So, you’re struggling with motivating employees? Well, you are certainly not alone.
Finding new ways to motivate your employees in an ever-changing landscape is challenging.
Especially when your own expectations are higher than ever before.
That’s why we created this guide, to show you exactly how to keep employees motivated.
We’ve surveyed almost 2500 employees who work for businesses just like yours to uncover how to spark high performance in 2024 and beyond.
Surveyed employees shared what:
It's no secret that companies are struggling with retention. A record 50.6 million U.S. workers quit their jobs last year alone. That’s 70% of all total separations and the highest level in the history of the Job Openings and Labor Turnover Survey (JOLTS), which dates back to 2001.
Labor shortages and mass employer turnover are unfortunately continuing and becoming a norm for 2023. Turnover rates are high across employee and income levels, from front-line workers, to managers, to the C-suite. No role, level, or industry is impervious to this market trend.
Motivated employees and employee engagement levels are crucial for employee retention and achieving your company's goals.
We will go over the ways to spark employee motivation, engagement, and retention. Along with actionable strategies that you can implement today that are based on the survey results.
This will give you the insights and ways to motivate you need to ensure team success. All while navigating a recession, cut budgets and everything else our current market is throwing your way.
Here is the breakdown:
Chapter 1: Today’s employees top motivators
- “What motivates you the most at work?” survey results
- Employee empowerment & motivation
- Top motivators breakdown with strategies and action items
Chapter 2: Motivational leadership in 2023
- “What does ‘good management’ mean to you?” survey results
- Top leadership strategies and qualities breakdown with action items
Chapter 3: Employee demotivators
- “What demotivates you the most at work?” survey results
- Top demotivators breakdown with strategies and action items
Chapter 4: Empowering employees with financial wellness & empowerment
- Employees financial wellness
- Financial empowerment programs, Earned Wage Access and employee motivation survey results
Chapter 5: A path forward
- Takeaways and lessons from survey data
2,459 employees surveyed
Age | |
35-44 | 29% |
25-34 | 27% |
45-54 | 19.8% |
Under 24 | 14.4% |
55+ | 9.8% |
- 60% between 6 months - 3 years
(1) Good managers*
(2) Salary & wage
(3) Work-life balance
(4) Flexibility
* ”Good” managers is a broad and subjective term, we know. You'll get deep into what surveyed employees define as good management in Chapter 2 of the report.
Surveyed employees also had to explain why they selected each option. Selected quotes in this section include sentiments that came up at least 5 times in survey results.
Here is a sample of what you'll learn for each motivator in the full report.
Good managers today set their employees up for success but most importantly, trust their employees.
Micromanagement was the most common sentiment throughout the survey for bad management and demotivation. Here’s what the surveyed employees had to say on why:
Compensation directly impacts an employee's sense of value and worth at work— this then directly impacts their motivation and productivity at work. Employees will express gratitude when they are compensated properly.
Adequate salary and wage also reduce stress. And, allows employees to focus on their work rather than financial concerns. Reduced financial stress can have a big impact on your team’s output as currently:
84% of employees spent time thinking or worrying about finances at work (Visa, 2023).
Here’s what the surveyed employees had to say on why salary and wage are so motivating for them:
When employees feel that their well-being is cared for, valued and respected at work they are more likely to reciprocate that respect by going above and beyond in their work. This is how you boost employee morale.
Work-life balance and flexible scheduling will motivate employees but it is also a direct path to increased productivity on your team as it decreases employee stress.
Here’s why:
When employees have some level of flexibility in their work they often become more productive. Especially as they can work during their peak performance hours or in environments best suited to their work style.
So, what do the top 4 factors that will motivate employees have in common? Employee empowerment.
Focuses on autonomy and giving employees more control over how they complete their day-to-day responsibilities. This leads to a key factor in how to motivate employees and employee performance: ownership.
If you're struggling to motivate employees, consider what resources, tools or space will empower them to reach their goals. Instead of commanding them to get it done. This is how you increase employee morale and improve company culture on a big scale.
Managers motivate employees. We’ve all heard the phrase "people don't leave jobs, they leave managers." This definitely rings true when it comes to thinking about how to motivate employees.
But what does a “good manager” even mean? Definitely different things to different employees. So, we asked respondents: “What does ‘good management’ mean to you?”
Good management is how you ensure employees are fully engaged.
Here are the top qualities for good managers and how to motivate employees with leadership:
Here is a sample of what you'll learn for each quality in the full report.
Good management is how you ensure employees are fully engaged.
Feeling appreciated and recognized for hard work was another consistent theme for good management.
Employees want to be noticed and rewarded for their contributions. They think good management means focusing on growth, recognition for performance and skill development.
The top four motivators selected by employees were:
(1) Bad management
(2) Toxic work environment
(3) Low or inadequate wage
(4) No recognition for hard work
Look familiar? Considering the top motivators discussed in Chapter 1 good management, adequate salary & wage, work-life balance and flexibility these results add up. Each of these factors speak to the working environment your employees are operating in. Well dive into each of these and how to increase motivation and treat your employees.
It’s clear that wage and salary are top ways to motivate and fully engage today’s employees and your direct report. Businesses are catching up the fact that they can motivate their employees and spark high performance by financially empowering their employees.
This doesn't just include wage and salary but also financial wellness and empowerment programs.
Platforms with financial wellness tools like financial educational resources, budgeting tools, debt management resources, and retirement planning tools can reduce employee stress. They can also help employees become more financially literate, encourage creativity, reduce financial stress, and achieve their financial goals.
A popular employee financial wellness tool for employers is Earned Wage Access. Which gives employees access to their earned wages ahead of payday.
We asked employees, who currently use ZayZoon’s Earned Wage Access, a few questions to see the impact of using this tool on their performance, tenure and motivation at work.
You’ll find the results in the full report.
If you are currently struggling with employee motivation, we will give you some reminders and takeaways to get you in tune with today’s employees. Including:
With the full report, you’ll have a deeper understanding of how you can motivate your employees in 2024.