There are a lot of industries really struggling to attract and retain talented employees. With this challenge has come some new approaches to hiring and managing staff. Last week, we discussed a few things to consider during the interview to hire the right people. We also looked at the best way to divide attention between employees to improve productivity. Here we will look at what kind of compensation motivates employees.
While monetary compensation is an important issue, people are motivated by more than just money. Here are some guidelines about both matters:
The pay you offer has to be fair and competitive, but overshooting the mark can actually result in weaker focus, creativity, problem solving, and innovation. Don’t believe me? Can you think of anyone who is high up the ladder, gets paid handsomely, and does as little work as possible to keep his or her job? Set your salary benchmark at or above the market rate. Discuss with employees what they feel is adequate compensation for their work. Be fair, and be aware of what “fair” means to your employees.
The other kind of compensation – that which more greatly affects retention – is focused on support, environment, and perception. Individuals vary in what motivates each the most, but some of these factors are:
- Feeling appreciated
- Feeling heard
- Feeling like they make a difference
- Trusting and respecting superiors as well as the company itself
- Feeling trusted and respected by colleagues
- Knowing they have room to grow and move up in the company
- Having the freedom to do their best every dayIt is important for employees to know his or her own motivators. It is also important for managers to know individual motivators, and the only way to find out is to talk to the staff.
Talking to the staff seems like a no-brainer, but managers often don’t do it enough or effectively. Next week, we will go over some best practices for effective communication with employees. In the meantime, find out what motivates everyone and evaluate how well you’re delivering. If your employees like their jobs, support your company, and feel important, they will work harder and better for you every day.
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