These are the thoughts and Takeaways written by our partners at Chemistry Consulting from the last Talent Think Tank, the UK’s largest face to face networking groupfor senior strategic focused talent professionals. For further information and insight please contact its founder Jeremy at Oasis HR – 0207 11 88 444 | email@example.com
There is no “I’ in team, is this why effective teams do not exist in business today? What are organisations doing to develop teams at both managerial and leadership level? Or is the over emphasis on individual reward and recognition mean we are doomed to a business life without highly effective leadership teams?
At this week’s Talent Think Tank this was the topic on everyone’s lips. However, after some lively discussions, the conversation turned to how we came up with some ideas on how to keep your employees motivated and engaged in your business as part of a team or otherwise. Here are the top ten take-outs from the session:
1. It’s not about the money, money, money
When surveyed, the majority of staff will say that money – their basic salary plus their bonuses – is the key motivator for them at work. However, dig deeper and you will see many actually place more value on other incentives, such as great development, career advancement, a wonderful team or recognition of good work.
2. One size does not fit all
Everyone is different and therefore different reward schemes will suit other people, therefore offering a simple flexible benefit package is a great way to keep everyone happy. Also, if your business spans several different regions, bear in mind the culture, a company wide policy that is great in the UK is unlikely to work in places such as China, where employees expect management to cut anything they praise as being good.
3. Be transparent
Be open from the beginning on what you can offer and what your limitations are so employees’ expectations on how they will be rewarded are set from day one.
4. Keep it simple stupid
Put thought behind what you are doing, but don’t over complicate the output. Keep things simple and everyone within the business will understand where they stand.
5. Put yourself in my shoes
Step back and put yourself in the place of your employees. Understand the impact that your actions will have on all your employees at every level, and empathise with how that will make them feel.
6. Don’t create a sub-culture
Many companies have ‘heroes’; the creative genii who have the light bulb moments, the top sales people etc… if this group are rewarded differently to everyone else, it can cause a sub-culture. Great for the celebrated group, not so great for everyone else causing resentment and lack of motivation.
7. The power of brand
Don’t underestimate the value of your brand. A great brand encourages great employee engagement, and the kudos of working for an amazing brand is often valued more than pay incentives.
8. Change is going to come
Everything is changing, and so an industry in transition will demand new strategies. For example, in the music industry, where piles of cash are no longer available the focus shifts from the ‘talent spotters’ to the ‘deal makers’ – make sure your strategies reflect the changes.
9. Talent Management linked to Bonus
It’s becoming more common for bonuses to be linked into employees input in developing their staff, causing a chain of everyone in the business being developed from the top down
10. Lead and I will follow
Finally an inspirational leader can mean more to an employee than a bonus… it’s not unusual for an employee to follow their employee to pastures new – something always worth baring in mind.
It comes down to this; everyone is different so employers are always going to struggle to create a single solution that suits everyone. However, if you create a simple, consistent solution that everyone understands you are honest about exactly what you can deliver, then you’re off to a good start. Manage employee expectations from the outset and try to understand the impact of what you are implementing affects everyone in the business, not just your stars. And finally remember… money isn’t everything; bonuses are great, but if you treat your staff with respect and integrity everyday then you will be going a lot further to maintain a happy and motivated workforce than any big fat cheque will ever do!