Work is a day-to-day activity that most people have to do to sustain income for everyday lives. And while most are passionate in performing our everyday duties, some just go with the flow of things just for the money. Since this is the case, is there any way to keep less enthusiastic employees motivated?
How will you be able to show them that work is more valuable that the pay they are going to receive? In this article, we are going to talk about the importance of money as a tool for motivating employees in their line of work. This article aims to give useful information to know the value of money in terms of making a difference in making a productive working environment as well encouraging employees to love their job.
How Can You Make Use Of Money In Motivating Employees At Work?
The most common way to use money as a motivating tool for employees would be in the form of a reward. In fact the concept of reward system is common on most business establishments and corporate companies to fuel employees to become better performers at work. Many owners of small businesses use bonuses and even an increase in salary to inspire the team to be productive.
But while everybody wants bit of extra money, inspiring your workers would be as efficient as you think. If it's used poorly, the result would seem like the classic carrot-and-stick like approach to motivation. So how can we make use of the power of reward in such a way that it will not backfire on us? How can we effectively use the power of money to bring out the best of every person working for you?
Some Effective Ways Of Using Money To Inspire Employees Without Hurting Self-Motivation:
According to Ian Larkin, a Harvard Business School professor, money is greatly motivation for people, but saying that it's the only thing we can use to fuel motivation is silly. Business companies are so attached to the idea of using cash to inspire workers that they lose sight of other resources to use for motivating employees.
If you want to make use of money to inspire your employees to become productive, here are the 3 ways to make gifts for employees more meaningful that you should follow and put everything in the right perspective:
1. Allow sense of independence - every employee needs to feel a sense of respect and independence in order to be motivated. When cash is used as the driving factor for motivation, it can weaken empowerment. And according to Edward Deci, a psychologist of human motivation at the University of Rochester, the workers will feel restricted and thus lose their self-motivation in those situations. An office that will demand more hours of work for bonuses and rewards might convince workers, but it will be like lower in terms of quality.
2. Be diverse in the rewards you will offer for every employee - Just as you adapt you style of management to each individual working for you, it's also best to modify your motivating style so that it would yield better results. Always remember that every individual in your workplace has unique goals, task, and values and you have to consider each one of them. Take time talking to your employees and understand their needs as well as give them a chance to grow in their career and take ownership in your company. These efforts will prove to be more fruitful compared to just throwing away incentives in general.
3. Be mindful of the means the employees do in order to get the rewards - If the primary goal is to gain incentives, the workers will then take short cuts on how to get them. In other words, you have to focus also on the quality of work that every employee is doing to see if they really deserve to get the incentive that you are offering to them.
All in all, money can be a driving force to inspire people to work better, but the means of giving incentives should be carefully considered so that it would back fire on the employer. And by following the tips mentioned above, now you are assured that your employees are working at their best and everybody is happy. Hopefully, you have gained more knowledge on this article about the importance of money as a motivating tool for employees.
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