The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
What Are Your Employees Looking For Other Than Money?
Freud famously scratched his head and asked himself, after thirty years of research, ‘what does a woman want?’ Employers, fighting a losing battle to maintain staff retention, are asking themselves something similar. Is it salary, bonuses or something else that really motivates employees? How can you command staff loyalty in an increasingly competitive marketplace? In our infographic we look at rewards that go beyond money.
A recent survey [1] discovered that whilst 65% of employees said they would be happier if they received recognition for their work, only 35% agreed that they would be happier if they received a pay rise.
We reveal that the effectiveness of money as a motivator has been overestimated for a long time. Since 1973 there has been an 80.4% growth in worker productivity. During the same period there has only been a 10.7% growth in median hourly pay after inflation. So, what has been plugging the vast gap all these years?
According to self-determination theory cash certainly does not rule everything around the workplace. It suggests that any environment that can foster three qualities will become a rewarding place to work in. Of course, rewards breed loyalty, and loyalty encourages retention. The three qualities that are highlighted are:
Facilitating the acquisition of competence, through the mastery of skills, to enable successful outcomes to be achieved
Allowing staff autonomy to choose the right working method for themselves
Letting staff create their own relations and to freely interact
One of the leading proponents of this theory says:
‘Human beings have an innate inner drive to be autonomous, self-determined, and connected to one another. And when that drive is liberated people achieve more.’
Isn’t that what we are all looking for?
Click to open / Right-click for save options
Text-Friendly Version
PAY ATTENTION
FIND OUT WHAT YOUR EMPLOYEES ARE LOOKING FOR, OTHER THAN MONEY
While compensation may still be a prime motivator in the workplace, many leading behavioral experts say more and more people are seeking less tangible things. But what are they?
THE IMPORTANCE OF MOTIVATORS
There are limits to how much a company can pay even its top performers. Something other than money must serve as a motivator.
80.4%: the growth in worker productivity from 1973-2011.
10.7%: the relatively low growth in median hourly pay, after inflation, over the same period.
In fact, just 43.5% of US GDP in 2012 was made up by wages – a low record.
WHAT PEOPLE REALLY WANT
You have to get rewarded in the soul and the wallet.
– Jack Welch, Former Chairman of General Electric
Behavioral guru Daniel Pink argues that 21st century jobs are more complex and demand creative thinking.
Simple carrot-and-stick incentive schemes are no longer appropriate.
SELF-DETERMINATION THEORY
This theory posits that optimal efficiency in the workplace is best achieved through an environment that fosters:
Competence to master a skill and achieve a successful outcome
Autonomy to choose the best method of working for you
Relatedness to connect with and interact with others
The need to optimize employee performance has never been greater. Applying the principles of self-determination to recruitment and motivation requires additional time and commitment, but it may be the answer businesses are looking for.
![What Your Employees Are Looking For Other Than Money? [Infographic]](https://cdn.confessionsoftheprofessions.com/infographics/what-motivates-employees-infographic.jpg)
