\n
Is money a motivator? Absolutely not!<\/p>\n
I know many of you will disagree with that so let me explain.<\/p>\n
\nIt\u2019s about what people need.<\/b><\/p>\n
\nYou may be familiar with Abraham Maslow\u2019s Hierarchy of Needs. At the bottom of his hierarchy he lists basic survival needs; what he called physiological needs such as food, water, and shelter. As leaders we need to look beyond those very basic survival needs and understand that in reality, survival needs are an individual perception.
Each of your team members may have a different idea of what their basic needs are. A person with a large family will see their needs differently than someone who is single. None of these perceptions are right or wrong but they do drive an individual\u2019s motivation to meet that perceived need.<\/p>\n
\nThat\u2019s where money comes in. Money is the tool we use in our society to acquire what\u2019s necessary to meet our own perceived survival need. Our motivation is to achieve our survival needs. Money is the tool we use to satisfy that motivation.<\/p>\n
\nBut, money can\u2019t buy happiness, can it?<\/b><\/p>\n
\nThere have been multiple studies showing that more money doesn\u2019t improve performance. Everyone seems to have an amount of income that satisfies their basic needs. Anything above that is certainly appreciated but the extra doesn\u2019t drive better performance. In fact some studies have shown that at some point, the extra compensation can have the opposite effect.<\/p>\n
\nThose perceived needs are a powerful motivator. If employees don\u2019t make enough money to acquire those needs they will likely find some other way to get that money. That might mean working a second job or leaving the company.<\/p>\n
\nHowever, higher pay is not always the way to keep a team member. An employee might leave the company and take another position that offers less pay because they like the leadership better or see better opportunities. Pay people what they are worth and treat them well.<\/p>\n
Another use for money<\/b><\/p>\n
Although money is not a motivator, it can be a valuable award. If the team has gone above and beyond resulting in success for the company, it is appropriate to share some of that success with the team. This award must be presented as leadership\u2019s appreciation of the great work the team did. Avoid attempting to use money as an incentive to work harder.<\/p>\n
\nIf not money, then what?<\/b><\/p>\n
\nIf leaders can\u2019t use money as a motivator, than how do they motivate team members? By creating a motivational environment.<\/p>\n
\n\u2022\tMake a genuine effort to understand each of your team members. What are their strengths? What are their weaknesses? Do they have personal goals that you can help them with?
\u2022\tEnsure you have an inclusive team culture. That means ensuring everyone is given an equal chance to contribute and succeed.
\u2022\tMake sure team members understand their importance to the team\u2019s mission. Show them that you understand and appreciate their impact. (This doesn\u2019t mean money)
\u2022\tChallenge them to develop new skills and become more capable.<\/p>\n
\nLeaders cannot buy motivation.<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"
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