Money Isn't the Way to Motivate Employees. Find Out Why!
The Business Mechanic Podcast with Vaughn Sigmon
Release Date: 11/06/2022
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The Business Mechanic Podcast with Vaughn Sigmon
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The Business Mechanic Podcast with Vaughn Sigmon
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The Business Mechanic Podcast with Vaughn Sigmon
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The Business Mechanic Podcast with Vaughn Sigmon
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The Business Mechanic Podcast with Vaughn Sigmon
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The Business Mechanic Podcast with Vaughn Sigmon
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info_outlineLet me get this out there. Money DOES NOT Motivate employees. Period.
In this show, I will share with you why Money is not a good motivator and what really does motivate your employees. It’s not easy. Nope
It requires a long look in the mirror and the acceptance that you can be a better leader and motivator. You must stop accepting the excuses you’ve been feeding yourself and your boss. You have to commit to the personal development of the approaches I share with you today.
Then work on yourself and how you lead your team. Many you have on your team right now can be motivated to much higher performance. But that is on you, not on them.
You see, there is the challenge for many managers who are untrained and unknowing of how to lead and motivate employees. It’s up to you to develop a leadership approach that will bring out the very best in almost everybody you have right now.
They probably cannot be motivated if you’ve hired the wrong person or a bad fit for the position. But the fact is YOU Hired Them. So you have to own that. And now you have to deal with that situation. Find my podcast on Performance Management from April 22nd, 2022. I’ve put a link in the show notes for you to go learn from it.
So back to motivating your employees. There is no quick fix or silver bullet. There is no hack or shortcut to this topic. It takes commitment from you to pick up on the steps I share with you today and adopt them one by one.
Practice them one at a time. But know it will require a change in your mindset to acquire the ability to be a great motivator. In it is my true belief everybody can be a great motivator. It does not require a special personality. You don’t have to be a huge vibrant personality and be Rah Rah. No! That is not what it takes.
First, back to Money, not motivating employees. What does? Well, research shows that personal recognition is more effective than monetary rewards in maintaining long-term performance.
Yet many managers steer away from performance-based rewards because they have the wrong mindset. One that might be something along the lines of “they are just doing their job. Why should I reward them for that? They get a paycheck.
There are several valuable approaches for supporting, encouraging, and rewarding your team members to drive high individual performance. For example, we teach many managers the hows and tools for coaching and performance feedback skills. And while a full-fledged performance management program is best, in its absence, we encourage organizations to begin using cost-effective, appropriate rewards to motivate and acknowledge results-driven employee performance. Here is the link
Just a certificate of appreciation or pin or handwritten card is amazingly effective. One of the most critical elements is you; understanding the passions, drivers, and the “what gets me out of bed each morning” question for your employees is vital. Why? “We hear from many bosses who believe that the only significant expression of gratitude they can offer people is padding their wallets with raises and bonuses.
Yes, “It’s vital to pay people appropriately, but there’s only so much money to go around. It’s You, as their manager, is what creates a sustained long-term desire to do a good job. That makes gratitude all the more meaningful and valuable as a leadership tool.”
This gratitude that you may believe may not be sufficient in the minds of your employees. It’s what they want, not what you think they want in appreciation. Sadly most managers do a poor job of showing gratitude.
Studies show from Gallup that Only 1 in 3 people feel they were well-recognized the last time they went the extra mile at work. A mere 25 percent of the workers surveyed said they felt as though their employers consistently valued their hard work—a drop of 16 percentage points from the previous year.
Set yourself up for success by gaining the knowledge, skills, and tools to hire great people. For listening to this podcast, I am offering our online training course, How to Hire Great People, for Free.
As a motivator, you are your own secret weapon. Time with you outside of work for lunch or coffee; maybe dinner is a huge motivator. Time to get them to know you a bit and to get to know them is a significant deposit into the motivational back account.
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