Hey, C-Suite: The Workplace Is Changing!
The modern-day workplace is much different than just a few years ago, and so are its people. Because new requirements have popped up and workers’ expectations have evolved, motivational models should be reconstructed to reflect these changes. Every CEO is responsible for addressing performance, which typically is driven by incentives, but what type of plan is best?
In earlier days, when work was more bureaucratic, extrinsic rewards were usually the lone motivator. Extrinsic motivations come in the form of pay raises, bonuses, benefits or awards; things that are tangible and outside of the task at hand. While such motivators remain important today, they aren’t the only factor for engaging employees. In fact, like fair pay, extrinsic rewards are expected.
Today’s competitive marketplace has created a workforce which requires employees to display ingenuity while also using quick judgment. Intrinsic rewards allow them to thrive in this type of environment by giving them more responsibility, many growth opportunities and a defined purpose. Intrinsic rewards, which comes in the form of managers trying to help employees find success and job satisfaction, are becoming more popular as the workforce experiences an influx of young employees who have expectations different from their parents’.
Tangible rewards, although nice, too often become routine and lose their effectiveness. A simple “thank you” can carry more clout. As business leaders, we want to encourage innovation, broaden our focus and unleash the possibilities for our staff, and with intrinsic rewards, this is all possible.
To build this type of culture, business leaders should consider these four essential game-changing guidelines:
1. Focus on contribution over profit
Employees want to feel their work is meaningful. To be meaningful, a purpose for your organization must be established — one that focuses on an overall contribution to your customers. At the end of the day, profit starts with the contribution your employees make to those they serve.
2. Train managers on intrinsic motivation
Often, managers have an easier time recognizing the importance of intrinsic rewards to their personal motivation, but fail to see the impact for their employees. As leaders of organizations, managers typically carry more credit and can be valued players in promoting engagement through intrinsic rewards. Develop programs that teach managers how to support such rewards for others, while learning how to address their own.
At Paycom, our theme or focus for 2014 is to give 1% more in everything we do. Our Executive Vice President, Stacey Pezold, rolled out this vision company wide. She asked every single employee to come up with one word to describe their focus. What word will help you be able to deliver 1% more? My word was “inspire”. Each member of my team came up with something different, like finish, learn, motivate, elevate and positive. My hope is to “inspire” my team to be the best they can be in 2014 and to be true to their one word. Try it at your organization and see what happens. I bet you’ll be surprised by what your employees are intrinsically motived to do.
3. Clearly identify and understand each intrinsic motivator
According to Ivey Business Journal, four basic motivators exist:
- sense of meaningfulness
- sense of choice
- sense of competence
- sense of progress
However, each requires its own set of actions. To view them, visit Ivey Business Journal.
4. Make change fun
Change can be scary and uncomfortable, but it doesn’t have to be. When bringing intrinsic rewards into your organization, get full involvement. Adopt a plan that aligns people across the organization; this will boost morale and encourage overall engagement.