Successful businesses have one thing in common – they know how to keep their employees motivated. In order to get workers to have a genuine interest in the prosperity of your company, your company must show real interest in them.
There are many ways to get your staff fired up and focused on driving the business forward. Some of them may be more feasible than others, depending on your situation. These basic strategies can be customized to fit your workplace and the employees that fill it.
- Compensate based on performance
Incentive-based compensation is not a new concept. Servers, bartenders and salespeople are just a few of the positions that see a direct correlation between their efforts and income. Creating a financial link between an employee’s performance and compensation is a powerful way to align their interests with those of the organization.
Incentives don’t necessarily have to come in the form of commission. You can also offer bonuses for reaching certain goals or for putting forth an exceptional amount of effort. High-performing workers should also be rewarded with regular pay increases according to their results. Whatever policy you choose, make sure that the requirements and expectations are clear to the entire team.
- Encourage employees to aim higher
As painful as it may be to think about, not all of your employees intend to stay in their current positions for life. Many of them want to advance their careers, perhaps with other companies if necessary, or will strike out on their own and found a startup.
Always provide your employees with the chance to expand their horizons. You can do this by delegating authority over new projects to staff members and help them find opportunities to enhance their professional skills. You can also consider sharing ownership of the company with core employees through incremental stock transfer as part of their compensation.
- Get to know your staff personally
Don’t just talk about the weather or the latest football game. It’s important to engage in real, deep conversations with every member of your time. Listen to their concerns and aspirations so you can really get to know them as people. Studies show that workers are far less likely to “defect” to another company if they enjoy personal connections with their co-workers and management.
- Always be respectful and fair
As a business owner and manager, it is your responsibility to lead by example and make fair decisions. Favoritism is bad for your employees’ morale and your overall company culture. Treat every worker with the respect that you expect them to show you and don’t make exceptions for yourself or anyone else when it comes to workplace polices.