Rewarding Your Staff
Motivating your staff should always be a top priority. If your staff aren’t motivated they won’t feel as if they’re adding value and may feel disposable from the team. If that’s the case, then your business could be massively disadvantaged.
Business owners often think that their staff are just concerned with the financial benefits of a job and that so long as they are well paid, they have nothing to complain about. This is not true. The fact is, people are more likely to leave a job for personal, complex reasons than purely financial reasons.
Often people will be more likely attracted to a job if there are other incentives, such as job responsibility, social events and team-building. These show genuine appreciation for the happiness of their staff.
You can reward staff in different ways and show your appreciation for their work in addition to a pay increase. One of the best ways to motivate staff is to show you’ve noticed the areas in which they are doing particularly well.
The best motivation you can give is to appreciate and praise someone for a job well done. If you’re not doing that then you need to put a process in place that will allow you to do that. If you don’t then they will start to feel that they are not valued.
You should have a monitoring system in place where each member of your team has set goals and know what is expected of them. They should be asked to send you updates that explains everything they have worked on. This allows them to see their own progress as well as keeping you informed of what they are doing to add value. By bringing in a simple process like this, as a manager, you can keep track of staff progress and identify areas that need some improvement. Your employees will also have a record of the progress they have made and what they need to work on.
When considering a new job, employees also consider what their work/life balance will look like. Think about what you could do such as introducing flexi-time or extra holiday for long service. These small changes will also ensure more career contentment which in turn will vastly improve your business brand.
Talk to your employees. Taking the time to listen to your employees’ ideas can unlock a wealth of untouched potential. Who knows, you could have the next Richard Branson in the midst of your team – but without talking to them, you’ll never find out.
You may consider that offering equity in your business is a good incentive. This will breed loyalty, motivation and drive. Employees will often work even harder to make your business a success because, if it isn’t successful, they could be at risk. Equity often has a knock-on effect within the whole team.
Of course, these aren’t the only things you can do, but starting with a few small changes will make for a much happier team and demonstrate both your faith in them, and in building a successful business.