Posted by Leslee Vivian on Thu, Aug 05, 2010 @ 03:56 PM
How do you motivate employees when budgets are tight? The good news is that effective employee recognition isn’t always about the all-mighty buck. According to a recent McKinsey Quarterly survey1, some noncash incentives can be even more motivating than cash.
Three noncash incentives that motivate employees:
- Praise from immediate managers
- Attention from leaders (for example, one-on-one conversations)
- A chance to lead projects or task forces
The employees surveyed rated these incentives as no less or even more effective motivators than the three highest-rated financial incentives: cash bonuses, increased base pay, and stock or stock options. The noncash incentives made them feel that their companies valued them, took their well-being seriously, and were striving to create opportunities for career growth.
In an era of shrinking budgets, why aren’t more companies opting for creative, non-cash rewards?
One reason may be that managers don’t want to challenge the status quo belief that money is what really counts. They may assume that bonuses rule. Another reason could be that recognizing people with something other than a cheque takes time … often a lot more time and commitment from senior management.
However, some visionary companies are looking beyond cash to understand what truly motivates employees. Numerous studies point to the fact that for workers who are making enough money, some nonfinancial motivators are more effective than extra cash in building long-term employee engagement.
To find out more about bucking the trend with noncash incentives, read “Motivating people: Getting beyond money” (November 2009).
http://www.mckinseyquarterly.com/Organization/Talent/Motivating_people_Getting_beyond_money_2460
1 McKinsey Quarterly conducted the survey in June 2009 and received responses from 1,047 executives, managers, and employees around the world. More than a quarter of the respondents were corporate directors or CEOs or other C-level executives. The sample represents all regions and most sectors.
Posted by Leslee Vivian on Thu, Jul 15, 2010 @ 11:32 PM
Companies are in the business to make money. So why would a company even consider putting its people ahead of profitability? Because in our post-recession economy, employee recognition methods that put people first may be the key for future success.
The emergence of social media, an increasing need for transparency, and labor market trends are transforming the global marketplace into a people-centered economy and giving rise to a new concept called “Employee Enrichment.” These are the findings according to a new study entitled Leadership and the Performance of People in Organizations: Enriching Employees and Connecting People1."
Employee enrichment is a strategic approach that genuinely emphasizes the quality of people’s lives with a “people-first” orientation that extends far beyond the typical work/life balance.
Very simply, the concept is that the better a person’s well-being, the better that person performs. So if a company takes care of its people first, its people in turn will take care of the profits.
Move over employee engagement
Over the past few years, employee engagement has been the hot button with techniques such as special training, career development and employee incentives often yielding impressive and measurable results. But that was fundamentally driven by a profit-first approach – companies wanted employees to be engaged so they would perform better.
Now visionary leaders are adopting the new mantra of employee enrichment as they recognize that today’s workers are looking for more than money and advancement in their careers.
More powerful perks for employee recognition
Smart companies are moving to an employee enrichment model by taking a more proactive interest in their people and fostering personal growth through education support, training programs, physical and mental wellness efforts, rewards and incentive programs.
According to the most recent selection of Fortune magazine’s Best Companies to Work For (CNN Money.com, downloaded 1/21/10), some new perks that work include things such as a fully staffed on-site medical center, a free fitness center and natatorium, corporate artists in residence, an on-site farmers market, healthy living incentives, concierge services and paid sabbaticals along with the more common techniques like generous retirement investment matches, etc.
The ability to attract, retain and motivate high-performers will become increasingly important for today’s companies. Managers that put their people first and reward them in ways that truly enrich their lives will be more likely to keep profits in the picture.
Written by Leslee Vivian
Leslee Vivian is a professional writer specializing in employee recognition and blogs for Power2Motivate®, the On-Demand service that helps companies recognize, motivate, train and reward their employees.
1 Study by The Forum for People Performance Management and Measurement, “Leadership and the Performance of People in Organizations: Enriching Employees and Connecting People” (Won-joo Yun and Frank Mulhern, Nov. 2009).
Posted by Leslee Vivian on Sun, Jul 11, 2010 @ 07:19 PM
We’re all familiar with the phrase “You can never be too rich or too thin.” Well, these days a new attitude has become much more fashionable. Beyond basic black, it’s the sentiment that “You can never be too green.” At least if you’re a company.
More likely to buy green
Companies today benefit from being green in a number of ways. For one thing, customers are more likely to buy your products or services.
A recent study by Edelman Public Relations found that 39% of the respondents said they were more likely to purchase the product of a company they perceive to be socially and environmentally responsible, and 80% said they would boycott a company they perceived as being irresponsible in that regard.
Clearly being green helps boost your bottom line. But beyond that, the commitment to green is proving to be a powerful tool for recruiting and retaining employees. It’s increasingly evident that people prefer to work for an environmentally responsible company.
Prefer to work green
According to an Ipsos Mori survey1, 80% of respondents across 15 developed nations would prefer working for a company that “has a good reputation for environmental responsibility” – the figure was 81% in the U.S.
The good news is that employers are taking notice. More and more companies are greening their operations and encouraging more eco-friendly behavior at the office.
In fact, an interesting side note shows that across all the countries surveyed, more respondents were more concerned about working for an environmentally responsible Going Green company than purchasing from one. One potential reason: “employees feel a significant sense of responsibility and association with their employer’s actions concerning the environment.”
So being environmentally friendly not only can boost your sales, but it can go a long way toward boosting your employee engagement and motivation as well. Now that’s really the power of green at work.
Written by Leslee Vivian
Leslee Vivian is a professional writer and blogger who helps companies motivate, reward and train their employees. If you know her, you know she’s motivated to be a better golfer.
1 Data from “Corporate Environmental Behavior and the Impact on Brands" Tangberg and Ipsos MORI survey, October 2007; n = 16,823.
Posted by Robert Purdy on Tue, Mar 09, 2010 @ 11:06 AM
New Power2Motivate Web Site Offers Tools, Information
to Help Companies Build Employee Engagement
Carlton Group, Ltd. has re-launched its Power2Motivate Web site at http://www.power2motivate.com, allowing users to easily launch their employee incentive and recognition programs in just minutes. And to help companies measure and understand their employee satisfaction, the new site offers a free employee engagement survey.
“The demands of this economy require high levels of employee engagement to drive bottom line results,” says Carlton CEO Rob Purdy. “With the free workforce engagement survey, companies receive a clear snapshot about participation levels, employees’ satisfaction with their job and manager, and how the company’s engagement level compares to the national level. Our experts work with the data to help companies develop an overall employee engagement strategy.”
The Web site also offers free tools, resources to stay on top of trends, and information to help managers create effective employee recognition strategies.
“The P2M blog will be regularly updated by guest experts who will share valuable information about recognition and incentive strategies that really work,” says Purdy, adding that visitors to the site may sign up for a free digital subscription to Return on Performance magazine, a business publication that provides executives with information about employee engagement and performance.
Also available is a free 7-day trial of Carlton’s innovative Power2Motivate, a leading “On-demand” recognition, incentive and training solution available in over 50 countries. To learn more, visit http://www.power2motivate.comor call 905-477-3971.
A robust social media strategy also accompanies the Power2Motivate’s launch, allowing Carlton to continue to reach out virtually to companies with free white papers, and other tools available from the robust and easy-to-use, web-based P2M application.
About Carlton Group, Ltd.
Our mission is to deliver the world's best on-demand employee recognition, incentive and training solutions.
Carlton Group is a full service performance improvement company specializing in the automation of recognition, incentive and training programs. It is Carlton's goal to bring our clients leading edge solutions that help to improve employee performance, inspire loyalty with employees, customers and channel partners, as well as assist in building their brand and driving profit. To learn more, visit http://www.power2motivate.com or call1-866-451-2225 x 227.
Rob Purdy
CEO - Power2Motivate