Receiving or giving a raise to a hard-working employee is an incredible feeling and knowing that the salary increase will motivate the employee to their next potential raise is an incredible bonus. Of course, each employee is different in what motivates them to continue being focused and working hard in their role, but what about the time between salary increases? With ongoing learning and development at the forefront of most candidates’ minds when searching for a new role, we are providing our insights on employee motivation between salary increases.
Give an explanation
When it comes time to either give or receive a salary increase, it is important that the reason behind the pay raise is explained on both sides. This includes why the raise was given, but also new expectations, and how to continue growing in the role. Whether new responsibilities, continued success or a promotion in the future is in sight, make sure it is discussed so that all expectations are met between now and the next increase.
Make sure advancement and growth opportunities are available
Our most recent survey on today’s job market reported that better advancement and growth opportunity was the top reason to switch jobs. 92% of employees said that they are taking the necessary steps to keep their skills relevant, while only two in five said their companies assist in those efforts. These learning and development opportunities can include anything from mentoring, professional memberships, or training courses, and most follow the 70-20-10 model. This model breaks it down to 70% hands-on learning, 20% from others, and 10% self-taught. Encouraging company learning and development and structured advancement opportunities is an amazing example of ways to continue motivating employees between salary increases.
Did someone say tropical vacation?
Incorporating other perks, such as happy hours to celebrate accomplishments, team outings, lunches, and more. These smaller incentives may not seem like much but taking the time to appreciate employees for their hard work speaks volumes and may even motivate employees more than an increase. An ongoing trend among several companies today is hosting company retreats for top performers and including them in President’s Clubs. This encourages employees to continue their hard work through the end of the year, and who knows, maybe they will receive an award, company-wide recognition, or even win a trip to a tropical location.Of course, every team is different, and each employee may respond differently to various motivating factors but implementing some of these tactics will have your team motivated and ready to push forward in their roles. How do you motivate your employees between salary increases?
For more insights on our recent report of the job market, click here to download. And for more insights on the workplace, be sure to check out our Future of Work Report!