Increasing the level of motivation in employees, especially working from home, might be a challenging task. As an effective leader of a massive organization, it might be concerning whether monetary and other tangible incentives are enough to boost employees’ motivation or is it merely a poor use of resources. While some employees prefer a bonus or natural gift as appreciation, tangible incentives don’t always work for all employees.
In the book, Motivated To Be Successful, Dr. Don C. Hinds conveys that intrinsic incentive is a fundamental driving force for employees. He highlighted the significance and the impact of inherent incentives on employees’ high performance and ultimately on a company’s success. Dr. Hinds documented several methods on how intrinsic incentives keep employees driven. Some of which are mentioned below that organizations should consider ensuring a positive work environment.
1. Pay Attention to Improving Core Aspects of The Workplace
Companies’ best players are often not motivated by external incentives but rather by improving the core aspects of the workplace. Are there enough opportunities for growth, advancement, and training? Is there a solid and healthy culture? Is the job challenging? Are there any recognition programs? These are often fundamental aspects of the workplace that will amplify employees’ motivation compared to what external incentive programs offer.
2. Get To Know Employees’ Preferences and Work on It
There are many methods to motivate employees, and offering incentives is an excellent way to keep them engaged. However, money isn’t always the best form. Sometimes, it’s got less to do with a monetary benefit. Personal gratification, recognition, growth, and creative rewards sustain employees’ motivation over a more extended period when compared to tangible incentives. It is, therefore, essential to know what motivates your workers.
3. Design A Versatile Incentive System
Companies have two key employment issues: how to acquire outstanding talent and how to keep it. So why not design intrinsic incentive programs to attract and retain talented employees. Some ideas include flexible work schedules to suit work-life balances, autonomy, and inclusion in the decision-making process.
4. Don’t Use Incentives as Crutches
Too many companies rely on employee incentives as a safety net for inadequate working conditions or dysfunctional cultures. To keep talented employees pumped up, making the company a desirable place to work with shared values and vision, trust and support, respect, transparency, and accountability. Incentives should be used to motivate employees to be more productive and stay in their job longer.
5. Fostering A Sense of Purpose and Connection
Offering tangible incentives to employees might be a slippery slope that leads to unexpected results. For example, promoting one employee over another can create silos within the workplace and negatively affect the team. It may even lower innovation and creativity. Managers should be mindful of how they administer external incentives. While external stimuli are subjective, internal incentives are objective and maintain that sense of purpose and keep the workers connected.
Therefore, offering the right incentives that make employees feel valued, respected, and appreciated isn’t just lovely; it is vital to a company’s long-term organizational progress and strategy. Hence, incentive systems must be planned to motivate individuals for good performance and ultimately accelerate the organization’s growth and success.