The single most important asset for every company is its workforce. Employees are the lifeblood a company and are often the main factor in success. Even if your company has amazing products and services, an innovative marketing plan, and cash to burn, you will never make it to the top of your industry without fantastic employees. Hiring and retaining the best employees is very difficult as every industry is full of competitors looking to snatch the best talent from other companies. Making sure that your employees are happy will ensure that they stay with your company long-term and continue to be productive.
To help companies get the best out of their teams and give them the tools they need to succeed, here are some simple ways to keep your employees motivated.
1. Pay a Competitive Salary
There are many things which modern employees expect from their companies but the single best way to motivate workers has never changed, and that is to pay them a competitive salary. Giving your employees the financial rewards they deserve should always be at the top of your list of priorities, above profits, above ROI, above everything. A competitive pay doesn’t mean that you match or pay slightly above the going rate. It means paying your employees a salary that is reflective of their huge importance to your company. There is nothing more demotivating for employees than knowing that their company and its CEO and board members are making huge profits and bonuses while they are getting paid nothing for all their hard work. Give your employees the salary they deserve and you will keep them motivated and committed to your company.
2. Offer Excellent Benefits
As well as a competitive salary, employees expect an excellent benefits package from their employer in order to take care of themselves and their families. When you are offering employee benefits, it is crucial that you speak to the employees themselves to find out which benefits are most important to them. Comprehensive medical insurance for both the employee and their family should be offered as standard by all companies, as well as excellent life insurance and retirement packages to provide for your employees well into the future. With many companies just matching their competitors in terms of salary, the benefits package you offer can be the tiebreaker when the best talent is deciding between your company and a competitor. For employees who are already working for you, the assurance that they are well protected and valued through benefits will result in a highly motivated and happy workforce.
3. Provide a Great Office Environment
We all spend hours of our lives in the office each week and a stale, uncomfortable environment is one of the biggest reasons why people become bored or demotivated at work. Think of your office as your employees’ home and provide them with the kind of home comforts which will make coming to work a pleasure rather than a chore. Creating the right temperature and humidity with a high-tech HVAC system is a great start, as is providing employees with ergonomic furniture, quality computers, and extras like an advanced coffee machine and a TV in the break room. As with all employee-targeted decisions you make, the best way to keep your team happy and motivated is to ask them what they want. Showing that you are open to suggestions and are genuinely interested in their wants and needs will make them feel more valued.
4. Create Genuine Advancement Opportunities
In order to stay motivated, employees need to feel like they are working towards a goal and that there is a viable career path ahead of them in your company. It is not enough to expect your employees to perform purely to keep their jobs, you need to create genuine advancement opportunities so that they can see a potential route up the ladder. The first way to do this is to promote from within whenever you are able to do so. There is nothing more demotivating for an employee than having someone brought in above them from outside when they have been working hard and believe they could do the job themselves. If a position opens up in your company and you feel like there is nobody suitable to fill it, rather than immediately hiring externally, provide a few candidates with the training and experience they need so that one of them can step up and fill it in a few months.
Treat your employees well and they will pay you back with interest through their hard work and loyalty. Keeping employees motivated is all about rewarding them for what they do and showing them that they are valued. Speak to your employees regularly about what they expect from your company and they will stay with you for years to come.