Keeping employees engaged and motivated in the fast-paced and complex finance landscape is crucial to success. The more invested your team members are in their roles, the more productive, creative, and efficient they’ll be.
Moreover, high employee engagement and motivation levels can help you boost workforce resilience and improve retention rates. This is crucial during growing skill shortages and rapid talent turnover.
Unfortunately, employee engagement and motivation have begun to dip in the workforce. Gallup’s 2023 survey found that only 33% of staff members were actively engaged. Fortunately, there are ways to reignite engagement within your teams.
Here’s how to build an engaged and motivated finance team this year.
Why You Should Nurture Engagement and Motivation
Before we look at the methods employers and business leaders can use to boost motivation in the workplace, it’s worth establishing why engagement is so important. “employee engagement” and “employee motivation” are often used interchangeably.
The way “engagement” is defined can vary. Still, in most cases, it refers to the vigour (energy, effort, and resilience), dedication (enthusiasm and pride), and absorption (focus) team members show at work.
Research Data shows that engaged employees are more productive, satisfied in their roles, and less likely to abandon a workplace in search of new opportunities.
Investing in motivating and engaging your finance team members means you can:
- Enhance productivity: Happier, more engaged employees are up to 31% more productive. Additionally, they’re less likely to make errors because they’re more engrossed in their work and more enthusiastic about what they do.
- Increase retention: As competition for finance talent increases, it is crucial to ensure you can retain your top candidates. Engaged, motivated employees are less likely to seek opportunities elsewhere and may even recommend your business to new candidates.
- Greater innovation: Research suggests that individuals who are more absorbed in their work show higher creativity. Additionally, employees feel more comfortable sharing new ideas when they feel motivated and supported.
- Boost workplace culture: Building an engaged workforce cultivates a positive workplace culture of trust, collaboration, and well-being. This improves camaraderie in your existing team and can also help attract new talent.
- Improve business results: Motivated employees accomplish more in less time, innovate faster, adapt quickly to changes, and deliver better customer service. All of this leads to better outcomes for your business.
Strategies for Building Engagement and Motivation
There isn’t a single, guaranteed strategy for boosting engagement and motivation in the workplace. Employees can be motivated by a range of intrinsic and extrinsic factors, from the level of compensation they receive to the recognition they gain from their managers and colleagues.
Here are some of the most effective methods you can experiment with to cultivate a better, more engaging workplace for your team members.
1.    Optimise Communication
The Project Management Institute found that 30% of all project failures result from poor communication. Bad communication in the workplace increases the risk of errors and mistakes and destroys employee engagement.
To motivate and engage your team members, you must connect with them regularly and encourage them to share insights and ideas. Foster an open communication environment with regular cross-functional meetings and discussions.
Transparency is particularly important, as it’s crucial for building trust among teams. Several studies show that companies with high levels of trust are 50% more likely to retain their employees.
2.    Set Clear Expectations and Goals
Motivation is the driving force that pushes us to achieve something in our lives. Maintaining that drive is difficult when employees don’t know what they should strive to accomplish. Setting clear expectations with your team members, clearly defining their roles and responsibilities, and explaining how their work will be evaluated gives them purpose and direction.
Set realistic and relevant goals for your employees. Show them why these goals matter to your company’s growth and reward them when they achieve their targets.
3.    Encourage Consistent Growth and Development
In 2024, continuous growth and learning are paramount in the financial industry. Rapidly changing technologies and regulations mean professionals must constantly adapt, evolve, and harness new skills. Providing your team members with opportunities for learning and growth via mentorship programs, courses, and workshops will help them harness the necessary competencies.
Regular training and coaching improve team members’ performance, create resilience among employees, and boost motivation by ensuring employees feel as though they’re progressing in their career paths.
4.    Frequently Recognise and Reward Achievement
In an HR study, 83.6% of survey participants said recognition significantly impacts their motivation. Financial professionals feel driven to consistently improve and achieve their targets when they know their work is valued and appreciated.
Recognition also helps to reinforce positive behaviour in the workplace and boost morale among staff. Rewarding and recognising achievement doesn’t have to mean giving employees financial rewards every time they achieve a goal. A simple “thank you” can sometimes go a long way.
5.    Cultivate a Positive, Collaborative Culture
Company culture is powerful. It affects everything from employee morale to the success of your recruitment efforts. In 2024, creating a positive culture means building an environment of diversity, equity, and inclusion where every team member feels respected and empowered.
It also means bridging the gaps between your team members and creating collaboration, unity, and cross-departmental communication. A collaborative and inclusive culture fosters a sense of belonging among team members, reducing the risk of talent turnover and employee burnout.
6.    Promote Work-Life Balance
Investing in your work isn’t the same as dedicating your entire life to your career. Today’s financial professionals want work-life balance and evidence that their employer is committed to supporting their wellbeing. There are various ways to promote work-life balance for your team members and boost engagement.
One option is to embrace flexible working styles like hybrid work, which allows employees to split their time between working from home and attending the office. You could also offer staff members more control over their schedules so they can fit their hours around other commitments.
Promoting employee wellness initiatives, encouraging teams to take time off, and allowing staff members to switch off notifications and emails when leaving the office can make a difference.
7.    Invest in Leadership
Exceptional leaders in the finance industry engage and motivate their teams because they lead by example. They demonstrate enthusiasm, draw attention to accomplishments, and cultivate trust by being honest and transparent with their colleagues.
Training your leaders to lead by example, show empathy, interact regularly with team members, and even coach them towards achieving their goals can significantly improve engagement and motivation in your workplace.
8.    Solicit Feedback
Feedback is a powerful resource in the workplace. It’s how managers keep employees informed and help drive them towards their goals. It’s also how business leaders collect insights into the factors that boost engagement and drain motivation among team members.
Regularly connect with your employees to ask them whether there are ways you can help them feel more motivated and engaged. Send out anonymous engagement surveys to keep your finger on the pulse of employee enthusiasm and satisfaction levels. Pay attention to your employees’ suggestions and ideas, and implement them when necessary.
Engage and Motivate Your Finance Team
In an environment as complex and competitive as the finance industry, your company’s success hinges on your ability to motivate and engage your team. Engaged employees are more productive, satisfied, and resilient and more likely to drive your company towards growth.
You can build a more effective team by prioritising employee well-being, fostering a positive workplace culture, and implementing strategies that empower and inspire your workforce. The strategies above will help ensure your employees are committed to helping your business thrive and passionate about helping it achieve its goals.
Thanks
Rachel
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we understand employer and employee needs and match them perfectly.
To learn more, contact one of our team members today or call us at 01282 930930.
