Did you know that according to the National Business Research Institute, they estimate that an engaged employee will save their company 5% or more off the costs they’re responsible for? That kind of savings can add up quickly when more and more employees become engaged with the financial future of their organization. This statistic is powerful, and should motivate more CFO's to look into creative solutions as to how they can create a more financially engaged workforce at their organization. But how can they do it? Consider these employee motivation ideas:
Name a “CFO of the Day”
What better way to get employees to understand the financials of the company than to put them in the shoes of the person who manages it? The employee selected will have to present figures at a weekly or monthly staff meeting regarding the financial matters of the business. As each staff member hears from others’ who are serving in the temporary role, it will motivate them to improve the statistics they are presenting about when they are taking on the position. Because the employees now understand how the company operates from a financial perspective, they will be motivated to make small adjustments to improve the overall bottom line.
Consider the Removal of Standardized Performance Reviews
Make a commitment to your employees by showing that you care about the environment in which they work. Consider the possibility of doing away with the more formal performance reviews that stress highly corporate processes that establish a “pass or fail” mentality. Most of these reviews focus solely on performance and disregard many of the other accomplishments or outside struggles of that review time frame. It can often be perceived by employees as a demoralizing process where the boss serves as their judge. Instead, start an interactive coaching program that guides the person towards improvement, learning, as well as how they can bring their productivity to the next level.
Showcase Employee Success and Contribution
People generally love playing a role in something that is bigger than themselves rather than just collecting a paycheck. If work is considered to be a waste of time and effort, they are demotivated almost instantly. CFO's should align the work of the employee with the day-to-day operations to foster value and success for both the organization and employee.
ARS Research shows that employees with a high level of enthusiasm, confidence, and inspiration are 5 times more engaged than employees with negative tone and emotions. To encourage more enthusiastic employees, CFO's and other leaders should always lean toward an optimistic approach rather than a negative tone. Leaders should be a trusting source of the organization, they need to focus on consistency and transparency as well as avoid inter-office gossip and negativity. Doing so will encourage employees to do the same.
We hope you found these employee motivation ideas helpful as you look to improve your CFO engagement and improve productivity at your business. If you would like to learn how you can also improve the CFO/CIO relationship, check out this recent blog post.
Author: Matrix Networks Sales Team