What do employees value?
Understanding what your employees value and how to change your company to accommodate their needs is the key to improving the productivity of your business, many business leaders would argue. An incentivised workforce that is comfortable in their positions will nearly always deliver you the best results possible.
In this article, the Smart Team share our favourite tips on how to create a more productive team by understanding what they value in being an employee.
There have been financial crashes and austerity cuts in the last decade. If the press is to be believed, there is a job-displacement revolution in artificial intelligence coming. Your employees need to feel that they’re safe.
If your workforce is constantly on edge about whether there is a role for them in five months or five years or if they are concerned about the financial performance of your company, a good portion of their time and effort will be diverted at looking into new job opportunities that could be spent on producing the best output for you instead.
The feeling of job security is the first step to getting full productive engagement from staff.
A positive working environment
The culture of your workplace matters. A lot. We’re not talking about Monday morning blues here. What we mean is your employees need to look forward to coming into work.
A positive working environment where employees are praised for their hard work and rewarded for fresh ideas and innovation creates a much more highly-motivated workforce.
As the boss, you can do a multitude of little things that all add up to create a better environment for your employees. Examples include:
- Giving bonuses for meeting targets,
- Incentivising innovation,
- Incentivising personal development within their roles,
- Understanding that work isn’t all that matters in life (throwing a work party every now and again).
Do some or all of these and you will be surprised at how well your employees will respond. Your productivity will likely go up and your staff turnover will likely reduce.
You can’t expect your employees to provide a first-class service on a second-class salary. Underpaid employees will tend to look towards other employers in your sector (i.e. your competitors) in order to be paid the highest wage possible.
To retain your employees for the long-run and to keep them motivated, give them a salary that can’t be beaten by your competitors, if the funds are available to do it and there is enough profitability in your normal trading activities. An added benefit to this approach is that, when you are hiring, you will attract a higher standard of candidate because they’re attracted by the remuneration.
Many employees leave high-pressure or time-consuming roles because of the effect on their work-life balance.
If you are demanding more out of your employees than they can give without sacrificing enjoyment of another element of their lives, then they may leave.
If it’s practical for your business, you may want to consider alternative forms of work engagement with your employees. Examples of this include:
- Part time work,
- Location independence, and,
- Flexible working hours.
We can help
We’re more than just accountants – we’re business advisors too. Let Smart Team help with advice and guidance on any part of your business that needs improvement. Call us today on 01020 577 500 or email firstname.lastname@example.org.