In a world where employee attrition is rapidly increasing, could theories of work motivation be the answer to boosting morale and retaining talent in the workplace?

Employee retention is a huge issue for the global workforce. In 2021, managers have faced a rise in discontented employees that leave due to feeling underappreciated, unfulfilled, or simply not being challenged enough. According to the U.S. Bureau of Labor Statistics, nearly four million Americans quit their jobs in July 2021 alone. The resignation rate in the U.S. is now at a two-decade high, with more than 11 million jobs open. According to Neuroleadership, this is more than just a Great Resignation. This is a state of discontent.

This high turnover rate is not only inconvenient for companies, but it is also expensive. It costs the average employer upwards of 33% of an employee’s annual salary to process their departure. Plus, the expenses of advertising for a replacement can be steep too. 

One way to avoid the damage done by high staff turnover is to implement a solid employee morale-boosting plan. By ensuring that employees feel recognized, adequately challenged, and are provided with opportunities for growth, turnover levels can be massively reduced. 

There are many recognized theories of work motivation developed over the 21st century designed to shed light on human behaviors of motivation, productivity, and the basic needs required for high morale. 

Let’s find out what they are and why they work.