Motivate your employees; Money matters, but it's not everything!

Motivate your employees; Money matters, but it's not everything!

Updated on July 25, 2023 15:07 PM by Andrew Koschiev

Brian Hall, the Albert H. Gordon Professor of Business Administration at Harvard Business School, says an in-depth examination of a company's goals, culture, and pressure points is necessary for developing effective incentive systems and compensation structures.

Survey on workers!

(Image Credits: Entrepreneur)

For today's employees, money is not everything. Of 2,000 full-time workers surveyed for Prudential's 2022 Pulse of the American Worker study, 56% stated they valued job security more than pay. In addition, 50% of respondents said they intended to work for the same business until retirement, which is a 20% rise over Prudential's 2019 poll.

The best perks and a healthy work-life balance are what today's workers demand is. The Prudential poll found that 32% of workers who changed occupations did so to achieve a better work-life balance. Additionally, 20% of respondents claimed they would accept a 10% wage drop for better hours or the opportunity to work for themselves. 

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Implement flexible work policies!

Implementing flexible work practices can draw in top personnel, even while small business owners can only sometimes match the pay giant corporations provide. They're a low-cost approach to distinguish your pay package and demonstrate your regard for their requirements and priorities to staff members.

Have a challenging work!

Everyone benefits from a challenging job. Employees are allowed to develop, deal with issues, and feel empowered. Leaders can address more important challenges while directing their team's professional development.

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Authority to employees!

Employee micromanagement frequently backfires. Instead, please give them the authority to make choices to give them a sense of control over their role, foster confidence, and promote career advancement.

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Avoid Squeezing your workers!

According to Hall, a job is manageable if you force your employees to accept rewards (in terms of pay, perks, and culture) just slightly over what is required to entice them. And they won't be interested in making a career investment in your business.

Avoid demotivating employees!

Be as open and honest as possible about determining awards and remuneration. According to Hall, feeling like someone in a comparable situation is getting better treatment is the worst kind of demotivator.

Don't replace workers with robots!

To save expenses, it is alluring to substitute machines or machine learning for employment or portions of jobs in the era of AI and robots. But Hall advises against doing that. Those may be the portions of the job your employees like the most, and for many employees, enjoying their work is a major motivator.

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