The issue of remuneration is challenging for any leader or manager. For sure, we want our teams to feel rewarded for the work that they do – but that reward doesn’t always have to manifest in monetary form, after all there are a number of ways that we are motivated. However, there really is a tipping point.
Dan Pink shares his great insight around what motivates us in this video. One of the key takeaways for me is that monetary reward only incentivizes a simple type of performance – and that for any other type of challenge requiring even a moderate level of creative or conceptual – it can act as a disincentive. Now, I don’t know about your business, but the majority of organizations that I deal with are far from simple. In fact, they often go beyond “complex”. And it is in this space – that we most readily respond to three motivating forces:
Watch the video to learn more. It’s enlightening.
But before you do, let me leave you with this … Dan Pink explains that these motivational forces really only come into play once you have taken “money off the table.” That is – you are paying your teams well enough that money is not an issue. And sometimes, just understanding what that level is can be a challenge.
Nina Nets It Out: In a complex business world it comes as no surprise that we are motivated by complex forces. The surprising thing is, is that we focus so closely on monetary rewards – which are often the easiest to solve. Taking money off the table can open the door to other, more valuable motivating forces that can transform the ways in which your teams perform.