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 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