Money and other financial rewards are no longer the top motivators for employees, according to a survey by PsychTests in Montreal. Financial reward did not even crack the top 10 of survey respondents’ 23 work motivators.
Top five motivators:
1. Customer orientation (desire to make customers happy)
2. Achievement (desire to work in a goal-oriented and challenging work environment)
3. Inspiration (desire to inspire others through one's work)
4. Identity and purpose (desire to work in a company or field that is in line with one's values and ethics)
5. Fun and enjoyment (desire to work in a position or corporate culture that is inherently entertaining).
Financial reward took the 12th spot.
Gender comparisons reveal that women are motivated by factors like altruism (desire to help make the world a better place), balanced lifestyle (desire for work hours and company culture that is conducive to maintaining a life outside of work), and customer orientation, found the survey of 1,000 Canadians.
Men, on the other hand, were motivated by financial reward, power (desire to be in a position of leadership orauthority), status (driven by the social standing their job will bring them), contribution (desire to make a noteworthy theoretical/inventive/creative contribution to one's field) and responsibility (desire to take on major projects and be fully responsible for their success).
In terms of financial reward specifically, it ranked eighth for men and 15th for women.
"When managers think of motivation and incentives, many of them automatically assume it has to be a bonus or some other financial reward. This is clearly not what employees need based on our research — at least not money alone,” said Ilona Jerabek, president of PsychTests.
“Ask your employees what they need from you to thrive in their position. A lot of managers may be surprised to learn that most employees get a motivational boost from simple things like regular verbal praise, opportunities to learn new skills, or more independence and decision-making power. These are incentives that not only boost morale, but also benefit the company in the long run."
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