Employers heading organisations of any size need to be mindful of how important the issue of employee motivation is: how much it can add to your success (and your bottom line) when your employees are motivated and engaged, and just how potentially damaging it can be when they become disengaged.
If you think that you have noticed a shift in your team’s performance recently, learning how to spot the warning signs, and knowing what to do when you need to act fast to turn the situation around are critical skills for employers.
Despite the reputation of it being fast-paced, and cutting edge
; the world of banking technology has its problems to overcome, and these organisations are not immune to suffering employee demotivation like any other sector.
In this article, I want to discuss the five main reasons that cause employee demotivation, complete with strategies to implement to overcome them.
1. High-Stress Environment
I’ll start with this point because plenty of the candidates I work with tell me that it was their main reason to look for a new job.
Banking tech companies are notorious for having relatively new management teams and MDs, and because of this, teething problems can filter down the line.
Many employees take a job with an exciting new start-up, only to quickly find that there is a lack of direction in the company, which creates a highly stressful environment.
No matter how long your employees have been with your company, there are few things more demotivating than coming to work and having to deal with an unrealistic amount of pressure in your role.
What to Do
Commit to regular check-ins with your employees to talk about if they are experiencing stress. Then ask what you can do to help them relieve some of the pressure they might be feeling with better management practices.
2. Unrealistic Work Schedule
When your company is new, or in the process of adopting highly innovative banking technologies, this can be a fascinating time.
However, when the work schedule starts to pile up and it feels as though there aren’t enough employees around to complete tasks, this can be a significant source of demotivation for your employees.
What to Do
Maintain good communication with all managers and employees and ensure that workloads are shared evenly between your employees so that there are no feelings of ‘unfairness’ between colleagues.
3. Not Being Appreciated
It can be difficult in the busy life of a manager or business owner to congratulate employees personally who have put in the extra work to complete a project on time, or similarly, those who went over and above what was expected of them to help a client.
But I must state how important it is to take the time to do this.
Employees who feel valued and appreciated, not just by their managers, but also by their colleagues, are much better for your business as they perform better and are more productive
What to Do
Ask your managers to focus on congratulating staff as and when they out-perform themselves and have a periodic (weekly or monthly) meeting to show appreciation of your employees
and discuss what has been going well.
4. Lack of Career Vision
Managing a team of banking tech employees can be difficult when your staff feel as though they have no career directives.
This can come from managers not being explicit with training and development programmes, or from your company lacking a clear career path programme for employees.
What to Do
Discuss on a 1:1 basis what your employees expect and want from their careers, and how this fits in with your overall business goal. Offer robust training and development, both internally and externally where possible, so that your staff know that you are invested in developing them professionally.
5. Poor Leadership and Management
Finally, even the most talented banking tech employees will suffer from demotivation in an organisation which has poor leadership and management in place. Sadly, many organisations fail to realise just how much poor leadership can affect employee morale.
The signs to look out for which indicate that your managers and leaders are not hitting the mark are: high employee turnover, a lack of communication between managers and their teams, more than two members of staff raising the same issue, and apparent favouritism or bullying.
What to Do
Please make sure you check-in with your managers and team-leaders regularly and review their accountability. Ask all members of staff for feedback if a problem arises to ensure you get a fair assessment and remember that training and developing your leaders is essential for the continued success of your banking tech organisation.
We work closely with banking tech organisations and candidates in the UAE, and we understand how damaging demotivation can be for banking tech teams.
If you need help sourcing great banking tech candidates, leaders or managers for your organisation, we can help. Get in contact with Flow Financial & Technology today
The Middle East is a dynamic and growing market where identifying top talent and world-class professionals for the financial services and technology industry is highly competitive.
Flow provides an executive search service led by industry experts, geared to any level of role within the Financial Services and Technology Industries. This service is driven by innovative, established and proven research teams who customise each requirement from our clients.
Importantly at Flow, we meet with all our candidates face to face to gain an understanding of their requirements, ensuring we guide them in finding their ideal role.
To find out more get in contact
with one of our team today.