Many companies try to attract employees by offering huge salaries and benefits. However, many talented employees are likely to be courted by several companies. If you want to retain your employees, then competing on price is not a good thing. You must find other non-monetary ways of motivating your employees.
There are several actions that employers can take that may seem trivial but can actually help improve employee performance and morale. You needn’t offer huge salaries in order to get the best out of your employees. If you create an appropriate environment, your employees would be motivated to work. So how do you do this?
Appreciate The Efforts Of Your Employees.
By simply letting your employees know when they have done a good job, you would be able to motivate them. Complement them when they do good work. Let them know that their work has value. By acknowledging their work, you would be able to encourage them to do their work.
Ask For Their Ideas.
One non-monetary way of motivating employees is to make them feel like a part of the business. Ask them for their input and ideas and they would feel like they are part of the decision making. Ask them for their opinions on business decision. This would make them feel like a part of your success.
Elevate People To Leadership Positions. Use Exciting Job Titles.
No one wants to work for a long time without any advancement. So rather than trying to match your competitor’s compensation and benefit scheme, perhaps you could elevate some of your employees to leadership positions in the business and give them more responsibility. People perform well when you give them something challenging.
Use good, creative job titles that your employees can be proud of. Do away with the bland and common place job titles. This tactic is underestimated by employers but it can be a great non-monetary way of improving employee engagement and performance.
Don’t play The Blame Game.
It can be tempting to criticize your employees each time they make mistakes but this should only be done as a last resort. Help your employees figure out how to solve problems and how to avoid mistakes that were previously made. Always be diplomatic in your dealings with your employees. If you must criticize, make sure it is in private. Create a friendly atmosphere in the workplace.
Create A Productive Work Environment
Make the office a good environment so your staff can be productive. This means good decoration and interior design, great furniture and appropriate work tools. Do not see this as a trivial point as employees consider working conditions as an important part of job satisfaction. Make the workplace a great place to be.
Use the above tips to develop non-monetary ways of compensating and motivating your employees.