Considering that replacing an employee can cost between six and nine months of their salary, keeping your employees engaged and satisfied is essential to avoid expensive attrition rates and protect your bottom line.

The good news is that you don’t have to spend big to boost staff motivation. Here are five cost-effective ways you can improve staff motivation.

1. Introduce a more flexible work environment

Providing a flexible work environment is a low-cost way to improve staff motivation. Identify which roles within your organisation lend themselves to virtual work, and give the relevant staff members the opportunity to work from home one day per week.

2. Set out clear career paths

Hold regular career planning sessions with your employees to help them set goals. If they understand where their future lies in your company, they’ll be more likely to stick around – 41 per cent of employees believe job security is a key reason to join an organisation.

3. Offer regular face time with management

When Australian employees believe they have an effective manager, 72 per cent are highly engaged. However, if they view their manager as ineffective, only 8 per cent of employees are highly engaged. Encourage your managers to improve their relationships with staff through regular face-to-face meetings and seek feedback from your employees about your management team's performance.

4. Provide professional development opportunities

Providing professional development opportunities for your employees is an investment that will pay for itself.

5. Challenge your employees

Do your employees feel challenged? Ensuring your team is challenged is key to maintaining staff motivation. Consider giving your high performers extra responsibilities, and always try to promote from within.

It doesn’t cost the earth to improve your staff motivation, and retaining your employees for longer will save you big money in the long term.