I am a Management Consultant with focus on Business Process Management, Business Agility and Innovation domains.
From my experience, I think money no longer is the sole motivation to retain an employee. I think the key factors that employees look for in today's workplaces in addition to money are:
- Job satisfaction with the tasks they do (essentially the work should help the employee realize and exploit his / her best potential)
- Constant Learning (classroom, on the job, social learning)
- Growth with added responsibilities (not just money)
- Work-life balance
- Best utilization of talents and skills with some stretch assignments that challenge them beyond day-to-day routine
- Non-work related social get-togethers etc. where the extended family feels a part of the extended organization ecosystem
Happy to hear your thoughts and discuss further, in case.
One word: Culture.
One sentence: Culture is the reference framework through which every person in the company makes decisions and shows behaviors.
In essence, people are very social animals, and they value comraderie, sharing, trust and most importantly belonging to a huge extent. If you can create a workplace that people feel that they belong, you will see great employee retention.
I am currently working on Cultureboom to address this problem for Startup Founders. Cultureboom helps tech scaleups build growth-ready cultures by bringing in data and tools.
If your organization is small/ flexible enough, I prefer to ask each employee individually just that. Some want experience to take with them as a stepping stone, others want different hours so they can go back to school, or others desperately want some shared revenue that stays as long as they do.... etc. But my STRONG advice would be to ask them :)
I have over 25 years of leadership experience, leading teams as large as 200.
Money is no longer a sole motivator for an individual. I would focus on:
Benefits: Overall benefits including flexible time, unlimited PTO, and other perks can be added to augment pay.
Recognition: Consistent recognition programs that allow for atta-boy, at the time of a good job, rewards.
Feedback: Have a mechanism for easy feedback. With feedback, you should show results and note changes based on recommendations from the team to keep employees engaged.
Mutual team goals: Having a visible, team goal that all are working towards helps keep team members engaged for longer periods of time.
Mission: Have a mission that your employees are passionate about and hire talent that identifies to completing the mission. This will keep engagement high and assist with keeping employee longer.
If you are interested in a further conversation or would like help in developing an understanding from your current employee base what would keep them longer, please let me know. I am open to conversations.
I've founded, advised, and consulted for many companies, many of which have been, broadly speaking, in the tech space.
A group can achieve something only when its members contribute to the cumulative result and take some value back. It seems obvious on the face of it: employee writes some code for you and then you pay the employee.
Of course, it's not just money that can be part of this give-take group dynamic. There are other intangibles that can be exchanged.
It's a rather complicated set of transactions, but it is important to recognize that the employer-employee relationship is, by its very nature, a transactional one.
Nonetheless, a group works well and makes progress when every member provides an input and receives something in return: these can be rewards, awards, appreciation, positive emotions, entertainment/fun, increasing knowledge, a sense of safety or belonging, self-fulfillment or -actualization, or just plain old cash.
If you would like to know about practical ways to ensure that your employees are satisfied without simply giving a raise, please reach out to me.
I own a handful of local businesses that employ part-time and full-time team members.
This is a great question. Our businesses employ young people and this is a question we frequently ask ourselves. In our experience, there are a few things that seem to really matter:
Serve - This may be a little counter-intuitive but one of the biggest things a leader can do is serve their team. If you are obsessed with finding opportunities to serve, your team is going to feel motivated to work with you and to follow your lead. I also think this goes beyond just the workplace. A simple example of this could be: finding out where your employee is celebrating their wedding anniversary and buying them a bottle of wine or picking up the tab.
Vision - We've really tried to focus on our core values. Our businesses specifically serve families through a fun interactive experience and we spend a lot of time directing our team to focus beyond the product or experience by emphasizing that we are creating a space where families and friends can connect, as opposed to just being a fun experience.
Empower - We've learned that our team members want to be trusted and we've learned that once members have earned our trust it's incredibly rewarding for them to get to make decisions that impact our business. An example of this is a thing we call a BPA (Blow People Away) our goal is to get to know our customers and identify something that will make them feel special. We try to blow them away with our hospitality. The fun thing is that we've given our team a budget to do this so it gives them complete freedom to go for it when they find a customer to surprise.
Affirm - Team members love to know when they're doing good work. We have monthly team meetings at all of our locations and one of the first things we do is have all of our team members gather around and publicly affirm each other. It's always the best part of our meetings and it creates a culture of encouragement and unity.
Be Honest - We hold a very high standard for transparency and if we find out that there is a conflict between team members or expectations aren't being met, we are quick to go directly to the person. We have found that these conversations only get scarier as we let them sit in our heads and the coolest part about this is that when we have these conversations with each other it forges us together, ultimately creating an environment where people want to be.
There are so many ways to motivate employees but I hope these are helpful. I would be more than happy to discuss in more detail and chat through additional ideas.
Somebody to talk with each and everyone, in order to understand what is their motivation to stay in the job. May be any HRM company or private consultant, enveloping in a kind of workshop, in order employees become well-disposed for fair answers.
They shall make a list of motives. You take those lists, erase money as motivator and classify the rest, as per frequency mentioned.
Try to apply at least first 3 of those.
all the best
You could always try to institute an Employee Stock Option Plan (ESOP) - use the goldilocks formula when deciding how much to give the employee as a grant vs paid.
This is very broad. Motivation is a variable as the employees. In the startups (<150 people) I have been part of, a key role of a leader is to allow the "team" to evolve to "second family" status. You create and lead the environment.
The easiest way is to let them know you want to be in the trenches with them a long time (acknowledges value), know they have options (acknowledges they have skills others can see and use), and then ask them what will make them happy (again, a relative term).
When you create an environment where employees see that you do not see them as expendable and all (it will be an "open secret") see you are supportive of their individual goals, it will evolve you from a place to work to a place they value. This cannot be lipservice, but it is part of your Brand DNA. They will deduce quickly if you are faking sincerity.
Employees may not need bonus's or pay raises as much as they need recognition and connection (physical or emotional)
Motivation is like showering, you need to do it everyday or the benefit of a shower will soon wear off!
Human beings in general need to release certain hormones like oxytocin and dopamine. A personal thanks from their manager for a job well done or a high-five/pat on the back shows your workers that you support them, and encourages better performance.
Actually, The truth is there are several other ways to motivate employees and It is rarely money (even if they say it is).
Some Employee's want quality time with their managers, some employee's want recognition by their peers, some want gifts, some want act's of service like helping their finish a few tasks like picking up their dry cleaning or bringing them a coffee or lunch.
Let me ask you a question. If you were on a boat and it was sinking and there were sharks in the water waiting for you, and someone offered you $500 dollars to jump in the water would you do it? Not likely! (its not the money)
If you trusted the leadership and they were already in the water and said its safe would you jump in. (It's a little more likely)
However, if you watched your leadership get in the water and safely make it to shore, and bring another team member along with them came back and asked you to get in the water. Would you get in now? (maybe more likely)
It is important to never ask a team member to do something you wouldn't do yourself. Leading by example and providing your company with a crystal clear vision prior to asking them to do something scary (like jumping into the water with a bunch of sharks) allows employees to trust that their leadership has their best interest in mind.
So demonstrate that the water is safe, and paint the picture for them before they get into the water. Show them what is in the future ahead for them if they do what might be scary now.
Motivation dies out over time, but a vivid vision that allows a team member to discover their spot on the team will create a culture where anything is possible.
Some bustiness owners struggle with hiring or building their team because they are looking for a silver bullet to motivate their team members there are at 3 things I believe make a much better foundation before you begin to lead your team.
1. Have a vision.
2. Build Trust.
3. Create processes that allow them to fail their way forward while feeling secure that it is okay to make mistakes as long as they learn from them!
Lastly the end of your question states how to get employees to stay longer. There are ways to create golden handcuffs for employees by offering them profit shares, or doing an ESOP (employee-ownership program) However I would never want a team member to stay longer than they would want to be there on their own. I would focus on building a company culture that celebrates the big wins of the team.
I created an online course called build your million dollar team that breaks down 20+ Lessons on how to motivate and lead your team. Over 200+ businesses have used this to reshape their culture and generate millions of dollars. https://mitchdurfee.com/build-your-million-dollar-team/
Most people I have daily interactions with work from home.
My guess is most of these people would have continued to work for companies if the following conditions were met.
1) 100% work from home or wherever they were traveling from day to day.
2) Clear path to income increases.
For example, if a person is making $10K month + requires a path to $25K, then there best be a path...
Because if not, they'll just quit + go make their $25K/month on their own.
So likely best to poll people as to what their monthly income targets are + provide a clear path to their number.
There are two reason you take any job.
#1 Is to learn a new skill or better your current skill.
#2 Is to earn more money.
The key thing to remember is this. If your employee is looking for another job. They are already checked out and there’s nothing you can do to make them happy no matter how hard you try. However if they come to you and express they need more to do or express interest in growth. Immediately put them on your radar and explain to them that they need to perform at a certain level for X amount of time until you’re able to promote them. Now if they express interest in a raise. Find out what they are thinking and why? Over time everyone deserves a small increase in pay but if there’s no increase without promotion then you fall back to the same two factors. #1 is growth and #2 is money. Feel free to call for further questions or details.
Hello, I hope you are doing great!
I am going to assume, because of the way you structured the question, that:
a) Your employee already wants to go.
b) You want to keep him LONGER, but you don't want to keep him.
c) He / She didn't respond favorable when you offered more money.
So based on this assumptions I would recommend to first think clearly on what do you want to accomplish by him/her staying longer.
Build something around the Maslow's Hierarchy of Needs, according to him all of us need to cover the following needs.
1. Self-actualization: Creativity, Spontaneity, Problem Solving
2. Esteem: Confidence, Achievement, Respect
3. Love / Belonging: Frienship, Community, Work Group - Belonging to Your Business which is a family.
4. Safety - Security of employment, providing to his family
Think that at the end we all want to transcend so find a way to make him / her an offer that covers the above needs and it is likely that you'll accomplish it.
But you need to take the time to know more about that employee so you can make an attractive offer.
I hope this helps you
Take the employee out to lunch and talk to them. Find out what the employee wants from their career and ask how you can support them in getting there. Any leader worth their weight develops a relationship with their direct reports, and there is no one size fits all solution. It all comes down to building a relationship. Organizations with strong leadership capability are talent magnets.
Build resilience within your organisation. As mentioned in a previous answer the culture of an organisation motivates employees to stay. Do not come up with a strategy to improve retention, but one to improve your standing within the community you work in. Develop your staff, delegate authority but not responsibility and positively encourage innovation and disruptive thinking. Encourage community resilience around you through charity initiatives suggested by employees and develop strong ties with the local neighbourhood. All of this will make your employees feel valued, not only by management but through the community they live in.
It really depends on your employee and their generation/age. The new generation of people entering the workforce are far less concerned about money as they are about personal value. They want to feel like they are making a difference and their work is important. They want to be affirmed and feel valued. They will not put themselves in an unhappy situation and will not stick around just for money. Treat them like they are important and they will treat your customers the same. They will work very hard if they feel it is worth their time and effort. In the past an employer could threaten job loss or take away raises to motivate out of fear. That will not work for most millennials.
As an person who has gone through from both ends, that as a employee and a manager in my carrier, I have never felt that only one thing will keep you longer in an employment,
If some would say money is not a matter , well in a practical situation money is only a benefit you get, but it dose not mean that it is not important.
with money other benefits, which you might not thought of will be a motivator. like empowerment etc. if your are small business owner or a family owned business, the control with in the organization will be centralized, do not be afraid you are not alone.
it is important to understand the working culture, sit back and try to understand peoples how have left the organization which might give you an int of the problem.
Transparency, Culture and Opportunity. My last company was in an industry of very high turnover (average employee term was less than 3 years), but due to the above factors, many stayed beyond that. Give your employees a voice and show them it makes a difference, and money becomes secondary (although still on their mind 99% of the time)
I lead a team of BI developers. What I believe really helps in retaining employees is allowing each of them to work on challenging, interesting problems and showing appreciation for the work. Appreciation. Not in a way of big events, or monetary compensation (they don’t hurt but usually not that important if the salary benchmark is competitive) but simply by appreciating the work effort it takes to deliver a project. Saying thank you when an employee helps, not saying how do we do this “faster”.
Giving this true appreciation for the work effort it’ll take to deliver, this will result in proper life balance and your employees won’t feel like they have to work 14 hour days to deliver.
I also had success with encouraging collaboration amongst employees and collaborating with them. It’s much more pleasant when 2 people get to work a problem together. You might think you sacrifice a little productivity, however you’ll find that collaboration holds people accountable. This helps contribute to your culture.
Increase the stakes.
Give her/him something to sacrifice for: a new task/responsibility/project that the employee is suited for and interested in, but that poses also a real challenge.
Then agree on a very strict road map to the achievement of that and measure success together regularly. In that way you stay very close to the employee and build trust = get her/him to discuss frustrations/wishes with you more directly so you can react in time.
However: if a person does not identify truly with your company and/or is just generally unsatisfied no matter your efforts, I would prefer to lose them quickly. Someone who is not at least in part motivated intrinsically to work for you will cause problems over time. Think about: team spirit in that regard. You would not want someone to drag others down. Culture is really important- as other people have already answered before me. Good luck & all the best to you, Lea
Provide supportive leadership: ...
Empower the individual: ...
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Recognize & reward: ...
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