Money makes the world go round, but is it enough to motivate employees performance? Non-financial recognition, such as praise, recognition, and opportunities for growth and development, can also play an important role in motivating employees to perform. Non-financial recognition can help to create a positive work culture and can make employees feel valued and appreciated, which can lead to increased job satisfaction and motivation. A balance of both financial and non-financial recognition is important in order to fully motivate employees and create a positive and productive work environment.
We believe that relying solely on financial incentives to motivate employees can be problematic for an organization’s culture. When employees are only motivated by financial rewards, they may not be as invested in the company’s mission or values and may be less likely to stay with the company during difficult times. Furthermore, it can create a transactional relationship between the employer and employee, where the employee only sees their job as a means to an end, rather than a fulfilling career.
A more holistic approach that includes non-financial recognition and employee development opportunities can help to create a more engaged and loyal workforce. This can foster a culture of employee commitment and engagement in the company, and create a sense of shared responsibility and mutual success. Additionally, non-financial incentives such as flexible working hours, remote work, training and development programs, and opportunities for advancement, can also help to create a more motivated and engaged workforce.
It’s important to keep in mind that every employee is different and unique, and that different incentives will appeal to different people. A good employee recognition program will be tailored to the specific needs of the individual employee.
To get there, a change in the culture of the organization may be necessary. But habits die hard, and reshaping organizational culture seems almost mission impossible. With the right preparation and management, it shouldn’t be difficult or painful at all. More details on organizational culture issues can be found here, but in short, you can use the 5D organizational culture diagram to map the change:
Organizational culture mainly refers to the way organizations do things. It is an extremely important aspect of a company’s life because it affects the way employees think (including about money), act and interact. A strong organizational culture will help employees understand that the time they spend at work every day is meaningful. Compensation for a job well done is only part of the satisfaction an employee should receive.
For a healthy organizational culture, other levers must be activated, such as work-life balance, opportunities for growth and development, or genuine appreciation from company representatives.
Better work-life balance is much talked about, and this balance has already been shown to not only decrease employee turnover, but increase productivity.
Furthermore, contrary to common belief, employees would work harder not just for money. When they are given real opportunities for career advancement, they gain that sense of personal and professional purpose that is far more valuable than money and drives loyalty. But most of all, express genuine appreciation. Managers should regularly set aside time to catch up on employees’ achievements at work and not let them go unnoticed. Recognition is a powerful and lasting motivator, a powerful way to show employees that their work is valued and that they are an important part of the team.
Regarding incentives, there is a difference between them and motivation. Incentive depends entirely on the promise of something external and encourages someone to do something. The motivation, on the other hand, is internal. An incentive promises a reward in exchange for an achievement. Incentives are not just economic in nature, which is very good news, because they help us identify other ways to increase performance.
Consider using social and moral incentives as often as possible. You might be surprised how powerful acceptance, approval, inclusion, and status can be! Sometimes intangible benefits contain strong intrinsic motivation and prove to be even more important in communicating respect and appreciation to employees. They lead to greater employee engagement, which increases staff retention and helps create a positive workplace atmosphere.
It’s important to keep in mind that a balance of incentives is key, as different employees will be motivated by different things. A good employee recognition program will be tailored to the specific needs of the individual employee.
These are just some of the reasons why Co-Factor constantly strives to provide companies with an innovative tool, hosted by a digital platform, that helps both employees and managers receive public recognition and feel valued. Digitizing your reward and recognition programs is one step you may want to consider.
The multi-award winning Co-Factor platform is an innovative and effective solution for increasing employee engagement and performance. By using gamification and a focus on employee recognition, it aims to motivate employees to deliver results faster and be more efficient. It also provides functionalities to encourage and monitor feedback, create and support a recognition and appreciation strategy, promote organizational culture, and measure results in real-time. This can give organizations a clear picture of employee engagement and performance, which can help them make informed decisions and take action to improve overall performance. Overall, the Co-Factor platform is a valuable tool for organizations looking to improve employee engagement and performance.
