A recent McKinsey Quarterly survey (http://www.mckinsey.com/insights/organization/motivating_people_getting_beyond_money ) highlights 3 non-financial motivators with no less or even more effect than increased pay. These ways of motivating people are free to implement. They are also likely to improve business performance – they are:
More research the effect of motivatingYes, I know these sound too simple and easy to make a difference but sometimes that is really true. Loads of research is pointing to the business benefits of having a workplace full of positive appreciation and pro-activity. If you’re a boss or manager ask yourself if you would like some of the benefit quoted by the Corporate leadership Council:
“Engaged organizations grew profits as much as three times faster than their competitors. They report that highly engaged organizations have the potential to reduce staff turnover by 87% and improve performance by 20%”.
So how would you feel if your business or team could improve performance by a fifth? That’s like getting an extra day of the week for free. And also keeping your team intact as an added benefit – saving you time and money from replacing people.
Yet there is no mention of capital investment. You don’t have to face the challenge of increasing pay rates or offering big bonuses. No carrots or sticks to worry about. Just be genuinely interested in your staff. Talk to them regularly especially offering praise for what they do. Offer them chances to do extra improvement work for the business. Go on do some motivating!
What are your experiences? Both as a boss and a team member?