Did you know that 41 per cent of workers feel demotivated? Or, did you know that 54 per cent feel they are unappreciated? And, 58 per cent think they are not thanked enough? These statistics should make worrying reading for any business owner. When employees feel undervalued, they don’t work as efficiently nor do they produce the levels of quality they are capable of.
Successful company owners figured out a long time ago that they have to offer their employees more than the competition if they are going to attract and hold onto the best staff. Of course, offering a high wage is the obvious way to go about it. But you need to do more than this. A better work/life balance and other employee benefits can have a positive impact on your employee retention and motivation levels. With that being said, read on to discover more about some of the best options.
The traditional approach
How business approach this will depend on the nature and size of their business. A commission is naturally a great option for any business that is involved in sales. However, this is not always feasible, so what other traditional approaches are being used? Money-off vouchers for a local health club or gym, on-site childcare, after-school club, sick pay, holiday pay, and share options, like profit sharing and group insurance, are good solutions.
Salary sacrifice schemes
Another option is to set up a salary sacrifice scheme. This may seem odd. Why would anyone want to sacrifice their salary? However, it can work out better value for your employees. The principle of this is that money is taken from your employee’s salary and instead they are given benefits like health schemes, insurance cover, pensions, and childcare. Because the amounts are taken pre-NI and tax, this is how there is great value.
Take your employees on holiday
You may have heard of the term ‘incentive travel destinations’, and this is another idea, but what does this mean? An incentive travel destination is a place where you send your employees, so they feel incentivised to work harder for your company. Essentially, this means that you will be sending your employees on holiday. You’re not sending your staff members away simply so they can have a laugh and spend the company’s money; you are doing it for the benefit of your business. Showing your employees that they feel appreciated can make a huge difference for your company. By taking your employees on a holiday, you will be able to ensure they come back feeling refreshed and ready to work. This will boost motivation considerably, which in turn will lead to increased productivity and sales revenue. It is also a great option for team building. If you have noticed a particular department is underperforming, or you have recently put a new team together, this is a good way to get everyone to bond so that they work more efficiently for your company. There is a lot to consider when choosing from all of the available incentive travel destinations, as you have everything from short haul to long haul and adventure to relaxation. First and foremost, you will need to decipher a budget, and this will help you to choose the best type of holiday for your employees.
Opportunities for progression and a simple “thank you”
Aside from this, employees also value training opportunities. Being able to progress in a career is one of the main plus points for any employee. By enabling your employees to enhance their skills, for example, take a new sales training course, the benefits are two-fold. Your employees’ motivation will increase, as they will feel like they are in a role with opportunities to grow their career. At the same time, you will benefit because this will mean your workforce becomes more effective. And finally, simply showing gratitude can make a bigger difference than you may realise. A simple ‘thank you’ can be worth an average of £1,608 per annum according to research conducted by Monster.co.uk. So, it is not difficult to see that this approach certainly works.
All things considered, there are many different approaches you can do take to increase the motivation of your workforce and to ensure they are loyal to your business.