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 alludes some business owners. In fact, only 31.5 percent of Americans are engaged in their jobs. This information is important for all companies, since disengaged employees cost American companies $450 to $550 billion 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 percent, 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 U.S. as a whole, but there are also direct consequences to businesses. 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
Many company owners believe that giving an employee a little more money might motivate them to work better. But the truth is that money is not the only motivating factor for 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 improve motivation and employee satisfaction. Another factor that might boost satisfaction is recognizing employees for their contributions and skills more often.
Motivating employees–in any group–may not be a simple task, but it’s one that could boost business performance by up to 240 percent.