As finances become tighter, what does an organisation do in a world where the retention of key skills is becoming a daily challenge? This reality can be even more disconcerting for smaller business that may not always have the most flexible of finances to reward their employees.
Engagement surveys conducted have shown that employees are no longer merely motivated by tangible rewards. We may think employees are driven by money in these trying economic times, but employees are now digging deeper than their shallow pockets and seeking more than financial benefits from employers. In the grander scheme of things, employees now want to feel a sense of belonging.
Over and above the money, basic needs such as ‘recognition’ and ‘being valued’ have become most important and are now found to be the drivers in retention and motivation. Taking a page out of Maslow’s Hierarchy of Needs can better illustrate this shift in the employee life cycle.
Employees should be remunerated fairly and in line with their functions. This speaks to the first two needs of Physiology and Security.
Once these have been met, the need to Belong becomes prominent. Employees want to feel valued. Engaged staff perform better and willingly go the extra mile. This is sure to increase productivity and likely motivate staff to deliver more, thus increasing your profit margin.
Here are three of many simple ways to keep your staff engaged:
1. Connect with your employees on a personal level and know what matters in their lives and what makes them tick. This gives your organisation a human face and shows your interest in the person, beyond what they bring to your bottom line.
2. Reward with words of affirmation. A sincere ‘thank you’ and ‘well done’ can go a long way in showing appreciation.
3. Celebrate their successes and accomplishments no matter how small. Friday afternoon drinks or an unexpected team lunch with make a huge different in boosting morale.
There are many non-financial ways to get more from your staff and retain your best employees. Think out of the box and experiment with what works for your organisation.
Thato Tinte is an HR consultant at Aspen Pharmacare.
