Let’s face it, this is 2019 and the way organizations used to function from the inside has changed dynamically. In the past, just handing over cash allowances to the employees was considered enough for employee satisfaction.
However, years of research have proven that there’s more to an employee’s motivation than his salary & a few bonuses. According to a study by Incentive Marketing Association, it was found out that “65% of the employees prefer non-cash incentives”. This fact lays the importance of a balance between intrinsic and extrinsic rewards for motivation.
Organizations of today need to improve their ways of rewarding their employees. The focus should be to conduct effective and continuous employee communication while summing up all the rewards under one big umbrella.
What do Organizations Expect?
Now, what most organizations fail to realize is that most of the things that, they consider, are rewards for their employees are not rewards after all. For example;
- Periodic Salary/Remuneration Increase
- Retirement Plans
- Ping-pong or Foosball Table
- Company perks like phone, health insurance, etc.
- Periodic performance reviews
- Performance-based promotions
These things have now become a basic necessity for an organization to exist with a mediocre to somewhat good workforce. However, for an organization to excel in true meanings and to have an outclass workforce, managers need to look at the big picture.
What do Employees want in Reality?
While we talk about the wants of the employees, they relate more with the intrinsic rewards. In any organization, the employees who are working for a 9 hours shift – 5 days a week, the monetary rewards alone can’t just stretch their motivation bars higher. What they really want is;
- A sense of direction and realization of their goals
- Flexibility in their working hours
- Support from the managers where they not only push feedback down the lane but also sit down with their teams and help them in solving their problems
- Due recognition, respect, and appreciation for the good job done
- A sense of significance that what they do, matters to their organization
- Opportunities to learn new things that may help them in the advancement of their careers
When an organization successfully provides its employees with these feelings, success becomes only a matter of time.
To sum it all, the true essence of employee motivation lies not in any single reward type. In fact, it happens when the organizations successfully implement a good blend of both intrinsic and extrinsic rewards for their employees.