The other day, a client was telling me how her team member was disappointed that she didn’t recognise his achievement in the team meeting. She had given him
There’s a common misconception out there, that most people value monetary rewards – salary, bonuses etc. However this is far from the truth – numerous studies, such as McKinsey’s, have shown that non-monetary incentives were more motivating to employees than monetary rewards. Praise from the employee’s manager, attention from leaders, and the opportunity to lead projects were more motivating and rewarding than financial incentive.
In fact, 19% of employees left their job for a better salary, whereas 79% of employees cite lack of appreciation as a key factor to quitting.
On the flip side, when team members truly feel appreciated, the practical benefits to an organization are numerous and easily identified. Multiple research findings including lower staff turnover, higher productivity, increased profits and higher customer service ratings. (as discussed in the book “The Vibrant Workplace” by Dr Paul White).