How to Motivate Your Employees?
EDUCATION
Money is not the primary driver of productivity. Understanding individual needs and aligning their goals with the company's goals can achieve optimal results for both the individual and the company.
Is Money everything to people?
Contrary to popular belief, the perception that money directly correlates with increased productivity is far from the truth. Surprisingly, money is not always the primary factor of employee motivation.
The subject of Behavioral Economics delves into the intricate study of human cognition, shedding light on what truly motivates individuals. It emphasizes several compelling factors that can significantly influence employee performance, including meaningful work, growth opportunities, work-life balance, recognition, job security, a positive work environment, and clear goals and expectations. However, amidst these factors, nothing surpasses self-motivation in an employee.
As a manager, these factors may appear promising in theory, but applying them is far more challenging. When I was a manager leading a young group of 15 assistant managers, I wanted to provide the best to my team. However, I soon realized the immense challenges compounded by pressure from superiors, the environment, clients, time constraints, and various other factors led me to become the kind of boss I had not wanted to be. My team was getting the best pay in the industry, yet they were highly demotivated. Hence, I started pondering, what should I do to get the best from my team while becoming a better manager.
Understanding employees on a deeper level
Understanding employees on a deeper level can inspire true loyalty toward you. However, to understand them, it is important to understand that every employee is different. Thus, each employee has different needs and different factors that motivate them. For some, work-life balance might be a factor but for some, appreciation might be important. Maslow's Hierarchy of Needs helps to understand which stage of life an employee is in. It is a psychological theory that arranges human needs into a hierarchical pyramid, with basic physiological needs at the bottom, followed by safety, social belongingness, esteem, and self-actualization needs, suggesting that individuals prioritize fulfilling lower-level needs before higher-level ones.
Understanding your company culture
Understanding your company culture is also utmost important. Not all good employees are the perfect fit for every company. Each company works differently. For example, an engineer who thrives in a structured environment with clearly defined processes might struggle in a fast-paced startup where experimentation and adaptability are prized. A junior employee who prefers clear direction and mentorship may feel lost and unsupported in a company where autonomy is emphasized over structured guidance. Hence, sometimes the employee with the best knowledge and personality may feel as an out-group member and the best way might be to let him go.
No One Fit For All Recipe
There is No One-Size-Fits-All Recipe when it comes to dealing with people. One of my seniors once said that there are mostly two types of employees: those who should be given care and affection - the genuine, self-motivated employees who just need time and patience to grow, and those who need a proverbial 'stick' behind them to get going. Indeed, both strategies may work, but not all the time. Every individual is different and needs to be handled differently. However, if we understand them better, we can align our goals with theirs and achieve the best outcomes for both parties.
Conclusion
In conclusion, while money holds a significant place in the realm of motivation, it is far from the sole determinant of employee performance. As managers, by fostering understanding and alignment between organizational goals and individual aspirations, we can cultivate a more engaged and productive workforce