happiness and satisfaction will pay off very soon.