The character Jerry McGuire may have said, “Show me the money,” but Mark Twain said, “I can live for three months on a good compliment.” An article in McKinsey Quarterly, “Motivating people–Getting beyond money” points out the “economic slump offers business leaders a chance to more effectively reward talented employees by emphasizing nonfinancial motivators rather than bonuses.”
A rich discussion with a dozen HCI senior practitioner members and Expert Advisors Rodger Stotz and Mike Ryan on the topics motivation, recognition and empowerment confirmed emerging themes and raised important questions about measuring the impact of recognition. Qualcomm accumulates the anecdotal impact of recognition. HCI members agreed on tracking recognition with data points such as talent performance, customer satisfaction, and operational efficiencies.
Is there a perception that nonfinancial motivators take more time? Maybe not, however, why not do it if non-financial recognition is more memorable? "The Benefits of Tangible Non-monetary Incentives" explains why. Recognizing leaders who are strong “people developers” was recommended by an HCI content advisory member (and we know that what gets recognized gets repeated).
Leadership skills to model recognition and leadership support for the recognition systems that optimize talent are consistent with Hay Group research on motivating leadership. It’s part of the “new deal” to keep the right talent. James K. Harter, Chief Scientist, who leads Workplace Management and Wellbeing at Gallup, will explain why there will be little of more importance to your organization than the ability to manage the expectation levels of high potential workers.