You may think that competitive salaries and a flashy benefits package are all it takes to keep your employees happy. The problem with simply throwing more money at employees is that many—maybe even most—still won’t believe that you are paying them what they deserve. Plus, there will likely always be another company out there that will pay them more than you can.
While compensating your employees fairly can certainly help, you also need to commit to the following to keep them satisfied, motivated and loyal:
• Trust them. Assign them roles, offer them the training they need and then hold them accountable for reaching those goals. That makes them feel empowered and in control of their own destinies.
• Encourage them to approach you. Employees should feel like they can go to their managers—even C-suite managers—for any reason. Whether that is to share an idea, offer negative feedback, correct the boss’s mistake or even complain. Organizations that encourage collective problem-solving and the sharing of feedback and ideas foster collaborative, innovative workforces.
• Quit being so rigid. The standard 9-to-5 Monday through Friday workweek doesn’t need to apply anymore. You can’t measurebased on how many hours they put in. Focus on results, and offer employees the freedom to hit those results in the way that best suits them. Work/life balance again and again comes up in surveys and research as a major contributor to employee satisfaction and loyalty.
— Adapted from “What Motivates Employees More Than Money?” Bhanu Chopra, The Economic Times, http://economictimes.indiatimes.com.