Creating a sustainable working place is key for growth of any institution. Employee motivation, empowerment and sense of belonging plays a major role in fostering growth in any organization. Growth has a way of making people work harder and deliver more.
Steve quit is insurance sales job to take up banc assurance job with a local bank. He knew that banc assurance was a new department and every bank was looking forward in employing more talent in the area. Having a back ground in insurance made him think that he is best if he switched to banc assurance. The difference between his sales job at the insurance firm and sales job at the bank was going to be permanently employed. Job security was his major concern.
Steve was shocked that his current employer did not plan to give him standard package like everyone one else. His employer had observed that previous graduates who were getting better packages had deteriorated the production over time. Steve did not expect this and he started looking for another employment immediately.
Many employers feel that it’s the money that motivates people to work. The promise of an employee being given a blank cheque to write it themselves is not appealing to all employees. Finance teaches that there are risk takers, risk avoiders and those who are neutral. It’s imperative that an employer considers whether a potential employer is a risk taker, a risk avoider or a neutral person who neither takes risks nor avoid it, before offering a remuneration package to them.
Proper package for your staff helps in reducing costs of hiring due to high turnover while motivating them to give more to the company. Before changing a package for your temporary staff, a good manager will make it known to the staff and whether they are fine with the proposed change. Input from staff will also help you to calculate your costs and measure whether any proposed moves are viable or not.