There’s a ton of techniques you can use to motivate employees and enrich the workforce. Unfortunately, not all of them are gentle on the budget. Since you can’t really enforce Pizza day every day of the week or give sizable bonuses and raises every year, one must find the balance between keeping employees happy and keeping the business’ budget intact. Fortunately, there are ways to achieve both goals. Here are six financial tips that can help you build a sustainable organization with motivated employees:
Draft a Sustainable Business Model
Unilever and other large corporations lead the charge in implementing this altruistic, environment-first approach to doing business. A sustainable business model should put environmental and societal issues alongside growth and revenues. Such approach aligns with the greater sense of purpose that a lot of employees are looking for in a company. So how do you take sustainability from being a 21st-century buzzword into an actual way of doing business? As a starting point, draft a plan that puts sustainability front and center.
Align Personal Values With Your Company’s Mission and Vision
Most professionals have a mental cost-benefit calculator that they use to decide how much work and care to put into their day-to-day work. In a traditional business setting wherein profits are prioritized more than anything else, this calculation usually leads to workers behaving in a manner that their employers support but that is opposite to the personal values that said workers believe in. A lot of companies, such as Xcela Wealth, strive to have a transparent, long-term purpose embedded into their business model. Aside from its business model and value chain, an organization should also consider building on its products’ strengths, the organization’s social influence and capacity, its core strengths, and investors’ concerns.
Defend Your Case for Sustainability to Your Employees
Help employees envision a greener and more sustainable future. It’s not always an easy goal, but it’s critical to get everyone on board. Companies, like General Electric and Marks & Spencer’s, have gone to great lengths to make their economic case for sustainability to their employees. General Electric, for instance, has an Ecomagination program that encourages employees to find newer and cleaner technologies that minimize carbon footprint. It has grown from a $700 million research and development project into a $15 billion per year department.
Turn it Into a Fun Competition
A great way to get your employees to embrace any new set of objectives and spark an “I can do it” attitude is to turn it into a fun competition. Create a culture that encourages healthy competition within the workforce. Take BASF’s Connected to Care program as an example. BASF provides every worker with a chance to join a team and help come up with a volunteering project in either food, smart energy, or urban living, and then submit the project for evaluation. In 2015 alone, over 500 ideas were submitted by more than 30,000 employees across all branches of BASF across the globe. Make it enjoyable by fostering positive messages and group activities. If your employees view this new initiative as a nuisance rather than a worthwhile cause, the sustainability efforts you are trying to inspire will be short-lived.
Consider Behaviors that Merit Rewards
Rewards shouldn’t be a go-to technique for motivating your employees. It’s simply unsustainable to try and reward every good deed with cash. Rewards only have a positive effect as long as you continue to give them. Once you stop rolling them out, however, the behavior usually also changes. One way to reward self-starters and go-getters in your company is to help them advance their careers. Provide a support system that sees to it that employees who are deserving and have potential are given the attention and career support they need to climb the career ladder faster.
Seek Professional Advice
Bring in financial advisors from a trusted firm, such as Xcela Wealth, to help you develop a plan that combines sustainability efforts with consistent growth and profits. Working with a financial adviser can help protect your organization’s budget from the unprecedented costs of starting this green initiative. Moreover, they can help maximize your tax deductibles when you file at the end of the fiscal year by looking for all possible tax relief programs that you can take advantage of.
Employees have that burning desire to work for something greater than just profits. Nobody wants to work a nine-to-five gig just to make money for the company’s shareholders and top management staff. By cultivating a responsible and sustainable culture and business model, your employees will be proud and motivated to work every day, knowing that they are affecting positive change in the world.