5 ways to motivate your employees..

5 ways to motivate your employees and money is not one of them

MOTIVATION INCENTIVES GOING BEYOND MONEY!

Motivation is a process of bracing and inspiring people at work to contribute to the BEST of their capability for the realization of organisational goals. It is indispensable in businesses to complete various tasks, to improve performance and achieve goals in businesses for which incentives acts as intermediate inducements –further stimulates one to action in desired direction.

Incentives have motivational power that is they are applied at workplace and normally sub-divided into financial and non financial incentives. Financial methods directly entails monetary rewards e.g. bonuses, pensions etc. Non-financial methods, though perhaps indirectly bringing monetary perquisites, are targeted at providing psychological benefits for workers. But companies around the world are cutting back their financial-incentive programs, although few have used other ways of inspiring flair. It has been proven that for people with satisfactory salaries, some non-financial motivators are more efficacious than extra cash in building long-term employee as many financial rewards usually generate short-term boosts of energy, which can have defiling unintended consequences. Non-monetary incentives are typically effective for employees who are comfortable with their salaries or have been in the position for a long time.

Since non financial incentives also have substantial impression on employee satisfaction then firms rely less on money to motivate their workforce instead employees are agreeable to aspects like recognition and flexibility.

It has also been found that right combination of incentives and a positive work environment can keep the employees contented. Some of the popular non-financial rewards are listed below:

Appreciation of work done

Appreciation or praise for work done acts as an important non monetary incentive, because every employee wants to be recognized by his superiors. Recognition gratifies an employee’s egoistic needs and they feel motivated to perform much better in future. It can be in the form of rewarding the employee but while using this, managers need to be more careful because praising an inefficient employee may create resentment among competent employees

Growth opportunities

Every individual strives to grow and develop in his/her life so career advancements opportunities are bestowed for a chance to advance their personality and status. They feel much more fulfilled and committed to organisational goals because these opportunities work as tonic and encourages employees to exhibit improved performance.

Employee participation

Participation in management has been considered a good technique for motivation as it implies the physical and mental involvement of the employee in the organisation’s work. Employees are asked to make suggestions or take actions in managerial work which imbibes a sense of importance among the workers.

Employee empowerment

This incentive involves giving more freedom and power to subordinates as it moulds them to feel that their jobs are salient so they contribute positively by using skills and talents in the job.

Job enrichment

It simply means adding the contents to a job leading to increased responsibility, interest and challenge in its performance. As it requires a higher level of skills and knowledge, these jobs proffer opportunities for recognition and growth to a great level. Thus, job enrichment as an incentive motivates the executives to exert for accomplishment of their goals.

Job security

Another appealing incentive is the job security in organisations, that is employees want their job secured and to be sure about their future growth at the firm. This incentive improves the performance and attitude of employees towards work because no employee wants to be under constant threat of loss of employment. In India, this remains a crucial incentive due to widespread unemployment.

A study conducted found that non-financial incentives worked most effectively when tailored to the employee’s age group. Employees nearing retirement age valued the chances to continue to work part time on a flexible schedule after retirement but younger employees, on the other hand, valued feedback from management, as well as career development opportunities.

Although non-financial incentives provide a longer energy boost to employees, there are problems attached to implementing the incentives as well – like cost involved with these methods and them being time consuming, also external factors make it difficult to motivate the employees when in circumstances like recession or competitor action.

So one should never always depend on them but instead a talent strategy that emphasizes the frequent use of the right nonfinancial motivators would benefit most companies in bleak times. By acting now, they could exit the downturn stronger than they entered it.

Click here for government certification in Management

Share this post

11 Comments. Leave new

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.

All you wanted to know about Rupert Murdoch
Experimental learning

Get industry recognized certification – Contact us

Categories

Menu