When it comes to taking a job, people will act rationally for the most past; they’ll do what’s best for their interests.
For the most part, money is a pretty effective motivator; if you pay employees well, it should encourage them. Unfortunately, this isn’t always the case.
In recent years, Behavioral Economics has challenged the notion that financial benefits are enough to motivate employees. It suggests that 70% of human decision-making is emotional, implying that if companies don’t put their employees’ emotional health at the forefront then they would fail to effectively motivate them.
So if paying employees huge salaries doesn’t motivate them, what does?
Behavioral economics suggest the following 4 drives:
1. Drive to Acquire
It’s no secret that people like the idea of acquiring things whether its money, cars or property but they also want to possess intangible things like skills, knowledge, pride, etc.
All companies want employees that are highly-qualified and confident in their abilities, however not many invest in training their staff and nor do they give employees a sense of validation.
If you’re not going to offer growth opportunities to staff, at least invest in training programs to widen their skills set.
Also, consider offering tangible awards in the form of heartfelt recognition from management in front of their peers.
2. Drive to bond
Humans crave warm and healthy relationships and your colleagues are no different. Many organizations make the mistake of creating a competitive atmosphere instead of focusing on making the workplace warm and friendly for their staff.
Thriving corporations encourage employees to work in collaboration which simply can’t happen if they are constantly pitted against each other.
Companies should implement programs that include rewarding team efforts and group achievements.
3. Drive to Innovate
Humans have this innate desire to explore, learn and expand their thought system. It fulfills our mind when we think of new ideas or come up with solutions to difficult problems. It’s crucial for companies to challenge employees and allow their minds to grow with the help of engagement initiatives.
4. Drive to Defend
This one sounds a little strange, but it is essential for the emotional well-being of employees.
People want to feel safe in their work place; companies should want the same. When an employees’ workplace becomes the source of continuous stress, it’s natural for their productivity to drop significantly and for healthcare costs to shoot up.
Companies that learn to protect their employees’ health will earn their loyalty and boost their productivity in the long-run.
Having trouble motivating employees? Consider hiring professionals that can design employee health benefits and wellness programs that fit your budget.