When times are tough, how can you incentivise your employees without using money?
UK productivity is at a record low. In fact, it is currently lower than it was before the financial crisis hit. The repercussions of this productivity problem are far-reaching, with companies all over the country striving to find a solution. Business leaders everywhere want to find a way to motivate and inspire their employees to perform their job more effectively and efficiently, but without having to resort to money.
Thankfully, it has been shown that intrinsic motivators are far more effective than extrinsic rewards. If you want to know how to motivate employees, below are a few proven ways you can adapt your performance management system and business processes so that your team performs above and beyond expectations.
1. Have More Regular One-on-One Performance Discussions
Research shows that employees want more coaching conversations. In fact, 65% of employees want more feedback. On top of this, businesses that introduce regular one-to-one employee coaching sessions generally have a 14.9% lower turnover rate than companies with a more old-fashioned approach to performance management.
You can’t motivate your team if you never see them or interact with them. Schedule regular performance discussions and you will be given the opportunity to exchange feedback, provide training when necessary, and offer recognition and reward where appropriate.
2. Give Your Employees Autonomy and Independence
Daniel Pink, the author of Drive: The Surprising Truth About What Motivates Us, conducted research that revealed we are motivated by three things: autonomy, mastery and purpose. Give your employees control over how they do their work. Don’t micromanage. Step back and give your employees the opportunity to make their own decisions and potentially learn from their mistakes. You’ll be rewarded by employees who are more independent and competent.
3. Provide Opportunities for Advancement
Your employees will be more motivated if they know there is something they can work towards. If there aren’t any opportunities for advancement, or none have been communicated to them, they won’t have anything to aspire to. Let your employees know how they can climb the career ladder and what skills they need to progress, outlining a plan and timeline where appropriate. Not only will this be good for your existing employees, but external candidates will also learn of your reputation and gravitate towards you.
4. Reward and Recognise in a Timely Way
Rewarding and recognising your employees’ efforts and hard work is important, but there is no sense in doing so long after the event. To most effectively motivate staff, congratulations and praise should be given as soon as possible. Take the opportunity to celebrate victories and accomplishments with your employees — it’s the best way to show them how much they are appreciated.
5. Organise Social Outings
Social outings as a company help build a sense of community, making employees feel connected to one another. When human beings develop bonds and friendships, they become comfortable and develop a sense of belonging. This prompts an urge to perform well and to help the business succeed. It also means they are less likely to jump ship to an unfamiliar company. The next time you catch your employees gossiping around the water cooler, rest assured they are often helping to boost productivity.
6. Use Performance Management Software to Provide Real-Time Feedback
To develop a strong feedback culture that really drives productivity, invest in modern performance management software. This tool can be used to allocate and track SMART objectives. It also provides users with the ability to deliver real-time feedback, meaning employees can get on with work immediately, fully armed with all the info they need.
7. Let Employees Work Remotely
If you’re concerned that letting your employees work from home will result in a drop in productivity, rest assured it has been proven otherwise. In fact, when employees are given the flexibility to work from home, they are happier and more productive. So if the role permits it, remote work is something to seriously consider, especially given the possibilities afforded by modern technology.
8. Introduce Flexible Working Hours
The tradition of nine-to-five working hours is a concept that is rapidly declining in popularity. People aren’t robots and they all work differently. Most employees operate on different productivity rhythms, so forcing them to work an arbitrary set of hours could be doing more harm than good.
Many companies offer flexible working hours, within reason. If you are able to, allow some employees to start earlier in the morning and allow others to work further into the evening. It’s possible to accomplish this while having peak business times covered, so your business won’t be affected.
9. Share Company Goals with Employees
Transparency is key when it comes to productivity. You can’t expect employees to be productive if they don’t have all the information they need to perform their jobs well. As such, you should arm your employees with the company goals and direction. Once employees are aware of these, they can structure objectives that are in alignment. Their decisions will support overarching company goals in their day-to-day roles as well.
10. Encourage Learning and Skill Development
Don’t let your employees get stuck in a rut — this isn’t healthy for any ambitious or determined individual. Provide your employees with opportunities to learn new skills and hone existing ones. Employees actually want to learn, so support them in that pursuit. Work with them to create personal development plans and provide any relevant tools or learning materials required for them to accomplish their career ambitions.
At Clear Review, we help businesses boost their productivity and team performance through the use of our performance management software. To find out how we can help you, contact us today.