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Non-cash motivators more effective than monetary rewards
Many employers believe (and/or fear) that motivation can only be achieved through cash incentives and monetary compensation. But they are wrong. While compensation is important, a number of studies show that recognition, making employees feel valued, is more important than salary.
According to a survey of small businesses conducted by Cornell University researchers and sponsored by Gevity, companies that are the most successful at motivating employees are the ones with a family-like atmosphere, a shared sense of responsibility among employees via shared company information and that allow employees to manage themselves.
Most companies overlook the power and possibilities of no-cost recognition and rewards. A personal thank-you note, public praise, a wall of fame, all go a long way in making employees feel valued and appreciated.
The reality is, it takes less effort to sustain a desired behavior than it does to create it. Therefore, the ongoing reinforcement of a behavior can perpetuate results at a fraction of the original time and cost of establishing it. So employers need to look at motivating employees as an ongoing process.
At Gevity, we believe the most important asset of any business is its people," states Michael Collins, a senior vice president at Gevity. "People represent a company's largest opportunity to improve business results, and by understanding the factors that motivate your employees and how you can influence those factors, you're better equipped to improve employee productivity and business performance."
AccountingWEB.com Apr-22-2008
Categories: Human Resources, SB Zone News, AW.com Features
Times read: 7540
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I Agree with the Research I completely agree with the research, people are more committed if they feel valued, informed and appreciated. I have found that a family type atmosphere also means that when necessary, individuals will work beyond the call of duty without even being asked. The most effective manager is one who communicates well and achieves the balance of managing performance and motivational activity. You can incentivise staff without cash! I introduced a campaign as simple as - whoever achieves the most sales goes home early on Friday. (obviously it has to be feasible for the business to sustain) This was highly effective, more so than some of the cash incentive schemes we had run! EllieICE UK |