A recent study by Hay Group Vietnam cited by Bloomberg BNA indicated that employees want to feel engaged by their work and recognized by management. People who get these two things from their jobs will actually work harder, and such businesses can see growth of as much as 30 percent.
Motivation is not entirely the domain of salaries. In fact, different age groups find unique rewards from their work. According to the Wanchalerm Siriphand, one of the consultants of the study, people in their 20s generally go to jobs to gain experience. They want to do work that can be put onto their resumes. As such, it can be difficult to keep them working at the job unless they are given tasks that would let them improve their chances at being hired by another company.
The best way to keep employees is to give them a feeling like they are directly involved with the company. Having a competitive salary will certainly keep people motivated, but it won't be as encouraging as giving people a direct say in how the business is being run. Telling workers they are responsible for the growth of the company is one way to get them on board with the business, no matter what their payroll situation is.
Ways of recognizing and encouraging workers
The University of North Texas recently created a list of different ways that employees could be recognized. A lot of these have to do with building teamwork and creating a sense of involvement with a company. One such idea is having a surprise picnic. This would be a good plan because it wouldn't cost a lot of money and it would foster a spirit of better communication among different team members.
Essentially, the role that office culture plays becomes important. People want to work for a company that inspires them to try their hardest. Another suggestion is to create a wall of fame or to have a special incentive for being an "employee of the month." This is certainly one way of recognizing people. It's important to remember that the more specific the recognition the better, Telling someone he or she did a good job because of a specific assignment would be more appropriate than rewarding someone different each month just because there is an award for that purpose. Another good way to recognize a worker is to give that person assignments that would bolster his or her resume in areas where it is lacking. This allows the individual to gain experience and create a better chance at getting a better job in the future.