Leading market research firm Gartner says that more and more Australians are contemplating to quit the workforce now. In 2019, the average attrition level was 15%, which was marginally less than the global average of 15.7%. A few years ago, the Australian figures were quite high.
There are several reasons why so many employees are ready to quit the workforce. The principal aim is aggressive targets but limited resources. Employers are not factoring in the environmental change while assigning goals to their employees.
There is relentless competition as well. Business models are changing, and the old rules of doing business are no longer relevant. In this scenario, how do you motivate your employees? How should they energize themselves? How do you keep their dedication up always?
- Transparency is the key
If you are running a tightly controlled business, it would be great to share some of your business plans. How do you make money? How do you check the profitability of your plans? What’s your annual target? What are the new things you are planning? Ask your team how it can help in devising new strategies? In short, make your team feel involved in your business plans? Your team members should think as if the future of your business depends entirely o them.
- Teach them tech
Let’s accept this simple fact; tech is driving this world. All the startups today use tech and most European businesses are taking to digital technology. Most of the work is done today on messenger platforms. Today, you are expected to use search engines and google maps to find your way. The old filing systems are gone, and shared drives are the order of the day. Do your employees know how these tech tools are being used? If they don’t, perhaps it is time to teach these to your people. In short, re-skill them in the order that makes your people future-ready.
- Reward them
Rewarding is much more than giving monetary rewards or promoting someone. While money is necessary, employees today want something more intangible but worthwhile. Researchers at Harvard have done some in-depth study on rewarding and here are their conclusions. It could be a good idea to implement some of them while making your employees happy. Some enterprising companies also provide gcodes which are revolutionizing the rewards industry, have a look.
- Define KPIs
Key Performance Indicators tell the employees about what all they can do to stay relevant. Most of the modern companies share KPIs with their employees o the first day of their joining. Some companies have made the KPI documentation even more democratic. Their HR heads work closely with the new employees to create fair and mutually acceptable KPIs.
- Say Thank You
Thank you notes work wonders with your employees. Every time an employee does something extraordinary, send a Thank You note to him her. It would motivate him or her no end.
- Keep Promises
Every time you make a promise to your employee, keep it. While you may be extremely busy managing your company and keep forgetting things, your employee will never forget your smallest promise.
Set aside some time to give feedback to your employees. Make a calendar and stick to it. Everybody likes to see how he or she is progressing, so you need to give your feedback to all your employees. Finally, make your workplace a place for fun. Your employees should consider work as fun. Let them enjoy and laugh. If your employees are happy, there will e no reason why they would leave.