CEOs, HR heads and Sales Heads world
over have been trying to solve the puzzle as to what motivates the employees in
an organization. Most of them opt the route of financial awards. Hike in basic
pay, bonus and stock options could be some of the measures. They are great but
numerous studies have proved that financial rewards mainly generate short-term motivational
bursts of energy, which can even have some damaging consequences sometimes in
the long run. Here we definitely assume that the salaries of employees are
reasonably satisfactory. The economic downturn has posed a challenge to the
corporate world to reduce costs including salaries of employees in good number
of companies and even then the morale of the employees should remain high.
During difficult times, organizations face the challenge of retaining talented
people by motivating them.
Even if the financial position of a
company is sound, the efforts are on to reassess the combination of financial
and nonfinancial motivational incentives that will serve their companies in the
short term as well as long term. Cultivating the sense of ‘Ownership Mentality’
in the minds of the employees can be one of the biggest motivators. If the
management has achieved that then the employees become self starters. They
don’t need any supervision. They will do everything possible that will increase
the productivity and therefore profits for the company. They shall not do
anything that brings loss or disgrace or cause downfall of the company. They
will work as if it is their own business outfit.
Give your employees the
responsibility coupled with authority and see how they perform their tasks
beautifully. And this authority will be a great motivator for your managers.
They will behave like leaders at their own level in their own domain. Give them
the opportunity and support to beat their own targets. Throw new challenges and
stretched targets to your high potential performers. Shower liberal
appreciation and recognition and remember that this has to be made public
throughout the organization and not within the four walls of the cabin of CEO
or the concerned manager. Sincere
appreciation from immediate managers works wonders. More and more companies are
realizing the importance of ‘recognition’ instead of ‘reward’.
Once you give a chance to your good
performers to lead projects or task forces, this will be a more effective
motivator than the routine financial incentives like cash bonuses, increased
basic pay etc.. This will send a signal to all the employees that the
management values them, their knowledge, skills and contribution to the
organization. Employees should have the confidence that their management cares about
their well-being, career growth and holistic development.
It is
unfortunate that attention of senior leadership in most of the companies to
motivate talent through non-financial methods is less forthcoming. There are
very few who are ready to challenge the traditional managerial wisdom: ‘Money
Makes all the Difference’. They still think that bonuses, salary hikes and cash
rewards are the dominant incentive for most people. The problem is that nonfinancial ways to
motivate people require more time, involvement and commitment from senior
managers. This lack of interaction between managers and their teams actually
leads to employee dis-engagement and dis-satisfaction and reduced enthusiasm,
energy and morale. The need of the hour is more engagement with the employees.
‘Breakfast with the Boss’ is one popular concept to build better bridges with
your teams for better bonding.
Senior leadership can encourage the
formation of several focus groups of talented managers to brainstorm ideas
about how to create more value for the business and increase productivity and
profitability. One-on-one meetings also between staff and leaders are highly
motivational. They make people feel important and valued during difficult
times. On the other hand, monthly or
quarterly town hall meetings are good from the point of view of communicating
en-mass to the whole organization. The messages of changes in strategy, focus
of business etc can be communicated by the top leadership very effectively to
the organization. They are important but can’t replace the one-to-one focused
meetings.
A great CEO is one who can motivate
his people to give back more than what they are paid for. And they deserve to
be paid as per the industry norms. Great CEOs come with innovative ways to
engage and inspire their employees. You are a
successful CEO or a manger if your talented people stick on with you even
during down times. Some CEOs concentrate on increased number of training
sessions during lean periods. This increases the competency of the team,
motivates them and helps in keeping the flock together. As a CEO or an HR boss or
a manger, if you have achieved all this, give yourself a pat on your back and
if not, you need a lot of introspection and change the way your company runs. If
you are able to keep your employees motivated all the time; your company has
started the journey from a good company to a great company.