Research has shown that time and again that monetary reward is an "order qualifier" - a have to have - and that cash is not king when it comes to extracting discretionary effort from the people on your team. And here's why.
Many organisations try and motivate and keep top talent by paying them more, offering bonuses and monetary incentives. But this only comes back to bite you because that means the only thing keeping your great people with you is money, and it's easy for a competitor organisation to counter offer. People join organisations usually for money but they leave because they don't feel valued.
What is needed - to foster high performing individuals and teams - is opportunity. Opportunity for each and every person to feel they are making a real, considered, recognised difference in their role and place of work. Everyone wants to leave a legacy in the world, and most of us choose to do that through our work so by providing that opportunity to your best people, you will get to see them fly. You will see them put in more that you ever thought possible into being truly excellent in their roles and adding huge value to your team and to the organisation.
This is relatively easy to do; it just requires time, consideration and excellent implementation. You need to have a plan for your people: a well thought through, individualised, well monitored plan.
First, start with choosing who the top people in your team are and sitting down, one on one, for dedicated uninterrupted time with each person. Ask them how they are, where they want to go in the team, the organisation, what their dreams are, how do they want to make the biggest difference in their roles, what support do they need, what ideas do they have that they want to implement.
Second, set goals and establish a commitment. Ask the individual what they hope to achieve and by when and realistically outline your views as to what you need from them and where you would like to see them grow. Commit to working together to achieving those goals.
Third, have an open door. Allow the individual to feel they can come to you and ask for your thoughts if they need to. This allows them to feel supported, important, and valued in your team.
Fourth, give praise when praise is due. As the individual achieves his/her goals, publicly recognise them. This involves a one on one conversation with the individual to affirm their achievements; and secondly a public announcement/email out to the entire team and indeed organisation affirming the achievements. Be clever here... if you have 15 talents you are trying to motivate figure out a way to affirm so that it doesn't take up too much of your time. A once weekly staff email that outlines achievements of individuals is a simple and powerful technique.
And lastly, review progress constantly. Set up both formal appraisals and informal chats to allow space for feedback, checking goals, determining energy levels and addressing any issues.
Ultimately as people, we all just want to have our place in the world; to do well; to feel needed; to feel successful and that we have done something worthwhile with our lives. Remembering this goes a long way to connecting on a personal level with those individuals in our team. Through connecting with people on your team, having excellent conversations, achieving clarity around where to and why, and providing support - you can, and will, get the very best out of each person on your team.
