Reward is not all about the money

In a survey by the Saratoga Institute they found that whilst 89% of managers believed that employees leave for more money, only 12% actually leave for financial reasons. When engaging people in your team, the ‘reward’ driver is about far more than money.

Investing the time to find out what reward works for individual members will serve you well. As the leader, it is your aim to ensure there is a direct link between performance and organisational objectives where the individual feels “fairly” rewarded for their contribution to the overall success of the team.

It is not just about the money!

The reality is that some people on low salaries can be highly engaged and those on high salaries can still be miserable and just going through the motions. This shows us that whilst money can be a motivator, it may not work for everyone. The main issue with monetary reward is that it is linked clearly to objective criteria that are known and understood by individuals.

One shoe does not fit all!

The key to reward is to match them to each individual. A middle aged women receiving an xBox 360 or a teenage boy being rewarded with a spa treatment may not hit the mark successfully. Rewards that are not relevant may not only be pointless, they may be counter-productive. Communication and relationship building are paramount to a leader knowing what will motivate and what wont. Remember, the best rewards can be those that don’t cost a cent.

Pay more attention

Yes we do need to pay people more……pay them more compliments and more attention! People look to their leaders for the recognition and appreciation they desire to keep them motivated. When we starve them from it they will become disengaged, bitter and resentful. People give to their role in direct proportion to what they perceive they are receiving from it, and in most cases it has nothing to do with financial rewards.

Don’t assume you know what people want. Everyone is different and should be rewarded accordingly. Communication is the essential ingredient in the “People Putty” mix.

Reward is only one of 7 key motivational drivers we will look at in engaging our people. Balance, Opportunity, Relationships, Purpose, Fulfillment and Leadership are all important for us to attract and retain the right people; totally engaged and ready to produce more with less.

Have an outrageously productive week surrounded by fully engaged people. You deserve it!

Cheers

Grant Herbert
The People Builder