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Intrinsic vs. Extrinsic Motivation Before we look at some effective strategies for rewarding achievements, it's important to first dive into how intrinsic and extrinsic motivators impact performance.
Non-financial incentives are more effective motivators than financial incentives. A McKinsey global survey of 1,047 executives, manager and employees from a range of sectors found that non-financial incentives out ranked even the three highest-rated financial incentives (Dewhurst, Gutheridge & Mohr, 2009). They measured effectiveness by the number of respondents that answered 'extremely' or 'very effective' to a list of incentives. Here's a summary: Financial Incentives Performance-based cash bonuses 60% Increase in base pay 52% Stock of stock options 35% Non-financial Incentives Praise from immediate manager 67% Attention from leaders 63% Opportunities to lead projects or task forces 62%
True or False? The best way to motivate employees is to tap into their intrinsic motivations.
Recognition vs. Appreciation These two terms are often incorrectly used interchangeably but each has distinctive differences. According to Mike Robbins (2013), employee recognition is given in response to performance or outcome, it's usually most meaningful when it comes from the top down as it carries weight. Whereas appreciation is much more expansive, and less about what they do but their behaviours. It can come from any one inside or outside of the team. When thinking about rewarding achievements, do you automatically gravitate towards recognition? While recognition has its place, showing appreciation is equally important.
Employee Recognition This lesson will provide you with multiple ways you can effective utilise employee recognition in your arsenal of tools.