motivating employees without money

motivating employees without money

It is a costly fallacy to believe that paying more money to your employees will result into more productivity and happy employees and unfortunately a good number of organizations believe in this theory. Now, what that false notion is doing to your organization is, for one, costing you money and second, takes away valuable time from you. No doubt, cash is an important factor in motivating employees and is quite critical in attracting talented personnel but point to ponder over here is, cash is not the only answer and not even the best answer. Also thinking of the fact that, it’s not really easy to dole out cash to employees during economy downturn, what can be other ways so that your employees remain motivated and productivity should be in lines with the set benchmarks.

Last two years have remained extremely tough for organizations as well as employees because of recession and retrenchment factor. In such situations, learning how to motivate your employees without money becomes more important than ever. Proper implementation of this lesson can go a long way in improving the overall performance of your employees. The process must begin with instilling the belief that money is not everything. There are always more important things in life that demand more attention. A company that stands on solid and proven values like quality, service, work culture, ethics etc goes a long way in retaining its employee force without incurring extra cost.

There are several ways to motivate employees without spending money. Few companies prefer to reward employees on the basis of their exemplary values. The reward can be in form of a certificate, medal or recognition. Such rewards are always cherished by the recipients because it directly enhances their self-esteem.

It is important for managers to motivate their employees by being examples of resilience and hard work. The attitude and behaviour of the manager directly affects people working under him. If the manager shows exemplary work culture or spends extra time listening to the problems of the employees, it goes a long way in creating a sense of attachment and proximity in the minds of employees. A compassionate manager always has better chances of getting things done from his people than unnecessarily lording over them.

Compliments and praise play a crucial role in motivating staff members. If an employee has done better or performed a task commendably, he must be praised. It will make him feel better about himself and the surroundings. There is no point holding back when the employees show dedication to their works. Small words of encouragement have magical powers.

The basic point to remember here is, motivation is always internal so the job of management is to create an environment in which people can motivate themselves. There are several factors that can be used to motivate staff without incurring extra cost. Career development plan, open communication, recognition, non-monetary employee reward, training, work environment, leadership roles, team spirit, additional responsibility, time off and stress management etc are some of the top non-monetary motivating factors.

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