Money is not everything: Motivating employees beyond the salary

There are many reasons why people choose the careers they are in or seek to receive a promotion in their current workplace.

REDi Holbourne Recruitment Group says there are other reasons beyond money that people decide to enter certain spaces. Beyond salaries, there are other ways in which employers can motivate their employees to deliver excellent results.

Michael Bremermann, Partner at Holbourne Advisory says it is important for recruiters to understand what motivates executives and those they lead.

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 Money doesn’t provide long-term boost

He says the best financial incentives can do is to boost short-term performance, but this method often fails to sustain long-term engagement and commitment. The two, long-term engagement and commitment are required to transform into or to remain at the forefront of the market.

“True motivation requires a holistic environment, constituted of a positive workplace culture, growth opportunities, and a sense of purpose.”

When employers focus solely on financial compensation, they create an environment that overlooks critical factors that are important for a sustained, committed and high-performing workforce.

Why money is not everything

Bremermann acknowledges that competitive salaries are essential, however, they should not be viewed as the sole factor in achieving lasting job satisfaction and high performance.

“When we pay people, we can see an immediate increase in productivity, but what we do not see is that we also create a long-term disassociation,” says Alex Ackron, Partner at the REDi Holbourne Recruitment Group.

After a while, employees start questioning the true value of their work, because they have viewed money as a primary motivator.

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The bigger picture: Key motivators beyond money

“We have identified the below key motivators that contribute to sustained employee engagement and productivity,” says Ackron.

• Positive reinforcement and recognition: Acknowledging achievements and contributions can significantly boost morale.
• A happy workplace culture: Fostering an inclusive, positive work environment is crucial for long-term engagement. Effectively addressing toxic behaviour is critical for team cohesion.
• Purpose and impact: Employees are driven by the opportunity to make a difference and contribute to meaningful projects.
• Growth and development: Providing clear paths for career advancement and personal growth encourages loyalty and hard work.
• Autonomy and flexibility: Empowering employees with autonomy and flexible working conditions enhances job satisfaction.

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