Small business owners,who are unlikely to have the budget for giving substantial pay rises or cash bonuses,need to try other ways to engage their staff and get them working to their full potential,human relations experts have revealed.
However,according to a recent Mercer Survey,Fiona Reed,principal and head of talent management at Mercer,warns that small businesses still need to pay competitive rates to keep employees,with pay the most important factor in a persons commitment to an organisation.
The Australian survey,which revealed that 40 percent of people were thinking of leaving their job,found other factors that influenced staff motivation included how good they are for their job,their career path and flexible work practices.
Reed has also given five low-cost tips on how to motivate staff.
Firstly,sometimes the best ideas on how to motivate an individual staff member can come from the staff member themselves. More broadly,its important to invest time in staff,says Reed,to engage with them in a really constructive and meaningful way
Secondly,everybody loves to be told theyve done a good job – it makes people feel good and boosts morale.
Thirdly,small to medium businesses usually wont have the scope to reward ambitious and well-performing staff with promotions. But they can still motivate staff by helping with their career development,says Narellel Hess,organisational psychologist at human relations consultancy Challenge Consulting.
Fourthly,small businesses are sometimes better placed to make flexible working arrangements for staff than some large organisations.
Lastly,employees want to know that the work theyre doing is contributing to the success of the company.