More than Money: Ways to Motivate Employees without Monetary Incentives

employee

employeeThere are more ways to inspire loyalty and workplace efficiency in your employees than simply offering them monetary incentives.

While the reason the majority of people around the world work is monetary gain, there are circumstances when you can help improve your employees’ performance through intangible rewards. These intangibles are sometimes worth more than money.

The following are ways you can motivate employees without having to resort to monetary rewards:

Employment Security

There is a reason security is a prime consideration when people select would-be employers. Everyone wants to secure their future. Give your employees a reason to depend on you and they will return it in spades.

Employee Empowerment

Every individual employee contributes—no matter how great or small—to the overall success of a company. Empowering employees gives them a sense of ownership and, in the end, drives them to meet and exceed expectations laid out for them.

Growth Encouragement

If you want loyal employees who will work for you for life and be willing to go the extra mile with a smile on their faces, it is vital that you provide them with growth opportunities. This will eliminate the feeling of hitting a plateau, which often causes employees to look elsewhere for greener pastures.

Coaching Initiatives

You need to provide them with the spark to start afresh and carry on with better zeal for their work. Motivational speakers like Brad Montgomery give employees a morale boost and inspire them to become better at what they do.

Achievement Acknowledgement

It is important for employees to have a sense of recognition for their achievements during their tenure. The proverbial pat on the back will motivate them to keep up with their work and even strive for higher levels of performance.

Don’t get trapped in the notion that money is the only thing that matters to your people. Even though it is the primary reason for working, it is not the sole determining factor that contributes to employees’ happiness and overall output. Check out these ‘intangibles’ and you will be surprised at how well they can work in the motivational aspect for employees.