Wednesday, July 3, 2013

Key Motivators for your Staff

Financial and non-financial motivators are crucial for engaging your staff.  McKinsey published this article in November 2009 - Motivating People:  Getting Beyond Money.  Given the severe economic downturn, the authors understandably emphasized motivators that were cost-effective. Even in the best of times, however, finding the right balance of both financial and non-financial motivators is important. Why? Because financials can motivate only to a certain extent, beyond which non-financials are actually more effective at motivating staff.

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When it comes to non-financial motivators for your staff, these findings from McKinsey (above) are a good place to start. Keep in mind, though, that which ones or which others will actually work depend a great deal on the staff themselves. So (a) get to know them, (b) find out what truly enthuses them, (c) observe them at work, (d) collaborate on projects, and (e) arrange social events.

The non-financial motivators that McKinsey found align well with what Gallup found to be crucial ways to engage staff. Moreover, proper staff engagement have direct links to greater business results, such as sustainable growth, profit and stock increase!

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