April 11, 2006

News & Opinion: Money as a Motivator?

By: 800-CEO-READ @ 7:07 PM – Filed under: Management & Workplace Culture

The question of the week directed towards Jack and Suzy Welch is:
In our business, the biggest challenge we have today is motivating our people. What's the best way to do that?
*From BusinessWeek's March 27, 2006 issue Beyond money, they have four suggestions:
  1. Recognition
    Recognize people's achievements. Highlight them. Announce them. It lets people know their efforts are appreciated and makes them work harder for future recognition.
  2. Celebration
    Celebrate the victories along the way. It doesn't have to be a huge, blow-out celebration. As Jack and Suzy say, it can be as simple as tickets to a ball game (and with baseball season now in gear, what could be a better idea?)
  3. Create a mission
    Create something that everyone adheres to and sets their compass towards. The best creation processes incorporate everyone's input to develop a good mission.
  4. Balance achievement and challenge
    People want to accomplish their goals while still knowing that there's room to grow. They need achievements as must as they need new challenges.