Non-Financial Ways to Motivate Your Staff

Motivating your staff doesn’t always have to be about money or financial rewards.

At a recent meeting of experiential business learning® group, The Academy for Chief Executives, the issue of introducing non-financial rewards as a way to motivate staff was raised during the afternoon session (‘The Board You Could Never Afford®’). Many CEO members were able to draw on their own experiences of implementing these motivational initiatives into their own businesses. I’d like to share with you just a snippet of their advice:

• Introduce incentive schemes and perks – such as employee well-being (regular health checks, doctor/physio on site monthly, support for gym membership, social clubs);
• Establish an appraisal system where clearly defined objectives are mutually agreed – appraisals should be continuous, not just once a year!;
• Consider setting up an employee share scheme;
• Improve work-life balance by introducing flexi-time. This can actually increase productivity and reduce levels of absenteeism;
• Give recogniition in as many ways as possible – (praise for a job well done, long service awards, even something as simple as an extra hour at lunchtime as a reward for projects completed on time etc can make a world of difference);
• Job enrichment – ensure your employees are given more interesting, challenging and complex tasks. Encourage your staff to consider problems they face and propose their own solutions.
• Lastly, take time to understand your employees’ core values and beliefs, this will help you to tailor non-financial rewards to them.

Although written in 2003, the BBC website has an interesting feature on how two very different companies motivate their staff: http://news.bbc.co.uk/1/hi/programmes/working_lunch/2988186.stm.

For confidentiality reasons we cannot divulge all of the advice provided by our members – however, we do hold open meetings where guests are able to attend and experience for themselves the real power of ‘The Board You Could Never Afford’®. To find out how you can take advantage of advice like this every month, visit www.chiefexecutive.com.