Employers need to consider using more than pay rises as an incentive if they want to keep hold of their best employees.
That’s the view of HR specialist Laura Reilly of Lincoln-based Taurus HR Solutions, who says small pay rises or unobtainable bonus schemes aren’t effective motivators, but can actually have the opposite effect on employees.
She says employers would begetter advised to look at rewards that are intrinsic motivators, such as recognition, learning and development, and additional responsibilities.
She said: “Contrary to belief, money isn’t the best motivator – especially for individuals who are career focused. What’s more important to these employees is feeling valued, having their accomplishments recognised, and creating a path that helps them reach their goals.
“Companies that take the time to learn more about these motivators in their employees often find that their teams are more engaged, more loyal, and far more productive.”
Laura also points out that small rewards can have a big impact on employee motivation and job satisfaction too.
She said: “Little things can have the same effect as a grand gesture, too. For example, giving a box of chocolates as thanks to an employee who has really impressed a client will demonstrate that you’ve noticed their actions and value their work.
“And helping an employee to work towards their career goals with additional learning and development opportunities will show how invested you are, and that you hope to have this employee working with you for years to come. It all helps an employee feel valued, appreciated, and demonstrates that you’re as committed to them as they are to you.
“These are all things that are low cost to you, but make a big impression on your people. In the current climate where budgets are often smaller, rewards like these can make a huge difference on your ability to retain your best people, which is another big bonus!”
