When it Comes to Motivation, Cash is not Always King – Part 1
What are the best practices for motivating employees?
While financial incentives such as bonuses are often the first things that come to mind, numerous studies show that something psychologists refer to as intrinsic motivators provide a far better chance of success.
According to these studies, the most important motivator was the work itself, and for it to be perceived by the employee to be challenging and interesting. If it is, then it appears the individual gains satisfaction from being stretched, increases confidence in their own ability, and gains a higher sense of pride in themselves.
It’s not rocket science to predict that such intrinsic feelings of pride, satisfaction and personal growth, will help foster a greater sense of engagement, loyalty and commitment from that employee – a highly valuable prize in today’s fast changing work environments..
Extrinsic motivators, such as praise from one’s manager, followed by recognition from the organisation or some form of celebration of success were also high on the list of effective motivators – and interestingly, always higher than financial incentives.
And stay with us for the next blog post! Find out about the Australian software company which once a quarter gives their employees 24 hours to work on any project they want, with whoever they want – and gets unbelievable results!
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For more information to help you with the people side of management,
including how to improve employee motivation and get the best out of your team, take a look at these great resources:
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