Managing during an economic downturn often means finding creative ways to keep employees motivated. Whole departments can become demoralized if bonuses and salary increases don’t materialize—especially if everyone has become accustomed to receiving financial rewards for hard work.
But as any management consultant will tell you, money is not a real motivator. Jobs that give the most satisfaction are often not those that provide the biggest financial rewards. Good managers without mega budgets for bonuses find other incentives to keep employees motivated.
The first step toward re-energizing staff hit hard by an economic downturn is to recognize that the problem cannot be ignored. Denying there’s disappointment will only lead to anger, blaming, bitterness and cynicism. So don’t try to keep a lid on the resentment. Instead, give everyone the chance to groan, preferably away from the office. A safe place to air grievances together helps everyone realize they’re not in it alone.
Next, get the team to think ahead. Consider what is working well, what needs to change and decide a strategy for moving forward. Shifting from victim mode to a positive, common purpose should have immediate effects on morale.
Don’t let the company’s austerity plan mean you eliminate all treats. You don’t want to create a poverty culture. That kills creativity. Find new ways to reward good work. For example, find inexpensive travel packages. For under $500 you can create healthy competition. When someone gets promoted, give them gift vouchers they can hand out to others who helped them gain the promotion. Order pies on Fridays. And remember to give praise. It’s free.
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