Money has always been a factor in improving the performance of employees. Throw a little cash into the mix and you get results, right? Well, maybe, but not always. There are plenty of other things employees are incentivized by as well that don’t cost a drip of any company dollars.
Organizations might consider a recent McKinsey Quarterly survey. Three “noncash motivators” were discovered to be just as effective and in some cases more effective than money. Here they are:
– Praise and commendation from immediate manager
– Attention from leaders
– Opportunities to lead projects or task forces
The results of this survey clearly show the desire employees have to feel needed and appreciated. Whether you are leading at work, home, coaching a little league team or leading a fund raiser at church, it doesn’t cost money to motivate and inspire people. Just be a caring leader.
What "noncash" incentives have you used with those you lead? Please comment below.
To view the McKinsey article click here.
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