Pay or praise?
For many years I thought that money was the big motivator. Well, I learned that is not always the case.
I read the following quote several years ago, and this quote alone has inspired me to lead differently, “The deepest principle of human nature is the craving to be appreciated,” William Jones.
Research suggests, “pay fairly and competitively.” However, the fundamental factors in keeping the good ones are:
- Growth Opportunities
- Meaningful Work
- A leader who values them
They want the (non-monetary forms listed above.) Certainly, perks are valuable; they help in the recruiting process. But, research has proven good ones won’t stay because of perks.
Not everyone is motivated the same. As leaders, we need to discover what works best individually. Remember, “Silent gratitude isn’t much use to anyone,” and “Compensation is a right; recognition is a gift.”
Hopefully, this will serve as a reminder for us as we are developing and helping our people grow. Give them praise and recognition and be specific (handwritten notes go a long way), and you’ll feel good that you made someone else feel good.