If you manage a business, investing in your team, your most valuable resource, is the best way to get more out of your business. Whether that is the ground staff, middle management, or senior leadership, dedicated members at all levels are what make a company.
Each plays a different and unique role and it’s only when everyone is heading in the same direction that the business can flourish. Luckily, there are a few factors that motivate just about everyone. These are things we all want, appreciate, and enjoy. Investing in these specific areas will help get a happier and more dedicated workforce.
Employers need to look at salaries as investments rather than expenses. There is no doubting the fact that workers come to work because they want to make money. It is one of the biggest motivating factors for all employees no matter where they are in the hierarchy. However, many businesses either start employees off at a much lower salary than is appropriate while some even have people start the ladder with an unpaid internship.
In the long run, the rise in productivity through good salaries will be far more valuable than the expense of the salaries. Moreover, the employee retention rate will be much higher if employees start off with a good salary and have the opportunity to work up to higher levels.
Some companies have excellent salaries but since the culture is so competitive and the workload is so high, employees burn out in just a few months. Some that are extremely resilient may last several years but their quality of work decreases.
The kind of culture you have in the company plays a big role in the workers' output and how happy they feel about their work. In fact, employees are likely to stick around in jobs that may pay a little less than they want but offer an excellent working environment.
Things like extra days off throughout the year, medical cover, insurance, festive holidays, and a good reward system are what employees value most. Again, even if the salary is not as high as employees would like it to be but they have access to great fringe benefits, they will be much happier in their job. However, these things cost the business money. Therefore, organizations can invest in group insurance for employees to help reduce the cost of the fringe benefits and provide more benefits to a larger part of the workforce. This is especially valuable if these benefits also extend to the family of the employee.
Employees want to progress in their careers. They want to not only be making more money but also want to be moving up the hierarchy over time. To do this, employees need to have the necessary skills. If you can train your employees, you can give them these skills, you can develop them to exactly meet the needs of your business, and you can drastically improve retention. Employee training programs in any capacity help to improve the job experience for the worker which will help with retention and improve the quality of their output.
However, this is something that needs to be properly designed to meet their needs. Overtraining employees or pushing them too hard to excel in their work can backfire. Employees can feel like they are being herded and forced to do something. Even if they know this is good for them, they will become hesitant or blatantly refuse because this hurts their ego and confidence in their abilities.
If there are only a few people in the entire team carrying all the weight, they will not be around for long. No one wants to help out in a team where certain individuals do nothing at all yet get the same rewards as those who do most of the work. Teaching your employees how to be good team players and how to help each other will instill in them a sense of community, belonging, and positive energy. This will have a direct impact on their quality of work and how they see themselves as a part of the company.
Group activities, team training sessions and even business evenings where people can come together to relax are more important than ever. As people are working from home and social interactions are not quite like how they used to be, these events play a big role in shaping the minds of employees.
It also gives management a good chance to identify specific weak spots in their company. This way entrepreneurs and managers can develop strategies that will address those specific problems that are limiting the development of workers and consequently the company as a whole.