How to Motivate Employees without Money?

Gone are the days when employees looked for opportunities with good salary packages, incentives, and perks. Today, the business world is ruled by the millennials – a generation that is more concerned about recognition, and appreciation.

Hence to make them feel motivated isn’t “expensive” for the entrepreneurs. Although nobody works for free, there are many other ways to bring the best out in your employees. Cash won’t alone make your employees more productive; things like the work itself, goal achievement, recognition for the achievement, responsibilities and better opportunities for growth and advancement are worth considering.

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Ways to Motivate Your Workforce other than Money

Factors you should include in your motivation strategies are:

1. Praise Their Efforts and Hard Work

Keep it as simple as you can. Praising should come from your heart. A simple “thank you” shout or note during a meeting can make them feel valuable. Your purpose is to make them feel that their efforts are being acknowledged and valued too.

2. Treat Everyone as a Leader

Leadership is a skill that can be developed in anyone. As an entrepreneur, it is your responsibility to hone this skill in your employees. Also, emphasize the strengths of your top employees and make them feel that you want others to learn from you and your excellence. When you’ll make efforts to set the bar high, your employees will be motivated to stand up to their reputation as a leader and work better.

3. Listen to their Voice

Communicate with your staff often. Listen to them, their problems, and welcome their ideas. Even an employee at a junior or sub-junior position can have ideas that can help your business grow. Ask them the questions and pay attention to what your employees have to say. You never know it can help you run a more profitable business in a different direction.

Also Read: What are the different Levels of Management?

4. Treat them with Respect

Everybody deserves respect – even that clerk or accountant working in your company. Giving respect to your workforce will help you accomplish what you’re trying to achieve with your business.

5. Surprise them

Yes, this can be a great way to appreciate their work. Pick the best employee, say each week, and take him/her to lunch with you. This can be your new, undisclosed policy. Walk up to the employee you chose each week and invite them to lunch. They will feel special and honored. This can be a very touching and motivating gesture from your end.

Also Read: Types of Motivational Theories of Management

What’s your call on these ideas? Let us know your views. Feel free to share with us and our readers.

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Joe David

Joe David grew up in a business family and done his MBA in Marketing and Finance. After working with educational institute for more than 5 years he chooses to write on various educational stuffs on Easy Management Notes. Also, he provides mentorship to MBA Students.