The motivation equation: Vroom’s Expectancy Theory.
Motivational Force = Expectancy (effort - i.e. will my effort lead to high performance?) x instrumentality (performance - i.e. will performance lead to outcomes?) x valence (rewards - i.e. do I find the outcomes desirable?)
The benefits of a motivated workforce
“When engagement starts to decline, companies become vulnerable not only to a measurable drop in productivity but also to poorer customer service and greater rates of absenteeism and turnover.”
Engaged motivated employees:
are likely to go the extra mile;
believe in their organisation and its values; and
take fewer sick days.
Disengaged employees may:
be unproductive;
be resistant to change;
have low morale;
have increased levels of absence; and
have little respect for their colleagues.
It’s not just about the money …
Money can be a motivator, but it’s not necessarily the biggest driver.
Motivation drivers:
67% - praise and commendation from manager;
63% - attention from organisational leaders;
62% - opportunity to lead projects;
60% - performance-based cash bonus;
52% - pay rise; and or
35% - stock options.
Tips to motivate your team
understand individual drivers;
communicate openly and honestly;
lead by example;
create meaningful challenges;
set inspiring team goals;
offer praise/feedback and recognition; and
reward hard work - celebrate success.
References
1. Towers Watson, ‘Global Workforce Study: Engagement at Risk - Driving Strong Performance in a Volatile Global Environment’ (2012). Available at: https://www.towerswatson.com/en-GB/Insights/IC-Types/Survey-Research-Results/2012/07/2012-Towers-Watson-Global-Workforce-Study
2. Martin Dewhurst, ‘Motivating People: Getting Beyond Money’, McKinsey Quarterly (November 2009). Available at: http://www.mckinsey.com/insights/organization/motivating_people_getting_beyond_money
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