Research has shown, 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 to 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 competitive organisation to counter offer. People usually join organisations 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 that 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 see them fly. You will see them put in more than 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.
Firstly, 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.
Secondly, set goals and establish a commitment. Ask individuals 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.
Thirdly, have an open door. Allow individuals to feel that 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.
Fourthly, give praise when praise is due. As the individual achieves his goals, publicly recognise him. This involves a one-on-one conversation with the individual to affirm his achievements, and then a public announcement/email out to the entire team - and indeed organisation - affirming the achievements. Be clever here - if you have 15 talents that 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 your 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.
