Companies often spend tremendous amounts of time, energy, and money attempting to retain their best employees. Despite this investment, their efforts to do so meet with mixed results at best if they don’t focus on discovering one crucial piece of information—what motivates those employees.
Sure, money is one factor to consider, and for some employees, that’s the top consideration. However, it’s not the only consideration, and companies that focus solely on monetary compensation run the risk of neglecting other factors that could be equally as motivating.
Giving raises that are larger than average for excellent performance is one place to start, but that’s just the beginning. Today’s employees (and candidates) are motivated by other things, too, and below are four additional sources of motivation for your employees.
#1—A flexible working schedule
In today’s competitive marketplace, flexibility is an asset, and it’s one that many employees value. As a result, offering even a little flexibility in their working schedule can go a long way toward making deposits in their “loyalty bank.”
#2—Opportunity for more paid time off
Workers in America take less time off than in any other country in the world (with the possible exception of Asia, according to a recent news report), but that’s probably not an intentional occurrence. Rewarding your top employees with more paid time off is a relatively inexpensive yet valuable investment in those employees.
#3—The chance to earn bonuses
Rather than giving across-the-board raises, more companies these days are opting for variable compensation structures that reward the best employees with bonuses. These aren’t paid out at the end of the year, though. They’re given when the employee reaches certain production levels and goals. Once again, that differentiates you from other companies and cultivates loyalty with your top employees.
If an employee is excelling and could be given more responsibilities in a supervisory role, it makes perfect sense to promote them. This is not in lieu of a raise or other earned compensation benefits, but in addition to them. Of course, such a move should only be made if it makes sense for the company (i.e., will allow the employee to continue to grow and be more productive).
Consider each of the key people on your team or in your company and see if you can provide a way that they can develop professionally and/or provide a career path. Once you’ve determined a course of action, share this with each person.
This shows that you’re looking out for their career and will provide incentive for them to grow to their potential . . . producing yet another form of motivation.
Time Staffing Inc.