Money is pretty tight in my new business and the initial salaries I’m paying my first two members of staff aren’t huge. However, I’m keen to reward them for their hard work and ensure they stick around until the business starts to really grow. What benefits, that don’t necessarily break the bank, can I offer to keep them happy?
Money in and of itself is not a motivator. Lack of it is a de-motivating factor. But if you pay what you can and then genuinely look for other ways to engage your people you can make a world of difference.
The aim is to find ways to motivate and engage without breaking the bank.
F for financial is so last century. I subscribe to the other Four F’s:
- F for Flexible work patterns and the ability to manage people on the achievements of outcomes not face time. Break the mould and allow people some latitude. Demonstrate trust. Do have a consistent set of rules. Be fair and consistent.
- F for Fulfilment and the opportunities you allow your people to develop in your workplace. Role clarity is essential to ensure fulfilment and allow your people to know what is expected of them and add value. If you provide fulfilling work with realistic objectives you are onto a winner. But please be consistent!
- F for Feedback. In the largest study of its kind – Gallup in 1999 – discovered we need to provide feedback at least every seven, yes seven, days. This means simple acknowledgements and words of encouragement and praise. But you also need to make sure you are, again, consistent.
- F for Fun and the ability to have people add to your business in a meaningful way while having fun and being creative. Do you know how to give permission to have fun? Lighten up and make sure you do not impose the strictures and structures you were taught in corporate land. Oh and did I mention consistency?
So it is nurture not dollars that can make the difference. The single biggest reason why people leave workplaces is their immediate supervisor.
Without the four ‘F’s’ you are toast!