Motivating employees can sometimes be a difficult task. There are many reasons why staff may be feeling demotivated in their current employment. This may be due to staff turnover, a change in the methods of working, a change in management systems, or even due to pay cuts from a lack of funds. Instead of simply shrugging this off and repeatedly looking for new staff, it can be more beneficial to motivate your employees and retain their loyalty.
You might do this in a number of ways, such as using benefits, a reward system, or implementing an EMI scheme for businesses. No matter what you choose, it can always be better to have long-term, dedicated employees, as opposed to high staff turnover and low morale.
Enterprise Management Incentives
This is one form of incentive, alongside others such as the Share Incentive Plan, that gives employees more of a stake in the company that they work for. This allows employees to have shares within the company they work for, meaning that the success of the company becomes more important to them. It also benefits employers due to a reduction in taxes.
Employees who get benefits for working at a company may be more likely to want to work there in the first place, or stay if they are a current employee. These benefits can vary from dental plans to private healthcare, to gym memberships or treats. As a company, you can either provide these benefits yourself, or get another company, such as Perkbox, to send them to your staff on your behalf.
Rewarding dedicated and diligent employees can be another great way to boost staff morale and motivation. You might do this for the most improved employee, the one who has sold the most of a product, or through a staff voting system. Some companies use rewards such as holidays to motivate their employees to work to their full potential, however, even smaller rewards can be successful and build a healthy competitive edge between colleagues.
General employee rewards can also boost motivation, which can be especially good when your staff need to act as a team rather than competing against each other. Time out such as meals, trips to bowling alleys, or days away for team-building exercises can also gain their favour, meaning an individual is more likely to stay with you than to jump ship to a competitor.
Employees may also benefit from bonus schemes. This can be undertaken as individuals, or as a whole team. Some companies set targets each month and, depending on the results at the end of the month, bonuses can be included in an employee’s pay packet relating to how well they have done.
Motivating your employees does not need to cost a fortune, however a constant reminder that they are worth more than their standard salary can make a huge difference. Genuine motivational acts, as well as to engage with employees about any concerns or critiques they have, can give you a stronger workforce overall.