Money matters don’t get me wrong. But it is no longer the motivator it once was.
Sure, money’s exciting, temping and people have been seen to do almost anything for it—in the short term. How about the long haul?
Assuming you are not hiring employees on a contractual, short-term basis, then providing a long-term approach would be valuable.
In his book, “Drive: The Surprising Truth About What Motivates Us.” Daniel Pink debates the If—Then issue of money. ‘If you do this job for me, then I will pay you X dollars. If you continue to do this, better, faster and consistently, then I will pay you more.’
With more than 40-years of research behind his studies, what he found was because of the technology and the move towards a “work-life” attitude, money over the long term will not motivate the work force. In his words:
You can no longer entice someone with a sweeter carrot or threaten them with a sharper stick.
As employers, we need to cater to the perceived life style experience. These ‘right’ brained employees need to ‘feel’ they are part of the company. They are the creative, conceptual thinkers in your work force driving and making your business move forward faster and more productively than it ever had in the past. These employees require different compensation to keep them motivated. They need:
Autonomy: the urge for control, to direct their own life and life within the company as it surrounds them.
Mastery: the desire to get better and better at what they do. To own their position. Have a sense of mastery.
Purpose: being involved strategically in something larger then themselves.
Yes, money is important and should be established at the on-set. From that point on, motivation through lifestyle will impact an employee over the long term. Protection for them and their family members when it matters most, the promise of continuation of their existing lifestyle in the event something catastrophic should happen will ultimately create that long-term motivator to retain key employees.
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