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By: Aliya Ireland, Social Media Administrator
Are you aware that forty percent of employees with inadequate professional development opportunities will resign from their job within five years?
Businesses are identifying the importance of incentivizing their personnel as it relates to motivation, loyalty and productivity, with great attention to the growing remote workforce.
Now more than ever, professionals are looking to their employers to reinforce and acknowledge their contributions. A staggering seventy-five percent of what motivates employees to resign is avoidable. Which means something can be done about it. Employee turnover affects the company culture and is costly, resulting in an average of $16,500 per replenished employee related to a median salary of $50,000. That’s a lot of salvageable ducats!
Enough with the numbers, so why is stimulating your employees essential? The benefit of incentivizing your workforce results in but isn’t limited to:
- A strong company culture.
- Committed/loyal employees.
- Increased productivity.
- Decreased turnover.
- Greater employee engagement.
- Decline in financial recovery due to turnover.
When building an incentive strategy for your staff, it is vital to listen to what motivates them as it relates to their personal & professional goals. Dig deep, so your efforts and money spent are not wasted. Some common incentives are:
Professional development opportunities:
Investing in the up skilling of your employees inspires them to grind harder and increases buy-in. Results include longevity and loyalty. An immediate response to offering professional development is that it rejuvenates your employee’s day-to-day workload; breaking up stale routines is imperative.
Social recognition:
During monthly meetings, create time to shout out your top performers, those making strides towards improvement and pushing the envelope. Give recognition and awards. When employees are acknowledged for their input, it empowers production and creates a livelier workplace. Moreover, it encourages their peers to continue raising the bar. Social recognition is the gift that keeps giving.
Monetary reinforcement:
Let’s cut to the chase. Money motivates people. Construct a system that clearly maps out how your team can obtain bonuses. Ensure the requirements are plain and aren’t too challenging or lenient. Your staff will be delighted to know they can grow their income & will be willing to work towards that goal.
If you want a happier, healthier, more loyal & motivated workforce, empower your staff by appreciating and investing in them. It is not only beneficial to the wellness and success of the company, but it creates a more robust community and profound impression on the community your company serves.