Is Money Really Everything?
© Copyright Frank D. Kanu 2000-2008
Many say—and believe—that money is the best and most powerful motivator. Especially in business.
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Many say—and believe—that money is the best and most powerful motivator. Especially in business.
Would you agree?
A dear friend, financial director of an international company almost never used money as the biggest motivator. He took the time to get to know his employees and found out their passions.Do you know how to motivate without money?
PS: My family is my biggest motivation.Tags:
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14:25 on Monday, September 18th, 2006
Suppose that you have $1000 for a reward when a project is finished. If there are 10 people on the team and they’ve spent a lot of personal time making the project happen, a reward can be very appropriate because it motivates them and others.
How motivating is $100/person going to be in this situation? I’ve seen many cases where this, or something similar has happened. It led the employees to leave, rather than to stay.
Rather than giving the employees the money, one might get a better result by taking the people out to a very nice dinner, recognizing them publicly, or providing them with personalized letters from the chairman of the company. Flowers, balloons, cookies, and other things gifts can also motivate employees.
It seems to me that the key is to understand the individuals and what they care about. Motivation is specific to each person.