The Center for American Progress finds that businesses spend on average one-fifth of an employee’s salary to replace that worker. Productivity losses and the costs of hiring and training a new employee may be higher than you think. If the job is complex and requires higher education and specialized training, the turnover cost can be even greater. Forbes notes that in addition to financial losses, other repercussions can include a decreased knowledge base and decreased morale from losing a member of the team.
This news is particularly compelling for large companies that experience high levels of turnover. One employee making $40,000 could cost $8,400 to replace. If you start multiplying this amount, you can quickly see the need for an effective employee retention strategy. It’s just good business sense.
But avoiding damage to your bottom line doesn’t have to require a large financial investment. GetVoIP surveyed more than 1,000 workers to discover the types of motivation that are most effective.
Effective Ways to Fast-Charge Employee Motivation
While monetary bonuses top the list, you may be surprised to learn that other forms of recognition are also big influencers when it comes to job satisfaction. Changes can be brought about with little to no cost to the company, yet with meaningful benefits to your employees. For example, half of the employees surveyed felt that a simple “thanks” from their managers made a difference in their relationship.
For more tips on how to boost your company culture and keep your employees happy, check out the helpful infographic below.
3 Tricks to Lasting Employee Engagement
This infographic shows that regular bonuses, extra vacation, and recognition of excellence greatly affect employees’ satisfaction. These things build up people’s feelings of importance and responsibility at work, which makes them more engaged. But it’s important to remember that material rewards can only fill reserves of motivation that will still get depleted sooner or later. To generate long-lasting motivation, you’ll have to dig deeper and cultivate proactive attitudes; proactive teams recognize their responsibility for future business benefits and are more focused. Here are some tricks that will help you engage your employees in a stable workflow so they can focus on the right things and immediately notice the results of their hard work. Eventually, your teams will thank you.
Trick 1: Provide your employees with transparent priorities
Clear priorities do miracles for employee engagement. Day-to-day and real-time prioritization resolves the problem of lost focus by showing your workers how to arrange their time properly. Your employees will thank you for saving their supply of decision-making energy for problems that require intuitive input in completing their daily tasks.
Not a priority guru yet? Learn how to prioritize like world-class leaders.
Trick 2: Allow for local knowledge and flexibility
When your employees are told their priorities, they should approach them intelligently. It’s best to build trust with your team and encourage workers to use their local knowledge. Only experts in their field can make decisions in the midst of carrying out tasks. Don’t transform your leadership position into a bottleneck that hinders creativity and innovation.
Also, explore the essentials of remote teams motivation.
Trick 3: Give constructive personalized feedback
Zenger Folkman’s survey shows that employees who receive less feedback are three times more likely to think about quitting, so obviously feedback is a good thing to include in your employee retention strategy. Epicflow’s own mini investigation reveals that an individualized approach, adjusted to employees’ personal preferences, is a must to keep the wheels of your business rolling at the right speed.
Explore even more project management tricks to build an effective team.
You can start using these three tricks with Epicflow, which integrates with your existing planning system. This project flow software will map priorities for you, but there are more surprises waiting for you in the free webinar with our scientists.