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Non-Financial Motivation Factors – How Non-Financial Motivational Factors are Important to Business

July 04, 2012  by: FAREED SIDDIQUI  Points: 25   Category: Others    Views: 2539

Motivation process is integral to the success of a business. It is solely a psychological process being originated from the needs and drives and actions of the employees. There are various factors to be construed in the process of motivation. It is thus necessary for a Business or Human Resource Management to understand the situations consenting to give encouraging response while offering financial or non-financial incentives to the employees.

         

Motivation is the act of giving somebody a reason or incentive to do something. It also means giving somebody hope or support to perform particular tasks. Motivation factor plays a vital role in the business Management. The process of employee motivation in the workplace creates zeal and interest and commitment; energetic and unflagging enthusiasm that makes them do something, especially something that involves hard work and efforts. It thus must be borne in mind that a highly motivated employee uses his potentials to the optimum level and makes goal-directed efforts while raising the best level of efficiency towards the accomplishment of organizational objectives, whereas the one who’s not motivated does not do so.

Notwithstanding that money is the most important motivational factor and so are the plans, using money incentives, bonus and the wages linked with productivity etc. are designed in order that the employees may be motivated to work more efficiently, yet there are some other motivational factors that can bring positive results in the personal development of the employees as well as in the organizational environment.

A sentence that may have commonly been heard or overheard when a situation erodes the employee morale, “Money is not everything.” connoting there is something that drops off behind the situation that the person anticipates other than the money. Hence, it is necessary for a manager to understand what motivational factors the employees get contented with while observing both financial and non-financial motivational factors in the workplace. Just to name a few of the most commonly used non-financial motivators are mentioned herein that could stand to benefit to everyone concerned.

Evidence reveals that the employee morale is a vital element of an organizational development and success. Having been enhanced to the extensive extent, it leads to the considerable improvement in efficiencies and organizational competencies. It is therefore by means of boosting employee morale is to get success in terms of overall organizational development and competence. The higher the morale, the greater will be success and vice versa. Considering the factors affecting employee morale, a manager must come out with positive and constructive suggestions, ideas and plans which may be beneficial to both organization as well as the employees. Managers must adopt such motivational methods as to boost employee morale at all times.

As regards the employee morale, moving back to see how it is, connected with quality of work delegated and being considered as one of the non-financial motivational factor, supportive to both management as well as employees.

Quality of work is an important factor for the employees who are qualified and skilled and capable of performing better and challenging tasks than those that are done every day as a routine - such tasks may sooner or later become real chore for them. Employees begin to lower their morale and get frustrated if they are not provided the right opportunities and assignments matching with their skills and professional credentials. What in such situations a manager needs to do is that he can suggest plans and ideas to benefit those employees. In order to ensure without any prejudice in the assessment of such employees, one of the modern methods of performance appraisal, a new approach to business management, having been termed as Management by Objectives is very much helpful in this way. It is through the process of management by objectives that the objective of each employee is set having been mutually agreed upon and the Key Results areas (KRA) and Key Performance Indicators (KPI) are indicated accordingly. Not only does this process help the manager to evaluate the performance of each employee but also enables him to propose for any further development of the employee in respect of his designation and the assignments. In this way, a manager could support those employees, by enhancing their morale, who are true in their claim that they can handle better assignments than those that are being carried out currently.

Next in importance comes the good deed of praise and recognition - Who on earth doesn’t have a wish to win praise? Who does not want that he be expressed one’s approval and admiration and recognition in the tasks that are done by the sweat of his brow? Even to smile a small smile makes a big difference, then, what to speak of the admiration and recognition? The effect of admiration and recognition in lieu of the loyal and sincere services of the employees is such that it becomes a stimulus that sets off a positive behavior triggering their minds to work more effectively and efficiently to the extent of their diligence. At this point, a religious saying is worth mentioning that could be so interpreted - or the words to that effect: If one cannot help others with money, then one must help them at least with a pleasant smile. It thus suggests how important it is for a manger to make a smile appear on his face. It may be rightly said that a broad grin wins the assent of the employees to motivate them towards their efficient performance. The actions relating to praise and recognition may thus be demonstrated as and when needed, such as, patting at the back of the employees, entrusting them advance assignments and recommending them for promotions.

Mention must be made about the provision of the place and the furniture as these symbolize the status and the level of authority and responsibility being associated with the designation of the employees. Having been provided costly furniture with well-decorated and furnished office, employees take great pride in their work as this method of motivation creates the correct level of respect for the importance and value of their character, efforts and achievements.

The seniority of an employee in itself encompasses an additional implied meaning that extolls the employees’ loyalty, patience, truthfulness and trustworthiness, sense of responsibility and steadiness. When an individual makes a start his career wishing for his professional progress and becomes a part of an organization, brings along him a bundle of hopes and ambitions and commitments. In order that he could take care of his family members satisfactorily, he regards the means his livelihood as valuable to fulfill his responsibilities and personal goals. Such employees are responsive and meticulous in doing their duties. Hence, in view of the aforementioned facts, the assurance of job security with economic measures within the organization plays a significant role while motivating them to continue extending their earnest services.

Now looking to the other side of the coin, evidence suggests that non-financial motivational technique has a favorable effect on the process of job enrichment or job enlargement entitling those employees who are desirous. They would rather want professional development than adhere to the routine job activities. To them job enrichment or professional success in terms of higher positions is more important than maintaining seniority level with the same nature of job. Yet again, there is a need of a fair assessment so that the employees who deserve may be benefited.

As a final point, motivation must not be taken in isolation. It is integral to the success of a business. Motivation is solely a psychological process being originated from the needs and drives and actions of the employees. There are various factors to be construed in the process of motivation. It is thus necessary for a business or Human Resource Management to understand the situations consenting to give encouraging response while offering financial or non-financial incentives that the employees can be gratified and take pride in being associated with the organization.

Written by:
K.A.Fareed (Fareed Siddiqui)
Writer, Trainer, Author, Vba/Vb Developer
BBA; MBA-Finance; M.Phil-Financial Management; (PhD-Management)
MA-English; M.Phil-English
Pursuing CMA-USA
Individual Member of Institute of Management Consultants of India
Email: Fareed_Sidq@yahoo.com




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