For entrepreneurs, one of the most crucial steps in building a business is finding the right people to hire and work with. Having the right employees become even more important as you start to grow your business. Taking this into consideration, business owners should know not only how to choose qualified individuals but as well as how to manage and keep them in their companies. This is where factors such as employee motivation steps in.
What is Employee Motivation?
Motivation is one of life’s greatest powers that can bring people to do almost anything. It is an innate human condition to continue pursuing things, even those seemingly impossible, through the power of motivation.
For example, when a person feels highly motivated to lose weight, they can start working out and controlling their diet until they reach their target body weight. At the same time, when a person is motivated to win a tournament or championship, they will do everything in their power to achieve this goal. The same concept of motivation applies in the workplace.
Employee motivation refers to a worker’s feelings of motivation and satisfaction towards their working conditions. It typically involves feelings of engagement, enthusiasm, commitment, energy level, and even creativity. Employee motivation is a critical aspect of workplace management as it influences an employee’s productivity as well as efficiency. Given that companies rely on their employees to accomplish business goals, it is important to keep them motivated and satisfied to ensure their productivity at work.
The Importance of Employee Motivation in The Workplace
Managers use employee motivation as a driving force that can push employees to be as productive and efficient as possible. But how does employee motivation benefit businesses exactly?
Higher employee engagement
Many believe feelings of motivation and employee engagement are immediately tied together. The idea is that when an employee feels motivated, more likely they are to fully engage with their assigned tasks and, sometimes, accomplish even more. This is supported by a study that showed that motivated employees engage in more tasks which leads to a 21% increase in terms of profitability.
Decrease employee turnover
One of the most evident benefits of having motivated employees is that the company gets to keep them for a significantly longer time. According to the latest data, a third of new employees quit their jobs after a short period of 6 months. In addition to this, the Burea of Labor Statistics (BLS) reports that the average turnover rate in the US is around 57%. Unfortunately, businesses take a significant hit when an employee quits. It costs businesses 50% of an entry-level employee’s salary to replace them.
Ensuring employee motivation is a key to preventing voluntary turnovers. A recent survey shows that 75% of the reasons for turnovers are preventable. In addition to this, 94% of employees believed that they would stay at a company that invested in their learning. Employers can see this as a crucial employee motivator that needs to be met to ensure their work satisfaction.
Ensure commitment to the company
When an employee is satisfied with their working conditions and environment, they are motivated to keep their position in the company. Therefore, keeping employees happy allows companies to keep valuable employees and ensure their commitment to them as well.
Increase employee creativity and innovation
Employee creativity and innovation play a significant role in a business’s growth and development. Motivated employees are committed and invested in the success of their work and their companies. Therefore, they are not just willing to accomplish their tasks to the best of their ability but also offer ideas and inspiration that may spark positive change in the workplace.
Extrinsic and Intrinsic Motivations for Employees
When it comes to work motivation, many automatically think of monetary benefits such as salary and incentives. However, there is a type of motivation that is not as easily met by cash or material rewards.
Generally, there are two types of motivations – extrinsic and intrinsic.
Extrinsic motivators refer to those achieved external to an individual such as reward and recognition. A person influenced by extrinsic motivation is more likely induced by receiving rewards, perks, bonuses, or awards when accomplishing a task or achieving a goal.
On the other hand, intrinsic motivation refers to feelings of satisfaction and motivation that comes from within. Therefore, an intrinsically motivated employee strives to perform at a high level at work when the result is in line with their belief system. For example, when an employee believes that learning is important, work that involves training and education motivates them to pursue it even more. Intrinsic motivation empowers a person’s belief which provides them satisfaction in the work that is done.
Different Ways To Boost Employee Motivation
There are different strategies used to motivate employees in the workplace. Ideally, use a combination of intrinsic and extrinsic types of motivation in order to cater to the needs of every employee. Some of the most effective ways to increase employee motivation include:
Provide a positive working environment
One of the most common reasons why employees feel unsatisfied and lose motivation at work is because of a toxic workplace. This can be in a form of toxic workmates, harsh working conditions, and unforgiving company rules. In situations like this, even high-paying positions experience turnovers. To keep employees satisfied and happy, cater to their humanity, and recognize their need for a positive workplace environment. Encourage employees to communicate openly with the management to air out their struggles and grievances. Offer different forms of flexibility whether it’s through remote work, hybrid setups, output-based logins, and more.
Recognition and awards
Employee recognition does not always have to be grand or fancy. Receiving plaques and awards serve as material proof of their contribution to the company. However, even a simple company-wide or even departmental announcement about an employee’s achievement can already be a source of extrinsic motivation. Acknowledging individuals who put significant effort and contributed to the company’s growth allows them to take pride in their work.
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