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We all work to get paid but is money alone enough to motivate your employees?
Regardless of the type of business you run, you need to pay your employees fairly and in line with your competitors. If you don’t pay your people in line with the market, be demotivating. However, money alone isn’t really enough to keep your employees performing at a high level.
Studies have shown that employees place a high value on freedom. They value flexible working, the opportunity to work from home when they want.
Businesses can benefit from this flexibility – projects led by flexible workers tend to be completed quicker and more efficiently. Flexible employees will stay late and get the job done. Conversely, when things are quiet, they want the flexibility to go to the gym or do the school run. Modern professionals are more likely to choose to work for an employer that has embraced flexible working over and a business that pays more than the industry average.
High performing employees are motivated by purpose. They want to understand how their work contributes to the overall success of the business.
They also want to get involved in projects and take responsibility for delivering their objectives. If you give people the opportunity to work on meaningful projects in a way that makes them feel they are contributing to the success of the firm, they will be more motivated. As far as recruitment is concerned, we are in the midst of a war for talent. The best people will stay with the businesses that offer them job satisfaction.
So, does money really motivate employees? Yes and no. There is an expectation that they should be paid in line with the market. Beyond that, they will focus on job satisfaction, flexibility, etc.
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