Employee motivation and their basic motivational need for financial security
All businesses need to keep their employees motivated in the work they do. After all, increasing productivity is an issue for the whole of the UK. As a business, it’s difficult to know what motivational factor is the best one to use for your employees to increase productivity. Is it: financial reward; recognition; training; project development; promotion; being part of a team; or even the up skilling others?
It may be some or all of these aspects at some stage of an employee’s life. Finding the right balance and being able to afford this as a business is very difficult.
Employee Motivation – A Human Motivation Theory
Abraham Harold Maslow developed a theory called: The Hierarchy of needs
Maslow said that when the physiological needs of people are largely taken care of, a second layer of needs comes into play. You will become increasingly interested in finding safe circumstances, stability, protection. You might develop a need for structure, for order, some limits. This is key when we are talking about the ability to make ends meet and ensure all our bills are paid each month. How demotivated will an employee be, if they believe they will work all month and still not have enough money to meet their financial commitments?
Employee motivation is key:
No matter how you train, develop and motivate your employees, one thing is for sure, your employees will want to be paid for the work that they do. With this being the case, wouldn’t it make sense that you educate your employees to keep hold of more of the money they earn? If as a business, you showed your employees how to understand their finances and helped them to make use of their income to feel more financially secure in life and work?
We are talking here about the basic levels of human behaviour – safety needs. Most of your employees will have never had any form training or coaching on “managing their money“. Most people simply learn as they go. Most make mistakes, hence the high level of personal debt per person in the UK.
The average UK household will owe close to £10,000 in debts such as personal loans, credit cards and overdrafts by the end of 2016, which is a new high in cash terms, a report has found. Total outstanding non-mortgage borrowing grew by nearly £20bn or 9% in 2014, to reach £239bn, marking the fastest rate of growth in a decade, according to the report from PwC, Precious Plastic: How Britons Fell Back in Love With Borrowing.
That’s where Assured Wealth and Estate Planning help. We offer a FREE 1.5 hour training session in your workplace, at a time to suit your business. We show employees how:
- Tax and national Insurance is taken from pay
- To save tax
- Shop around
- Negotiate for better deals
- To plan and make a personal budget
- To reduce their monthly expenditure and how to plan effectively for retirement.
We also talk about how death or injury may affect their family, what insurance plans they should have, how a will is the basic need in protecting their family money.
The outcomes of this course are remarkable:
- Employees save on average 10% / 15% on their outgoings each month.
- They feel better protected than they were before
- They are able to talk to parents and family members about effective plans to protect their family homes after death.
- They feel more knowledgeable for the first time in life about their finances
- Productivity increases
- Communication across teams increases
Call Assured Wealth and Estate Planning: 0843 515 5161, to book a FREE training session for your team.