Setting Goals That Motivate Workers: Money Vs. What It Can Buy
For centuries, setting goals that motivate workers has been a top priority for successful companies. Over the years, opportunities to motivate workers have changed along with technology. But one thing has stayed the same: Money is a highly sought after motivator.
There are two reasons why: Money helps ensure that our needs are met, and it gives us the power to get material things we want. This is why profitable companies often reward workers with both cash incentives and non-monetary incentives that have an obvious cash value.
Ideas for Non-Monetary Incentives
For most companies, monetary incentives comprise a fairly straightforward range of options, such as performance bonuses, annual salary raises, and stock options. Non-monetary incentives, on the other hand, are a bit like the Wild West: Practically anything people value can be used, which creates the challenge of setting the right motivational goals.
If your company is facing this challenge, below are ideas for setting goals that motivate workers not with dollars, but with what money can buy.
- Luxury Personal Items
Luxury personal items range from private jets to gem studded jewelry. The luxuriousness of the products often supplies them with novelty, But items that tend to generate the most motivation are those that don’t cost much to maintain and essentially last a lifetime.
A watch from Rolex or Cartier is an example of this type of reward. The piece costs a few thousand dollars, which is ostensibly less than the amount of company revenue the recipient generated to receive the eye catching piece. High-end luxury items may not be a good fit with your company’s culture, but if they are, they’re a surefire way to commend success.
- Incentive Travel Trips
As we’ve seen through our experience in the incentive travel business, incentive travel trips to unique destinations are a great option for setting goals that motivate employees. The intent is to perform well enough to qualify for the trip — and you, as the employer, set the qualifications.
Exactly what types of trips are we talking about? This blog on traveling California’s Napa Valley region provides an example of an incentivized goal that involves world class travel.
- Business Award Plaques
Almost everyone wants to be recognized for his or her achievements in the workplace. Enter award plaques, which come in a various styles and feature engraved messages that commemorate the recipient’s achievement. Most business award plaques are highly affordable, but their value is primarily psychological. They’re one of the few types of awards that are inexpensive to buy, yet mean a great deal to the recipient.
- Waiting Job Promotions
Some companies find that promoting employees to higher positions in the company generates a lower employee turnover rate than companies that sift through resumes, looking for the best “talent” behind the applications. Taking the promoting from within approach is a great way to make workers feel allegiant to your company. The key is to establish a program that provides employees with clear guidance on how to achieve goals that trigger promotions.
Who We Are
Incentive Travel Solutions helps companies plan unforgettable incentive travel trips to unique destinations across the globe. In addition to handling the travel and lodging arrangements for a trip, we send a retinue of trained travel attendants with you attend to your wants and needs, and resolve any unforeseen issues with the travel itinerary.
To learn more about how incentive travel trips can assist with setting goals that motivate employees, call us today at (704) 540-1482, or fill out our contact form. We look forward to helping you explore the opportunity of motivating your workers with incentive travel trips.
