Motivation methods in practice: financial motivators, non-financial motivators
What are examples of financial motivators in business?
Financial motivators in business include monetary rewards such as salary increases, bonuses, profit-sharing, commissions, stock options, and performance-based incentives. These financial rewards provide tangible benefits and serve as extrinsic motivators to drive employee performance and achievement. Financial motivators can be effective in incentivizing employees to meet targets, increase productivity, and achieve specific goals. However, it's important to note that financial motivators may not be the sole driver of employee motivation, and other non-financial factors should also be considered to create a well-rounded motivational environment.
How can non-financial motivators improve employee motivation?
Non-financial motivators can improve employee motivation by addressing intrinsic needs and psychological factors that drive motivation. These motivators include providing opportunities for autonomy, recognition and appreciation, opportunities for growth and development, meaningful work, a positive work environment, work-life balance, opportunities for social interaction and collaboration, and a sense of purpose and contribution. Non-financial motivators tap into employees' intrinsic motivation, fostering a sense of fulfillment, engagement, and satisfaction with their work. They can create a positive work culture, enhance teamwork and collaboration, and contribute to employees' overall well-being and job satisfaction. While financial rewards are important, non-financial motivators can have alasting impact on employee motivation and engagement, often going beyond the temporary influence of monetary incentives.