Workplace motivation is a strange creature that all business owners must learn to understand and tap into. This is vital to improve workplace motivation and, therefore, productivity. Yet drive is something that is alluding some business owners. In fact, only 31.5% of Americans are engaged in their jobs.
This information is important for all companies, since disengaged employees cost the US 450 to 550 billion dollars a year (due to low productivity).
Millennials and the Workplace
Many company owners are looking at millennials as the culprits of this disengagement. This is because studies show that millennials’ engagement level is generally just 28.9%, making them one of the least engaged groups. Of course, this does not mean that one should forget that other groups are having trouble engaging in their work as well.
Why Is It Important to Tackle Disengagement?
You already know how much disengagement is costing the US as a whole, but there are direct consequences. Low workplace motivation could lead to several issues, like higher absenteeism or a lower rate of customer satisfaction. Companies will see a shrinkage in productivity and profitability.
Do Not Mistake Money as a Motivator
One thing that many company owners tend to believe is that giving an employee a little more money might motivate them to work better. But the truth is that money is not the only factor that motivates employees. In fact, a study showed that high pay does not equal employee satisfaction.
The real key is to find out what will improve employee satisfaction. There are a few things that a company can do to help increase satisfaction. For one, a study showed that a caring and invested manager tends to help improve motivation and employee satisfaction. Another factor that might improve satisfaction is attempting to recognize employees for their contributions and skills more often.
Motivating employees–in any group–may not be a simple task, but it is a task that could boost business performance by up to 240%. Find out how from this infographic by Brandeis University: