Are your employees excited about the work they do or just putting in time? According to a recent McKinsey Quarterly survey, nonfinancial motivators can effectively reward top performers with satisfactory salaries. Respondents rated the following nonfinancial incentives as “extremely” or “very effective”:
• 67 percent cited praise and commendation from their immediate manager.
• 63 percent named attention from leaders.
• 62 percent wanted opportunities to lead projects or task forces.
The data underscores workers’ desire to feel valued, have their well-being be taken seriously, and be given opportunities for career advancement and growth. At a time when organizations need leaders and employees to be fully engaged and ready to go the extra mile, motivation is taking a hit, according to another McKinsey survey. The poll showed:
• 13 percent of respondents reported that managers are praising their subordinates less often.
• 20 percent said that opportunities to lead projects or task forces were fewer.
• 26 percent said leadership attention had diminished.
As some industries begin their comeback to profitability, financial incentive programs, like bonuses, are returning. Using a combination of both financial and frequent nonfinancial incentives to motivate and reward key players will have the most impact – short and long term.
For employee incentive, reward and communications programs, talk to the experts at Allegra.
