The care we need to take as leaders and managers when it comes to sensitive issues and casual remarks is extreme.
Yesterdays post focused on how we treat people and pointed to setting and reviewing targets which will work for you and your team. Today it’s about money, or is it?
Myth three: It’s about the money
Please finish this blog then find 18 spare minutes in your day and view this video on TED. Daniel Pink is on the money (pun intended), and getting paid for it, partly for debunking a business myth about incentivizing using long held knowledge. Behavioural scientists and sociologists have long known the conditions which best influence ‘performance’, but the business world has largely chosen to ignore the evidence.
It’s not about the money.[pullquote]Money alone, won’t have excited and creative people turning up at your workplace, other than for interviews and Xmas parties.
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Even Maslow’s experiments illustrated that the gain in performance was from paying attention to the team rather than anything else they could dangle in front of them.
You employ human beings. You lead a microcosm of a civilization and that takes numerous multifaceted and connected acts.
If they are not motivated don’t abscond by blaming ‘money’.
Myth four: It’s not about the money
In the long run some of it will be about the money. Unless you are absolutely the leading edge ‘awesomemost’ company to work for someone will cherry pick your better or best employees, with just a little more (or maybe a lot).
You can’t recognize great performance every week and be an average remunerator. Losing your best emloyees over a few thousand dollars is not good management. Besides if you really have the best the bottom line should show it.
Don’t have favorites and unreasonably divide the cake. You must be consistent and recognise the right things.
Don’t go straight down the line either; training, sponsorship of charities and other community support will all count, not all money is money in the hand. However if you are going to ‘spend it for them’ be careful where you tread. (see Myth 1)
The key is to stay in touch with those you employ.
In summary
- You motivate by listening with care and authenticity.
- You motivate by doing what you say you will do.
- You motivate by looking out for your team.
- You motivate by helping them achieve (all of) their goals every day.
Neither rest on your laurels because you pay well, nor relax because you treat your employees well, motivation is multi-faceted and you need to constantly check your bases.
cROADWORKS 
Employers cut salary to save revenue for organisation and they think that they are making profit by the way of salary cut. I think, this strategy is the first demotivator and creates first impression about the people and organisaton. Instead, organisation should pay adequate or above average but put performance parameter also above average, keep them different kind of opportunities to grow together. Organisation should find a mechanism, that can create value for both the organisation as well as employees.I do agree that money does not always motivate but if employees are paid adequatley,they need opportunity to grow. So organsiation should work out a strategy of tangible and intangible rewards and that really works and feasible.
Thank you Ajay. I agree there is much illusion that trimming staff is a sure fire way to save the company. The sure fire way is to have everyone ‘on fire’ by as you note ‘creating value for both’. Have a great day and thank you for keeping in touch with and contributing to this blog.
Money is always a fascinating subject when connected to motivation and it’s always challenging to discuss both in an organizational setting or context.What I have seen playing out consistently throughout my career is people are connected to environments (organizations), until they are disconnected. Once disconnected, money dominates…every time. This is the case for culture and environment, and it’s why they are so incredibly important. Politics,social systems, functional systems and informational systems….the way things are around here…..culture! I would argue that culture is intrinsically connected to motivation!
Hi Jim, thanks for adding that insight. Do you think that money could also drive the disconnection? An interesting summary and in some ways explains for me why my posts seem to often be heading back to people and culture. cheers Richard.