What is the Primary Driver of Employee Motivation?

Top performers can deliver 400% more productivity than the average performer, a recent study shows.  So, how can the average company transform their workforce to an environment of top performers, and motivate those considered average to elevate their efforts to the next level?

Every person is motivated in different ways, but when it comes down to it, we’re all wired by the same DNA that makes us human.  We took research from several sources to find out what the primary driver of employee motivation really is.

  1. Compensation Incentives

When we refer to monetary incentives that drive employee motivation, we quickly turn our thoughts to salary and hourly rates.  A recent study from Glassdoor indicates that 43% of employees expect a pay raise, and 35% said they would leave a job if they didn’t receive one.  However, dollars and cents are far from the only compensation incentives that drive employee motivation. The same study reports that 79% of employees would prefer new or additional benefits.  Another compensation incentive includes paid leave, and 81% of Americans with a Bachelor’s degree say that companies who offer paid leave better incentivize employee retention and motivation.

  1. Employee Engagement

A study by Dale Carnegie Training noted that “only 29% of employees are fully engaged while 26% are disengaged.” So, how can an organization overcome this pitfall, and what drives true engagement for the average employee? According to William A. Kahn, a sense of meaning within an organization “can be seen as a feeling that one is receiving a return on investments of one’s self”. For employees, these returns can be realized when employees are doing work that challenges them, is varied or is somewhat autonomous. Six out of ten millennials surveyed say they will choose an employee that offers them a sense of purpose.  When companies give their employees a sense of belonging and purpose within the organization, they will perform more effectively and become self-sustainable.  Workers will invest in their own development when they’re incentivized to engage.  This leads us to point number four.

  1. Opportunities in Employee Development

As we stated above, employees expect raises and will be quick to look for a job elsewhere if the opportunity doesn’t arise. If employees feel they’re getting better at their job, becoming more knowledgeable and learning new skills, they shouldn’t be trapped by a metaphoric glass ceiling.  That’s why promoting from within is of utmost importance to keep employees motivated to always improve themselves. Many companies have a tendency to immediately look outside their own walls when it’s time to fill upper-management roles, however, this tactic can send shockwaves of negativity and dissatisfaction throughout the workplace, driving ambitious employees to feel unvalued and unwanted.

  1. Employee Recognition

In today’s corporate world, it is easy for organizations to focus on the product rather the people.  Organizations that invest in high-performing employee recognition programs are some of the most successful, profitable and innovative companies in the world. In fact, according to Gallup’s 2017 State of the American Workplace “highly engaged businesses realize a 17% increase in productivity and a 41% reduction in absenteeism.”  Another survey conducted by SuccessFactors found that the up-and-coming millennial generation want 50% more feedback from their managers and immediate supervisors than previous generations.

  1. Employee Brand

An effective employee brand can convey a sense of excitement that revolves around an outstanding culture.  When an organization builds a brand that encourages freedom and fun, employees’ high morale and energy will stimulate their creativity, collaboration, and innovation. It’s also vital for employees to feel that they are working for a company that focuses on sound morals and ethics.  58% of millennials claim that they would even take a pay cut to work for a company that shares their values.

  1. Work-Life Balance

Some old-timers scoff at the phrase “work-life balance” as it can sound like the lazy man’s excuse to sacrifice hard-work for time off.  However, society has and always will value their time with family and friends more than the hours they spend in the office.  Moreover, the joy of having time-off makes employees feel refreshed when they come back into the office.  This instills a sense of productivity that can be lost when they’re constantly being run down by the mundanity of overworking.  Nowadays, the workforce has realized the importance of work-life integrations, and as millennials continue to dominate the workforce, this matter is becoming the top reason why employees stay engaged in a company. By 2025, 75% of the global workforce will be millennials, and 88% desire quality work-life integration as a top reason to stay with a company

  1. The “Small Perks”

Sometimes the smallest benefits can make all the difference for employee motivation. Perks like periodic free lunches, discounts from corporate partnerships, casual Fridays, snow days or even occasional travel opportunities will increase employee happiness in such a way that they feel motivated to put in hard work as an appreciation of their business’ offers.

6 Recruitment Strategies to Help You Reel in Top Candidates

Hiring top talent has become a high-stakes game of online recruitment warfare.  Today’s candidates are relying on professional networking sites like LinkedIn to market their talent and turning to anonymous employee reviews on websites like Glassdoor and Yelp to influence their decisions.  In this constantly evolving recruitment market, how can you differentiate your company as the best place for prospects to work?  The answer isn’t simple, but the way that you approach the situation should be.  Here are some top recruitment strategies for your company to focus on to make 2018 your best year for recruiting top candidates.

  1. Continue Focusing on Diversity.

According to LinkedIn’s 2018 Global Recruiting Trends Report, diversity is the top trend shaping the future of recruiting and hiring.  In fact, of the 9,000 talent leaders and hiring managers across the globe that were surveyed, 78% said that diversity was the “top trend impacting how they hire.”
In today’s globalized world, diversity is at the forefront of every social landscape, and in the workplace, it’s been proven time and again to improve productivity, develop new innovations, and create a higher level of engagement and collaboration from employees.  The report revealed that 62% of survey participants focus on diversity to boost company and financial performance, and 49% do so to better represent their customers.

  1. Revolutionize your Hiring Process with Innovative Tools.

In second place to workplace diversity, 56% of talent professionals and hiring managers from the aforementioned report say that new interview tools are the top trend impacting how they hire.  At TotalRewards, we truly believe that our award-winning Recruiting Acceleration Platform is an unparalleled tool for organizations of any industry.
CandidateRewards Software allows your company to demonstrate why it’s the “Employer of Choice” through conveying your employer brand, exemplifying the total compensation of employment, and speeding up the time it takes to hire on a top prospect.  According to LinkedIn, 36% of traditional interviews fail due to too long of a process, and CandidateRewards eradicates this common fallacy.

  1. Revamp your Reputation Management

Social media has changed so much about how we interact as a population, and the implications have affected the job market in remarkable ways. Research by LinkedIn has proven that more than 75% of job seekers research about a company’s reputation and employer brand before applying, and 69% say they would not accept a job from a company that had a bad reputation – even if it meant they wouldn’t have a job.  To overcome this challenge, take a look at these tips to help you build, promote, and reinforce a positive company brand.

As competition for top talent continues, developing a positive employment brand can be a major differentiator and strategic advantage for employers. Here are some tips to create a better employment brand in your organization.

  1. Overcome the Challenges of Automation and Embrace the Benefits

Artificial Intelligence is here to stay, and it’s time that we embrace the transition.  LinkedIn found that 35% of talent professionals and hiring managers say that artificial intelligence is the top trend that impacts how they hire.  Workplace automation is something that has been feared for generations, as our memories tend to point back to robotics stealing the jobs of Detroit auto manufacturers, and Hollywood haunting our dreams with Skynet going live.  However, the truth is that there is little concern that AI will replace your job, as only 14% of talent acquisition professionals surveyed by LinkedIn thought AI would take their jobs.

In actuality, AI has a massively positive impact on your recruitment process.  As LinkedIn explains, AI is most helpful in sourcing, screening, nurturing, and scheduling candidates.  Workplace automation also creates a unique opportunity for businesses to maximize human talent.  By utilizing machines to take care of the busy work mentioned above, your organization should focus human workers on strategic, business-growth initiatives that can take your business to the next level.

We’ll Shape your Recruitment Strategies for You.

We live in a generation today that’s defined by the “Age of Information Technology,” and it’s vital that your organization has the tools to keep up with its impact on recruiting the top talent. At TotalRewards, we’ll take the stress out of your hands and build recruitment strategies that promote your company, its mission, and culture alongside the monetary value of your job offer so top candidates view your organization as the Employer of Choice.  Contact us online or try your free trial of TotalRewards Software today!

Hiring the best women? Or losing your best women?

Women now make up 46% of the US civilian labor force and of the top management occupations, women only account for 27% in executive management positions1.   With such a strongly disproportional representation in senior management, is your company doing what it can to promote women to management positions?  Retaining female talent may require less than one may think.

According to United Kingdom survey of over 10,000 senior executives, women are less likely than men to apply for a senior position within a company that has rejected them for a similar role in the past2.  Women, unlike most men, tend to believe that they are not a good fit once rejected and in turn, make them feel less qualified for a C-suite position.  This may mean that your company is losing key female leaders before they even apply for an open management position.  Many companies seek a diverse candidate pool but when it comes to ensuring your company is not losing internal female talent the London Business School recommends:

Being Proactive – Develop, maintain and refresh company hiring policies that seek to increase female representation in management positions.  Reflect on how you recruit your internal candidates.  Are you marketing positions to your entire organization? One should not rely on the best candidate to apply for the open position.

Communication — When companies make an investment in information transparency, such as a performance recognition program or in annual total rewards statements, employees are able to better understand their position, the company, their career path and the investment of the company into their personal successes.  When reviewing your internal candidates for management positions, ensure there is a formal feedback process that gives your employees clarification of the company’s’ decision.  No one likes rejection but it’s easier to take when one knows the reason why.

Standardize the Process – Similar to reviewing your company’s communication strategies, standardization of the selection process will set expectations and contribute to the transparency of your company’s policies.

 

1 US Department of Labor
2 Kathy Gurchiek, “Helping Women Get to the Top”, HR Magazine May 2017: 12