Incentives Beyond Compensation: Monetary vs Non-Monetary

Phil Holberton

Phil Holberton

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If you’re a small to mid-size company you’ve no doubt lost at least one employee to a larger company who offered compensation that you could not match.   As frustrating as this is, you do have some options to retain people that don’t require significant out of pocket cost.  This short article from Forbes offers “10 Tips for an Incentive Program That Goes Beyond Compensation.”

As a leader, if we only asked our employees what motivates them, we would quickly learn it is NOT all about money.  Think Maslow’s Hierarchy of Needs.  After we put food on the table and shelter over our heads, we seek to belong.  If management would only think of ways to help me feel like I belong, rather than just treating me as a cog in their wheel.

Pat me on the back, tell me I am doing a good job, treat me with respect.  If you do these for me, I will jump over the moon for you – I will follow you anywhere.  Oh, what an exaggeration, not anywhere, yet you get the point.  My glass will be half full and not half empty.

Now ask yourself, ….. am I a Leader?

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CATEGORIES: CEO, Inspiration, Leadership

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