It is not all about money anymore.
Rewarding your employees can take you a long way but rewards don’t always translate to monetary benefits. Today’s employees want rewards that are way beyond money. In fact, not many even think about the cash inflow when they seek a job. This is because experience and the fact that they will learn something matters much more. Only a couple of days ago, two very young individuals from India rejected a pay package of $210,000 each from Oracle. They opted for other companies, which paid much less. This is proof that money is no longer the priority.
This is what you should keep in mind when you think about motivating your employees. Juicy rewards such as increase in pay might work wonderfully but you should never restrict rewards to bonuses. When you do this, your business will become solely monetized and your employees will think you don’t even care about them. Instead of putting that message across, think beyond money. What else could motivate your employees to do a better job? What else could keep them going? Incentives in the form of a break and travel incentives.
No matter how much we love our job we need a break. The same applies to your employees. Even the best player in your team needs to lay off. You may some workaholics who simply love work but to keep them boosted and at the top of their game, they need a break as well. Thus, offering travel incentives when they perform well is the best way to keep them motivated. When they come back from their vacation they will be fresh and even more interested to do their job. This will also make your employees love your company. Therefore, resignations will be much lower than your competitors. Moreover, the business will see growth like never before.
Experts say that this is the best way to motivate yourself as well. If you have worked very hard, overcome challenges, and helped the company in multiple ways, it is time to take a break. If you can’t afford a long one, just a couple of days off will do the trick for you. Relax, have some fun, don’t think about work during your vacation, and come back to office with a refreshed smile. In this way, everyone wins!
Money will not always do the job of motivating your employees because even your competitors are offering the same. Your job is to think beyond money and to offer much more than that through incentives. One of the best incentives is a break. Allow your employees to blow the steam off after completing a difficult project so that they know you value them. Also, when they come back to work they will be more productive and enthusiastic about working for you.