Employee Motivation

Employee Motivation: Beyond Monetary Incentives

In the unsteady economic climate of the present business world with extensive layoffs and companies trimming their budgets it is imperative that employers motivate employees to perform and produce as best they can for the company. Employers are discovering that they must devise creative alternatives to maintain employee motivation besides monetary compensation and financial incentives as discretionary funds in many organizations are becoming scarce. In fact many of those successful in management would argue that it is a costly fallacy to suppose that doling out monetary rewards to employees will parlay into increased productivity and an elevated level of employee contentment. It is important that management examine what methods of nonfinancial incentives are most effective in driving employee performance.

According to a survey of nearly 80,000 employees by the Corporate Executive Board, one in every five employees now consider themselves disengaged from their job, compared with one out of ten in the prior year and nearly 70% of organizations assessed in late 2008 by the market research firm Quantum Workplace had decreased staff engagement scores when compared with the prior year (Boyle, 2009). Corporations that aspire to develop and advance employee motivation require a system in practice that consistently rewards the accomplishments and successes of their staff.

It is important for management to motivate their employees by being examples of resilience and hard work. Managers must be motivated themselves. It is crucial that supervisors be conscious of their behaviors and attitudes as they directly affect those under their supervision. If a manager demonstrates exemplary work culture or devotes additional time listening to the concerns of their employees, it fosters a sense of attachment, loyalty, and familiarity in the psyche of employees. An empathetic and concerned manager is more likely to get...