Motivating your Employees without Breaking the Bank!

Many employers to this day still believe in the good old saying that “more money equals happier employees”. But, contrary to popular belief, it is important for managers to focus on the top non-monetary motivating techniques that put employees at the core of your business strategy and stop them from jumping ship once a better offer is on the table. While non-financial motivation can be a challenging task, if done with the right combination of leadership and management skills it can increase job satisfaction and employee morale.

While employees wouldn’t mind a good pay raise, there are also other ways to motivate staff for higher productivity and to push them to go over and beyond established goals, without breaking the bank. Fortunately, Akhtaboot is here to give you some “out of the box” motivation tips without busting your budget.

Flexible Working Hours

From family obligations, friends, sports, hobbies to other activities, a flexible schedule or the occasional afternoon off can definitely help employees meet some of these commitments. Many companies are witnessing the benefits flexible working can bring to staff performance, motivation and productivity. In today’s hectic business world, more and more employees are demanding more flexibly in working hours in order to achieve work-life balance. Most flexible working hours schemes have a “Core Time” period during the day when employees must be in the office. A typical core time would be between 10 am to 4 pm. With the exception of core times, employees have the flexibility to start and finish work within flexible timelines at the beginning and end of each working day.

Invest in Social Functions

Holiday parties and company outings are some of the tried benefits that help boost employee morale. Companies have found that events such as parties and outings promote a team atmosphere. Create some casual days where employees can dress casually before a certain holiday or on their birthday. Launch contests where the prize entails getting some time off. Decide on specific days throughout the year where employees can go out of their offices and work outdoors. These are perfect opportunities that create a sense of belonging to the company and for employees to bond. You will be surprised that many employees will actually prefer time off over extra cash.

Fair Treatment

Employers must understand the fact that employees unconsciously assign values to each of their various tasks and accomplishments. Employees who are highly motivated are the ones who perceive their compensation to be equal to their contributions when compared to peers. It is important for companies to recognize this and reward employees based on their contributions to the success of the organization. Keep in mind that fair treatment does not entail that all employees are treated in an identical manner. For example, flexible working hours might be effective for motivating a working mother even more than a pay raise, while additional training may motivate younger employees.

Consider your Employees’ Career Goals

While it can be difficult to get a precise answer to the different career goals of all employees, companies that show interest in the career paths and personality types of their staff are considered employers of choice! Have your employees describe a previous project that they felt good about, then see what aspects of that can be repeated. Keep in mind that some employees may say that they want to work on a prestigious project, only to discover that it isn’t what they expected. Matching the right person to the right project is no easy task. To identify the right person successfully, relevant qualification and work experience should also be considered as primary determinants.

Managing the Learning Curve of your Top Talent

When it comes to motivating and retaining your best employees, always remember that they are on the look to bulk up their CVs with exceptional information. They will stay long enough to prove their worth as long as they are on the fast track. Once they feel that their learning curve is going straight, they will start looking for employment elsewhere. It is important to allow all your employees a chance to reach their career goals at your organization. Training is one way to do that. Organizations sometimes use seminars as a contest prize or to show appreciation to employees. The ability to change rapidly, be flexible and learn quickly are highly valued in the workplace, and these are skills you can teach your employees.

It is an expensive mistake for companies to base employee motivation on money only. Fair and competitive compensation will always be a vital element to finding and retaining key personnel. However, additional cash is not always the only answer to motivate employees, and in many cases not even the best answer. Keep in mind that non-monetary incentives have trophy value and are more likely to be acknowledged than would be the case if the award were in cash. Using a variety of financial and non-financial motivation techniques without over-reliance on monetary compensation will lead to long term organizational success and staff motivation.