The Covid-19 pandemic disrupted our lives in so many ways, making people question their values and reset their priorities. This affects the demands and expectations employees have when it comes to working conditions. Big crises remind people that life is short, motivating them to start seeking fulfillment and a cause to commit to.
So if you want to keep your employees happy and committed to your company and mutual goals, you need to offer much more than financial incentives, catering to their changing needs.
So if you want to earn your employees' ever-lasting loyalty you need to change your paradigm and stop thinking that money can buy employees happiness. Instead try focusing on employee engagement, professional development, and well-being to boost both their satisfaction and your retention rates.
The Great Attrition research by McKinsey and Company reveals eye-opening reasons behind higher turnover rates. Most employees state that they would leave if their bosses were inconsiderate and detached (38%) while 35% of them think that the lack of professional growth opportunities and inconsistent work expectations are valid reasons for walking out the door.
So if you wonder what you can do for your employees to feel recognized and appreciated, shift your attention to the following tip
The research also shows that peer recognition is a major motivator for employees to engage themselves and be devoted to a company with 55% of employees stating that it’s more important than monetary incentives. This finding clearly shows that employees are going to leave if they feel undervalued or unappreciated no matter how much you pay them.
This is why you need to change the way you recognize your employees' efforts and praise their achievements. You can start by giving them frequent, real-time, well-informed feedback based on data collected via an employee tracking system. This sophisticated tool will allow you to see how your employees use every minute of their work hours, informing you about their productivity rates, apps and websites they visit, and the time spent on specific projects. By analyzing all these different aspects of their work, you’ll be able to showcase their stellar achievements and pinpoint areas that may need improvements.
Make sure to give a shout-out to all your employees who contribute to achieving significant career milestones and company goals alike. You can use Slack channels or similar communication tools, encouraging other team members to celebrate someone’s success.
These small gestures can have a long-lasting effect on your employees' experience and satisfaction. When employees know that their work will be recognized and appreciated the praise of their colleagues may motivate them more than a common-placed, impersonal, one-time bonus awarded to all employees.
Focus on Socializing
One of the things employees have definitely missed in the fully-remote work era is social interaction with their colleagues. Knowing that the social aspect of work affects employee engagement and motivation massively, you need to encourage them to create meaningful interpersonal relationships based on mutual trust and respect.
You can devise different virtual events where your employees will get the chance to get to know each other on a personal level, bonding over similar interests.
With the job market more volatile than ever, and employees changing companies every couple of months, you need to find a way to gain a competitive edge and keep top talent for yourself.
The best way to do this is to offer various learning and training opportunities, encouraging your employees to grow professionally and personally.
You may ask yourself why should you invest in training your employees?
Because the study says that 65% of employees would leave their current jobs if they didn’t achieve their personal goals or didn’t have a chance to develop professionally. More importantly, the entire hiring and onboarding process will cost you more than an efficient training program.
Therefore, you need to find out what work aspects your employees want to improve and what skills to upgrade. Then go above and beyond to meet these needs and use an employee tracking system to compare their performance and productivity rates before and after the training.
Staff tracking can help you measure the effectiveness of training and learning sessions by showing you the changes in their workflow and performance.
Finally, by offering them career development opportunities, you’ll show your employees that you think of them as long-term assets that can contribute to the overall success of your organization.