Bonuses and other financial rewards are impactful but short-term motivator in business. Money as an incentive can catalyze increased production or help a particular project reach completion, on top of a team member’s existing work requirements; However, it isn’t a sustainable arrangement.
What happens when funds and resources aren’t available to incentivize your team? Stimulus can’t be your chief operator in inspiring your employees.
For reasons out of your control, there will be instances where additional compensation for goals surpassed or deadlines met, aren’t viable. Raise freezes, halts in promotions, and other budgetary restrictions don’t have to inhibit your ability to motivate as a lead; in fact, it can highlight your capacity to encourage as a leader.
Studies point to money not being the sole motivator for a workforce to perform effectively. Job satisfaction is a crucial function of operational success. Cultivating a work environment that values its members will help achieve lasting progress. Your dedication to validating your team’s efforts, itself is an act of motivation.
The inclination to want to reward high-performing workers with salary increases is normal, but when the bottom line doesn’t afford you this luxury, implement these proactive measures.
Sincere recognition and distinct praise is an exercise in mindfulness and appreciation. If your workers feel seen and connected to your acknowledgment, their confidence, and commitment to you will grow exponentially. There’s no cost to display gratitude, and you both stand to profit from the gesture.
Increase flexibility. Regular business hours are no longer a strict standard to adhere to in business. You want your group to be engaged when on the clock, not counting down the hours if they have other personal matters that need addressing. Work with their schedule in pressing circumstances, be malleable when it’s tenable, and your team will feel supported and perform with more focus.
Granting your team more autonomy fortifies trust between both parties and establishes a more in-depth connection to them and their productivity. A leader who relinquishes some aspects of decision making to their team creates a more confident and invested employee.
Create inner-growth by providing challenging work. Monotonous work is, at times, necessary, but so is meaningful assignments that push your team to find another gear and explore their self-perceived limitations. The goal isn’t to overwhelm but to motivate. When completing new challenges, there’s a period of accomplishment that can inspire the worker to keep pressing and realize their full potential.
Offer mentorships opportunities. Mentoring is an investment in person versus personnel. Lending your expertise, knowledge of your field, and sharing your missteps and what you’ve learned will help your employees better understand what it takes to achieve their objectives in their career. Engaging in these sessions also pulls back the curtain of the boss-worker dynamic and creates an opening for them to see you in a newer, positive light.
Improve workplace culture by promoting comradeship. Camaraderie is an integral part of team morale and the sense of belonging to a community. If monetary bonuses aren’t applicable, morale may suffer. Team building exercises, social hours, volunteering together, group lunches, special outings can benefit your work environment and alleviate underlying work-related tensions or miscommunication.
Conduct management-employee one-on-ones more frequently and honor them with transparency, not lip service. Transparency is an indispensable component to trust and security. Your team members want to voice concerns or suggest ways to improve their job, but they’d be timid to do so if not knowing that their boss will be willing to listen to them. Advocate for an open dialogue and your employees will speak up. When employees are validated, their performance levels rise.
A committed manager will always advocate for salary increases, whether or not the budget can support the fiscal indicator of appreciation. If you persist in your staff knowing their worth, they will find assurance in your ability to lead and commit their loyalty to you and your organization.