| Over the last decade, "Money and Promotion combo" | | | | high achievers promotions or similar rewards. |
| has been one of the most widely used employee | | | | Therefore, you cannot afford the old fashioned |
| motivation techniques. These traditional incentives have | | | | system of motivating your employees. |
| lost their absolute power to shape employee | | | | This actually gives rise to a new way of looking at |
| motivation. | | | | Employee Motivation Techniques - the rise of non |
| What do these facts tell you? | | | | traditional incentives. This non tradition approach is |
| According to the Compensation and Benefits Review, | | | | known as RECOGNITION. Think of the impact |
| 80% of employees do not receive any reward for | | | | recognition could have on an employee if it's used on a |
| increase in productivity. | | | | daily/weekly basis, instead of once a year. |
| 60% of seniors report that their compensation will not | | | | Pick your employee motivation technique from this |
| move up if their performance rises. Only 3% of basic | | | | survey |
| salary separates average from outstanding | | | | Some of the reasons why people stay with a |
| employees. | | | | company: |
| It is obvious that the traditional system of rewards in | | | | Career growth, Learning and Development |
| business is losing its effectiveness. | | | | Challenging Work |
| Here are some more facts for you - | | | | Meaningful Work |
| Only 48 percent of the employees would recommend | | | | Good People |
| their organization. 58 percent would want to change | | | | Being a part of the a team |
| their company even for a marginal pay rise. | | | | Good Manager |
| So which employee motivation techniques should be | | | | Recognition |
| used? | | | | Autonomy |
| Part of the problem comes from our over | | | | Fair play and Benefits |
| dependence on financial rewards and neglect of | | | | Please Note: Managers need to build their employees |
| potential reinforcers. | | | | around the foundation of salary and benefits, but these |
| According to Peter Drucker, "Economic incentives are | | | | are not the main reasons that motivate employees. |
| becoming rights rather than rewards." To deny a merit | | | | This survey also found that the number one reason |
| raise becomes a punishment. The increasing demand | | | | why employees leave is "Limited or Zero Recognition |
| of material rewards and lack of employee motivation | | | | and Praise." |
| techniques is destroying the resourcefulness of | | | | Recognition and Performance are closely linked - |
| managers. | | | | Recognition has a positive impact on the job |
| Moreover, in an era of increasing competition and cost | | | | performance. If you are serious about motivating your |
| cutting, companies today are less able to offer their | | | | employees, you have to get serious about Recognition. |