High employee morale can have a huge positive impact on your company. Unfortunately, the converse is also true; low employee morale can have a large negative impact on your business. Many business owners assume that it is money that drives employee engagement, empowerment and satisfaction. Although that opinion is not completely unwarranted -i.e., offering significantly lower pay than your competitors will lead to the departure of some employees – it does not provide the full picture. For example, a number of people will work for a business that pays as much as 10-20% less than their peers if they deem that firm a great place to work.
Below is a video that discusses the non-monetary ways that are much more significant in driving increases in employee morale when properly used. The narrator provides a few great, illustrative examples to help you understand why this is.
The following is the YouTube video description: “Imagine if there was way to build morale in your organization that didn’t take a lot of time and cost you nothing. Well, actually you can. To do so, you just need to understand there are three basic human needs (outside of survival, of course). Everyone wants to feel important, be liked, and, most of all, receive appreciation. Of the three needs, appreciation can have the biggest impact on your ability to drive loyal customers AND maintain loyal employees.”