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
- Absence of material rewards such as money and perks may de-motivate people. However, these things may not be motivating them either.
- 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
- Appreciation and recognition by their peers and bosses;
- Interesting work
- Challenging tasks that offer stimulation and learning opportunity
- Autonomy and flexibility;
- Meaning and purpose of their work to overall organisation goals
- 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.