All of these benefits can lead directly to higher retention as well as increased productivity and morale. How can you improve employee motivation in your company? The answer can be found in understanding and identifying the primary motivators in your company in payroll management services.
Understanding Employee Motivators
A recent study found that as employee motivation improves, the business’ stock enjoys higher subsequent returns the following year.
Depending on the nature and size of a company and its workforce, there can be a wide array of motivators. Six common motivators include:
• Compensation
• Flexibility
• Time off
• Benefits
• Incentives
• Bonuses
The first reason is that consistency is an important attribute for motivators and monetary motivators are dependent on the profitability of the business, which can vary from year to year. Employees still need to be motivated when budgets are tight and bonuses and salary increases are not available. In fact, this is likely the time when they need the most motivation. Secondly, when monetary motivators are small or non-existent, employees may feel undervalued even though this was not the intent of the employer in payroll processing services. Lastly, monetary motivators are usually only given once a year and it is important to motivate your staff all year round. These challenges can be minimised by understanding other ways to motivate.
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