Money Isn’t The Best Motivator for Business.
This is that time of the year when everyone is busy reviewing the year that is passing by. Managers are busy reviewing employee performances and preparing for discussing the same with employees. But if you are fighting budgetary blues, with no increase in yearly budget, what should be the best strategy to motivate yourself as well as your team? Is money the best motivator?
Related: How Small Business Can Compete and Win.
Here are some ways you can keep your team motivated even in instances of financial crunches:
- Career building: Work with your team to help each member create their personal development plan. Ongoing coaching and mentoring is a good idea to help them hone their skills and add to their work experience. You may want to sign up for a class to hone your own coaching skills.
- Empower them: People want to continue learning so they can grow in their careers, and providing them with opportunities will surely help. It might help to delegate challenging yet meaningful work to them while giving them the freedom to make decisions and improvise upon them.
- Define your vision and strategy: What is the vision and mission of your group? Clearly define the strategy, goals and objectives of each member of your team. It is a good idea to consider their views as well. What is the compelling purpose behind what you require your team to do? What is the best motivator for them? Is it money or personal growth? Or are they committed to the growth of the company as a whole? Make sure everyone understands their role in contributing to the success of the organization.
- Be a role model: Your team needs a role model to be the motivational purpose. A role model can help them identify what they are passionate about. When they are aware of it, do not hesitate to provide them with assignments in the area of their interest. This would help them optimize their skills and work toward their success as well as the organization.
- Offer better rewards: Nothing motivates employees more than being recognized for their efforts, with some employers using an employee referral program for incentive in regards to rewarding their employees. Rewards are a good way to encourage them. You may want to use incentives in the form of bonus payments, pay raises, stock options, and paying for their training to encourage high performers. How do you measure performances? Do you use any metrics? Use any creative ideas to recognize top performances. Even heart-felt compliments can go a long way in encouraging talented staff. You could even involve team to generate ideas for rewards that don’t cost too much. Recognition of their hard work before peers or company-wide can be an encouraging step. Another way to reward them is to enroll them into an internal training program. Alternatively, the most talented person may be named the leader of a big project. This can come as a huge motivation. Certainly rewards and recognition can be one of the best motivators for employees.
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