What motivates your staff?
28 September 2016
Clearly internal training is highly valued by employees across most businesses. Recent research from Coursera among small businesses showed that nearly 70% of 22-35 year-olds in the UK put the value of internal training offered by employers as one of the top three reasons to change jobs. So it’s worth considering where internal training lies on your company’s list of priorities when considering retention. Investing in leadership development as an option for some employees not only helps with career progression, but should ensure the senior team plays a continuing role in the progression and development of the company itself.
Training is a core element, but motivation is an ongoing issue. Behavioural economist Dan Airey cites an example of research looking at what rewards would most motivate a work force to hit their weekly productivity target. Three groups of employees at an Intel factory in Israel were offered different incentives – a £20 cash bonus, a texted compliment from their boss or a voucher for a free pizza. A control group was given no incentive.
The results may be surprising. After the first day, the pizza was ahead by 0.1% against the promise of a compliment, with the cash bonus trailing behind. By the end of the week, the compliment won out as the best motivator, followed by pizza. The control group of no incentive beat the cash bonus into last place.
It’s important to recognise that effective reward and recognition can significantly improve staff retention, increase productivity, develop employees both personally and professionally, and ultimately result in a better company culture. Understanding how that culture operates is a key to unlocking which schemes work best. You can contact our HR Services department by email or on 0141 221 2984 if you have any queries about any of the above.