As a business owner, your employees are what keep you in business. If they’re not working as hard or as well as they should, it could significantly hurt your company. Help your employees find greater motivation by showing them how much they are valued.
Create a Bonus Incentive
Creating a bonus incentive gives your employees something to look forward to every year. This is not only a great motivator for current employees of your business, however. Companies that offer bonus packages are more appealing to prospective employees as well. Giving bonuses to your employees shows them that you value their hard work. It also rewards work ethic and productivity among your employees. This can be done in several ways. You can offer bonuses based on performance, or milestones that your employees make. You can also offer yearly bonuses ad hoc. Decide which option is best for your business.
Give Them Equity
Giving your employees the chance to have a share in the company helps them have literal skin in the game. A flexible business structure like an LLC can make it easy to share profits among owners. With equity invested in the company, their financial success depends directly on the success of the business. This helps increase employees’ motivation and productivity at work. They become mentally invested in their work because they are financially invested in the company. Depending on what stage you’re at within your business, you can give your employees different types of equity. When a business is just beginning, it could be a better idea to give more shares to employees to get them on board with your company. As the worth of your shares increase, you can readjust the amount of equity you give employees.
Create a Community
Ultimately, your employees are people. They want to be treated like individuals, not assets. This means that the best way you can realistically get your employees to work hard is to show them they’re valued. This can be done in the ways mentioned above, but another great way is to create social opportunities for employees to get to know you. If you become involved with things like karaoke nights or silly competitions, your employees will feel closer to you. They will be more willing to come to you if they have problems or need help. Developing relationships with your employees is absolutely critical.
As a business owner, there is a lot on your plate. It’s easy to become frustrated when your employees aren’t as invested in your business as you are. Instead of feeding that frustration, find ways to connect with your employees, and show them why your company should succeed.
Check out this article on how to know where you need to improve your business!