It’s time of the year – some bosses may feel frustrated because they have limited money to spend on bonuses and salary increments to motivate their people. Is money the only motivating factor?

A research study by Frederich Herzberg’s on worker’s motivation found that

1. Absence of material rewards such as money and perks may de-motivate people. However, these things may not be motivating them either.
2. Effects of pay raises and bonuses last only for short term, because people adjust their spending, and their positive feelings wear off.

What really motivates people are

1. Appreciation and recognition by their peers and bosses;
2. Interesting work
3. Challenging tasks that offer stimulation and learning opportunity
4. Autonomy and flexibility;
5. Meaning and purpose of their work to overall organisation goals
6. The above Herzberg’s theory has been confirmed by Rohei’s multi-generational workforce differences shown below:

Source : The Multigenerational Workforce: From Challenges to Opportunities (rohei.com)

In next article, we will share some of the ways to motivate your people.