In: Economics
Talk about three ways (other than money!) that you would motivate employees. Why do you think these methods would work? must be 250 words!
Three ways to Motivate Employees other than Money are:
Recognition
Giving due recognition to the deserving employees in fron of colleagues and others members of higher management has a great positive impact on the morale of employees. Giving employees a certificate of recognition or organizing a team lunch for them will motivate them to work harder and produce even better results. This helps in enhancing their self esteem in front of others which boost their self confidence and encourages them to perform in the best interests of the organization.
Autonomy and Responsibility
This involves giving more meaningful and challenging tasks to employees. This will make them more connected to the business and make them more loyal to the organization. Employees should also feel as though they have room and license to voice their opinions and ideas where necessary, without fear of being ignored or pulled rank on. Welcome feedback from your team wherever possible, and instil in them the feeling that their views matter to you and the business.
Learning and Development
Another way of motivating the employees is to enahnce their skills by periodic training and skill development classes. For example A employee working as a data analyst may be a top performer while working with excel. However to motivate him training programs like learning of VBA, R, Python etc can be used as this will help both motivating him as well as it will help the organization by making the employee more productive and knowledgable. Proper skill assessment can be conducted for determining the right type of training program suitable for the employee.
To conclude money is a great motivator but these psychological and cognitive motivators also have a deep impact on boosting the morale of employees and increasing his productivity and efficiency.