How Can a Business Motivate Employees?
Business owners are always looking to keep staff motivated and productive. When staff begin to lose enthusiasm for their job or even the company they work for, the results can be low productivity, a negative effect on other staff and customers, and eventually the hassle of recruiting new employees when the unhappy member leaves their position.
Many companies try to keep morale high by throwing Christmas parties, corporate team building days, and department nights out to encourage bonding. It’s fair to ask if these benefits are what motivates an employee, though.
After all, employees mostly come to work to earn money. Outside of work, they spend time with their own friends. Sometimes colleagues socialize outside of the office, but it’s the exception rather than the norm. Time, money, and a sense of belonging can be great motivators, but how can these be achieved without breaking the budget?
Working from Home
A hot topic in the modern age, working from home, can raise rather than decrease productivity. Many companies feared that staff would take advantage of not being overseen by a manager in their office.
However, employees feel grateful to their employer for allowing them to skip the daily commute and work in their home environment. They can eat more healthily and spend more time with family.
Feeling thankful to their employer, and also not wanting to be seen as lazy, employees can raise their standards, so their boss will allow the arrangement to continue. Technology now allows participants all over the world to have meetings and even see each other using various software applications. If the result is a happier and more productive workforce, then this may be worth exploring for companies that don’t need staff to be on-site.
Involve Employees in Company Success
Employees can feel underappreciated at times; they can even think the management get more profit than they should off the hard work of the staff. Often this isn’t the case, but it can be a great motivator if management show this to staff in a meaningful way. One excellent strategy is to use a share incentive plan.
Not only are they advantageous from a tax perspective, but they immediately give the employee a stake in the company. Owning shares can help staff see things from the management’s point of view; after all, everyone is now aiming for the same goal. A more profitable company will have a direct impact on the income of employees.
After five years, staff can sell their shares, profiting from the increase in the share price. If the share price were to fall, then the employee wouldn’t receive as much for their stake. As a way of incentivizing staff to work to the best of their ability, while making them feel part of the company, this is an excellent method to boost morale.
Motivating staff isn’t always easy. Employees have lives outside of the office, and they need a reason to feel happy at work. Allowing them to work from home is one good option, but making them feel a part of the company by owning shares is also an excellent way to build morale. Methods of raising enthusiasm aren’t exclusive, and maybe a combination of approaches will be the right way for your business.