Profits can be Achieved through Non-Monetary Benefits
Energizing your staff to produce better results and achieving the annual objectives can be done without always motivating them through monetary benefits such as bonuses and commissions. Theories of motivation speak of non-monetary factors that play a crucial role in the employee morale building process. While money is important to everyone, it is not the only thing or the priority for most.
Theory Supports Non Monetary Motivation
Did you know that most scholarly research produce astounding findings that indicate money does not even come within the 1st three most important factors of employee motivation? While it differs by cultural and religious influences, it is quite safe for me to say that all your employees are bound to be motivated by a host of other factors as well, instead of just money. For instance, they value sense of belonging, room for growth, room for achievement, in-group relationships with fellow workers, being a valued contributor to organisational success and a host more. While these points cost nothing to the organisation, it helps meet the motivational elements as need for achievement, social needs, need for power, need for love, need for self actualization etc., which can be identified in theories of motivation proposed by scholars such as Aldefer, Maslow or McClelland.
Theories aside, here Ruth Stuettgen of Focus on Balance cites some means of non-monetary motivation.
1. Nominating and recognizing an ’employee of the month’. Senior Managers can recommend those employees who have performed well during the month and the selection of one or two eligible employees. A plaque or medal could be given to the winning employee with a certificate of recognition. This could be made into a yearly award as well, considering the type of business. This method of recognition is a preferred morale booster in most companies and in the hospitality trade.
2. Provide a weekend holiday or trip abroad with family annually for top performers. The fact that you include their family will bring them closer to your company and increase their organisational commitment.
3. Ensure that the employee is benefited with training relevant to his or her field of work. Delegation and empowerment with new work responsibilities will help the employee achieve greater career development. The personnel will gain a high level of skills and knowledge by enrolling them in individual training courses as well as in team building exercises.
4. Employees will work smarter if a career path is defined for him or her, to achieve
those personal goals of self-esteem and sense of achievement.
5. Ensuring employee participation in projects and special assignments to build morale
and encouraging suggestions from the employees for improvement of the business.
In a competitive business environment, the employee plays a large part in the daily operations of a company and the efficiency, effectiveness and the profits of the business.
Thus such elements of non-monetary recognition should be part of a company’s plan for
all the employees. Their well-being, happiness, contentment and job satisfaction will definitely result in the business enjoying good profits while employees may not venture looking for new job opportunities.
Empowerment Author Resource Box
Ruth E. Stuettgen has a keen interest in Magnetic Entrepreneurial Skills including Business Empowerment, Magnetic Empowerment Skills, Magnetic Time Management Techniques, Magnetic Selling and Marketing Skills and more. These are invaluable to small business owners and solopreneurs as well as other businesses. Log on to Focus on Balance website for more information and appointments. You can also contact Focus on Balance office via Tel: 1300 88 08 91 or seek additional contact details from the company web site.