Business owners are in a bit of a pickle these days. The supply chain is still a mess, historic inflation is increasing the cost of literally everything, and the Great Resignation and a disengaged labour pool continue to take a substantial toll on productivity. While there is not much any single organisation can do to settle down the economy or get distribution channels back on track, there is a lot of business owners can do to combat the nagging labor shortage. It boils down to investing in the people you already have, motivating them to professionally excel, and inspiring them to align with your company Vision.
Many businesses don’t fully appreciate the importance of employee motivation, nor do they realise the profit bleed caused by disengaged, uninspired workers. Regardless of economic stressors, motivated and industrious employees will always be key drivers of business success. They work harder. They work smarter. They are ambitious. They are invested in both their own success and that of the entire business. And more times than not, they are active and eager innovators.
But perhaps the most valuable byproduct of employee motivation efforts, at least from an HR standpoint, is that employees who feel appreciated and inspired tend to be more loyal to their employers and thus have a much lower rate of turnover.
So if you haven’t been implementing motivation strategies in your business, now might be a good time to start. Here are five smart ideas to get started.
1. Communicate Your Company Vision
Your Company Vision Statement is a forward-looking, impactful declaration of the long-term goals and ideal state of your business. The document also serves as a roadmap for success and is an essential tool for employee alignment with the objectives and goals of your business.
By creating and sharing a Company Vision that is infused with a relatable, meaningful and inspirational purpose, employees are more apt to feel motivated and take their fair share of ownership of that collective vision. Research suggests that employees who find their employer’s Vision meaningful and important are more than four-times more engaged than the average employee.
Interested in creating a compelling Vision for your business and achieving greater employee engagement? Check out StratPro, the business leadership program that uniquely combines strategy and productivity.
2. Pay & Reward Your Employees Appropriately
Money will always be a top motivator for most employees. But perhaps even more importantly, the sense of reality of being under-compensated can be an absolute morale killer. Regardless of whether they believe in your Company Vision or Mission, unhappy employees will never be productive ones.
There are many online tools and a great deal of data available to determine the going wages for any given position and location. Find a salary calculator you like and respect the wage range it generates. You might want to also do a little digging to find out what your competitors are paying.
Creating bonus programs attached to performance and goal achievement can also be a very strong employee motivator. If possible, try to include non-sales positions in bonus programs too.
3. Create Development & Mentorship Opportunities
Implementing career development paths and mentoring programs can have a huge positive effect on employee motivation and productivity. Actively supporting your people in their professional journeys demonstrates your commitment to their individual career growth and recognises that they are more important to you beyond the status quo of their current position. Programs like these instill loyalty and appreciation, help attract top job candidates, and enhance the capabilities of your current team.
4. Build an Attractive Company Culture
Volumes have been written about the importance of healthy and inspiring company culture, but what does that really look like?
While every business is different, there are some almost universal tenets that are key to creating a company culture that inspires and motivates (beyond the ones mentioned above). Effective communication. Fostering teamwork. Fairness and respect. Diversity and inclusion. And strong leadership.
By taking the time now – and always – to motivate your team, you are sure to enhance your company culture, reduce employee churn, and improve your overall performance. Well worth the effort, don’t you think?