Money is important to a lot of people. But contrary to belief, it’s not always our biggest motivator.
Think about it… What REALLY drives you to get out of bed every morning?
Obviously, none of us work for nothing. Money is nice. But it’s not our driving force. And believe it or not, the same goes for the people who work for you. So, if you’re wanting to motivate and reward your team for doing a great job, there are more effective ways of doing so that doesn’t involve cash.
And in economic times like these, that’s pretty great news.
What REALLY motivates your people?
It boils down to three intrinsic motivations: purpose, autonomy, and mastery. That’s why your people do what they do, how they do it, and how good they are at it.
If you can tap into these motivations, your team will be happier, more successful and you’ll cut your risk of losing your best people to competitors who could probably pay them more.
Remember, not every reward will work for every employee. But at least one of these will appeal to every member of your team, I have no doubt.
Recognition and attention – I’ve started with this one because it feels like a winner for most people.
Everyone likes to know they’re doing a good job. Whether they’ve learnt a new skill, impressed a client, or caught up with a demanding workload, letting your employee know you’ve noticed their effort can go a long way.
Responsibility – Feels a bit of a contradiction to reward your superstars with more work, doesn’t it? Actually, it’s not.
Your best people are the best because they want to do well in your business. They want to progress and develop and move into better roles. And you know what that means? More responsibility.
Learning opportunities – good employees are happiest when they’re learning and developing new skills. It’s true.
So, if you’re not investing in continuous learning and development for your people, you’re missing a trick. A big one.
What does that look like? Learning and development comes in all shapes and sizes and depends on the amount of time your people have available and their individual goals and ambitions.
For example, while one employee may need a short course to learn a new skill, another may benefit from an online seminar and some practical experience in the workplace.
Perks – Everyone loves a perk. It can be a really good way of rewarding people for a job well done or for reaching a goal.
And it doesn’t have to cost you the earth either.
We’re talking about anything from reserved parking spaces, random treats in the break room, surprise lunches, health benefits, or gym memberships. Your options are limitless!
Time off – No matter how much we love our jobs, we all love a little time off. And unexpected time off that doesn’t take away from our annual leave is even better!
It doesn’t have to be a whole day. Simply telling someone to leave an hour or two early unexpectedly can be a nice surprise and be really motivational.
Of course, there are loads of other ways you can reward your people. When you take the time to properly communicate with your team and get to know them, you’ll be able to identify other effective ways of rewarding them that doesn’t involve cold hard cash.
The main takeaway is that money isn’t always the answer. Putting in a little time with your employees can work out to be a good way of creating a more cohesive, motivated, and loyal team.