Have you ever wondered what actually motivates your employees, and what is the key to retaining your best people?
In our experience as a professional recruitment consultancy, we learn from our candidates that it is not always about the money. Beyond a competitive salary package and staff benefits, there are some intangible factors that employees seek in their careers and the organisation they work for.
Understanding these needs can help you increase employee motivation, which in turn will lead to higher job satisfaction, retention and productivity.
1. A great boss
In many surveys, we learn that one of the key reasons people leave their companies was due to their immediate superiors. A difficult relationship with your boss usually spells the end of your career for most – and that is why when the boss is the problem, it proves to be harder to retain the staff.
A boss who is well-loved by his employees is often rewarded with a high level of staff loyalty - even when all other work factors may not be as ideal. Do your people look forward to coming to work, or do they dread being in your presence? There is fine line between high turnover rate and high retention rate – and more often not, the boss is that fine line.
2. Trust and respect
Although it is a fairly simple concept, many employers overlook the significance that many employees attach to it. Showing respect to your staff means treating them like adults and trusting them to do their best for the company. You need to be objective and fair at all times, and be receptive to both their strengths as well as shortcomings. It also means allowing room for failure and mistakes, and believing that they will improve.
3. Appreciation and recognition
Recognition is not just about paying lip service and stating it on your company’s corporate collaterals. Recognition does not always have to be extravagant or costly. For many people, a simple thank you note, a genuine compliment or praising their work in public or to senior management can carry a whole lot of significance and yet, hardly cost the employer anything to provide it.
4. Career progression
One of the findings from our Global Web Poll showed that more than half of the respondents claimed that their main reason for moving on to greener pastures is to seek better career development or job promotion opportunities.
More often than not, employees leave because they feel stagnant or worse, redundant. As an employer, you need to have a plan for individual growth. Employees need to feel challenged in their work. They want to upgrade themselves – either through training or taking on more responsibilities and expanding their portfolio.
5. Corporate culture
Many employees may place a strong and positive corporate culture high on their list. More often than not, the senior management of an organisation is responsible for shaping and determining the company’s culture – and their values, beliefs and vision will have trickle down effect on their staff. What many bosses do not realise is that their leadership has a major influence on the behaviour of their staff, and that inevitably will form the eventual culture of the company.