Keeping your startup’s employees with no cash: 5 tips for the digital age

The definition of ‘job’ has changed over the years. Way before, when there used to be an industrial economy, an employee was as good as a machine part: easily replaceable and obedient. Employees used to do what they were told to, with zero accountability and virtually no ownership.

But the new digital economy, also called the connected economy, has changed everything. The very notion of being an employee has changed – now, you are no longer hiring a machine unit which can be easily replaced but a skilled person who is an asset for your team. It is the ideas and the initiatives which matter, not obedience and compliance.

The digital economy workforce cannot be ‘instructed’ to do a particular task; an employee is not a machine anymore. He uses his knowledge, skills and experience to provide the optimal solution for your business, and there are no rules to be followed.

Before, it was possible to motivate your workforce by offering them more money; after all who can resist the power of money, right?

But today, money is not the only factor which can inspire an employee to devout more.

Things have moved beyond cash incentive. When there is no rule to be followed and no boss to be pleased, then how can you keep your employees motivated, especially if you’re running a small business or freshly launched startup?

Recognition

More than money, it is the recognition which can fuel an employee’s desire to give more to the team. Money is a very short term motivational factor; when the money is spent, there is no ignition left.

But appreciation and recognition goes a long way in providing motivation to the employee. If the employee feels that his work is being appreciated and recognized, then he will always go that extra mile to serve you better.

Perks

Perks such as occasional half days; casual days at office; team outings; movies; surprise birthday parties and gifts can inject a new wave of motivation inside an employee. Yes, money would be spent in these activities, but it is the non-finance aspect of perks which actually clicks. Shoving money down the employee’s throat is no longer the guiding factor for inspiration; it is these perks and surprises which makes the employee happy.

Community

Give your employees a chance to be part of the community within your startup. And this sense of being part of a community can only be provided when the employees realize that they are not working for the company, but for a cause. Human being is a social animal, and being part of a community is one very important aspect when it comes to giving 100% output.

Listen

Every great leader has atleast one common trait: they are great listeners. Every employee is fighting his own battle with his life and somewhere down the line, he has lots to share and express. Just give him a ear and allow him to speak and share. This factor alone can do wonders to your employee’s morale and motivation.

It has been researched that over 2-million Americans their jobs quit not because of a bad company, but because of a bad boss. And those managers who listen to their team members are never bad.

Education

Education and learning are one of the most important motivational factors for an employee.

Train him, educate him and empower him – he will never forget your business. Yes, there are risks that such an employee can quit, but chances are low if you are able to get his loyalty which can come from the above 4 factors.

When combined with proper education and training, you will be able to get a powerful workforce which is hell bent on providing your startup with the best results. No amount of money can provide an alternative to this combination.

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This article by Mohul Ghosh originally appeared on Trak.in, a Burn Media publishing partner.