Research-Backed Ways to Engage Employees When Money is Scarce

It is a big mistake to think that your employees are motivated only by more money. For those of us who have spent many years in the field of employee engagement training, we know that, as long as their salaries are fair, employees are not driven solely by cash rewards.

This is good news to companies who need all their capital to invest in the future or weather a storm. It is heartening to know that there are ways to continue to effectively engage employees meaningfully even when there is no money to spare. 

So how can you continue to keep the hearts and minds of employees when times are tough? Here are some suggestions:

1. Recognition
Employees appreciate being recognized when they have put in extra effort. They don’t always need a cash bonus, but they do need praise, some time off or a nice gesture. And, if the praise occurs in a public setting, it is all the more valuable. Whether it is at regular weekly meetings, through the company newsletter, or a salute at an all hands meeting, employees shine when their contributions are singled out as extraordinary.

2. One-on-ones with company leaders
When an employee has come forward with an idea that improved productivity, overcame an obstacle or propelled the team toward their goal, why not give them a chance to talk about their coup with those who care most about business results—company leaders? The opportunity to meet with a top executive is coveted by all employees. This is a great motivator to reach further and higher.

3. New challenges
High performing employees typically love to be trusted with stretch goals or responsibilities. This is what keeps them learning and growing, and that is what they often value most. If you want to keep these “A players” aboard, find them new opportunities to lead projects or to share their special expertise with another department. Your top talent has the desire to learn and they value the exposure.

You will know you are on the right path when employees consistently believe that:

• The organization makes investments to make them more successful.
• The leaders of the organization value people as their most important resource.
• Considering the value they bring to the organization, they feel they are paid fairly.
• The leaders of the organization are committed to making it a great place to work.
• There are professional growth and career development opportunities in your organization.

Learn more at: http://www.lsaglobal.com/leading-for-employee-engagement/