While money might be the motivating factor for some, it alone doesn't guarantee the happiness of your team members. Creating a strong company culture and strong bond between your entire team helps to maintain a healthy work environment.
Keeping your team satisfied and motivated not only keeps your company firing on all cylinders, but it also leads to long-term team members, reducing turnover. So, what can you do as a business owner to cause your team members to give it their all? Here are five things to consider -- all of which can help motivate your team and keep them satisfied.
Related: 10 Examples of Companies With Fantastic Cultures
1. Celebrate personal wins in front of the entire team.
Far too many founders are scared off by the politically correct police -- and would rather give everyone a participation trophy.
There is absolutely nothing wrong with identifying and celebrating individual wins. It can have a major impact on your company as well. First, it motivates those that you do single out and celebrate -- they want to continue to excel and thrive -- and often times that praise is more satisfying than money.
Also, it can create a very healthy, competitive environment. Team members will work hard in an effort to receive the same recognition in the future. Throw out the participation awards and start congratulating personal accomplishments within your company.
2. Give every team member a purpose.
Your team members spend a lot of time working and surrounded with everyone within your company. Sometimes, the same amount of time, if not more, than with their family and loved ones.
The last thing you want to do is make a team member feel like they aren't an important part of your organization. Give them meaning and purpose -- the desire to feel needed is one that every team member has.
"Your team members need to feel as if every second spent working for your company serves a purpose. When every person has a clear understanding of what he or she does that contributes to the success of your company, the better chance you have of keeping them highly motivated," says Eric Rea, co-founder and CEO of Podium.
3. Let your team be themselves.
A lot of companies are making changes to office policies and their culture that allow all team members to showcase their personality and just be themselves. I'm much easier to excel in an environment that one feels comfortable in.
Things like a casual dress code, letting team members bring their dogs to the office -- or even working remotely on certain days -- all of this contributes to creating a company culture that allows personalities to shine.
Personal satisfaction and motivation thrives in a creative environment, and when you peel back a bit of the formalities of the past, you can create a much more enjoyable culture that allows the personalities of your team to shine.
4. Dish out some profit-sharing.
While money alone isn't enough to motivate everyone, establishing an employee profit-sharing program can keep everyone working hard, while creating high levels of satisfaction, when it comes time for distribution.
There are so many things to consider, like:
Should every employee be included?
What is an appropriate amount that will keep the company scaling and the team satisfied?
How often should distributions occur?
While not for every company, it's something to consider. If it makes financial sense and can spark more growth while keeping your team motivated and satisfied, it's worth at least exploring.
Related: We Can All Agree These 16 Things Make Us Miserable at Work
5. Keep your team challenged.
The majority of your team members want to grow -- professionally in general and within your company. We all want to become better versions of ourselves -- it's natural.
But, the only way they are going to accomplish this is if you give them the opportunity. Giving your team members additional responsibilities and opportunities is the only way to test them and then, if successful, allow them to succeed and grow within. If you don't they will become stagnant and bored.