Looking for ways to motivate finance staffers? Don’t overlook these 3 incentives

Many companies will be tightening their belts over the next few months. Pay raises and bonuses could be put on hold. If the experts are right, mass layoffs are right around the corner and a recession will hit a wide range of industry sectors hard.

Add in inflationary costs on practically everything these days and it leaves the most reliable and skilled financial pros in a bind. After all: Their skills are always in demand, and they can look to greener pastures at any time.

The good news? Top-notch employees will stay on board (at least for awhile) in lieu of a pay raise if their supervisors offer other kinds of incentives that matter to them. In fact, a lot of folks value these kinds of factors more in the long-term than a modest bump in pay.

1. Self-direction leads to self-starters

Giving staffers the ability to choose how they do their jobs and complete tasks is an easy way to motivate them.

Seek out their ideas on how to improve facility processes and let them try those ideas out. You might discover a better process for completing finance duties as a result, such as an idea that everyone on the team appreciates.

2. Always something new to learn

Leaders say the majority of staffers want to learn and grow. So it pays to continue to challenge them to try new things and succeed.

One way to do it: Cross-train workers in another department. Have a Payroll specialist spend a day working on collections or data entry. Or go outside the finance spectrum altogether and have the person work in the warehouse for an afternoon helping to fulfill orders.

It’ll keep them interested in their work, and teach them how your company functions as a whole.

3. A sense of purpose goes a long way

One of the best ways to get staffers to work hard is to give them a sense of purpose.

It’s important for workers to feel like they’re doing something bigger than their jobs.

One way to do it: Have staffers write a brief mission statement describing their main responsibilities as well as their career goals.

Then explain how these duties and goals may align with the company’s mission statement. Give an example or two of how they’re helping the people who make up your company succeed.

Linking the success of the company to the daily tasks your workers do will generate a sense of purpose that promotes loyalty and quality work. And it doesn’t cost your company a dime.