Money matters. It matters a lot. It is often the reason we switch jobs. Money is not the only thing that keeps you IT people motivated to stay at their jobs. It is widely presumed that money is the ultimate motivation for better performance. It is seen as the source of job satisfaction. The settlement may work for some time, but it cannot be sustained in the longer run. Employees are unlikely to acquire job satisfaction if they are solely motivated by good pay scale offered by the company. There are some other elements that play an important role in increasing your motivation to work. Some factors, other than money, compel you to work better and produce the best results.
According to a meta-analysis, it is reported that there is a weak link between salary and job satisfaction. There is only 4.8% correlation between pay and job satisfaction. This leads us to wonder what elements play a significant role in motivating, if not money.
Money, indeed, have a major role in the decision to continue with a profession, but it is not the only motivation that persuades you enough to put up with your job. There are five essential things discussed below that serve as more important motivators than money.
1. Learning New Technology
As an employee, you cannot expect yourself to remain at the same level, without any growth and still enjoy what you do. This initiates stagnancy. For better growth, personally and professionally, one needs to stay in the loop of the learning cycle. The strife to become a better version of who you are today can be an intensive motivation. This can be achieved when you are willing to test new waters and indulge in the progression of the field.
The Information Technology industry is continuously evolving. There are new advancements made every year and the equipment and software are upgrading accordingly. There are several subspecialties now introduced in the industry to become a part of. The zeal to learn more and acquire skills in the newer technology can be a strong motivation.
It allows for tremendous personal and career growth. It adds valuable experience to your professional achievements. Staying in the same position with a similar set of duties to be done each day can get boring after some time despite the fact that you are paid really well for the job.
Having a job that offers a better learning experience is more attractive. With the opportunity to engage in new technology, the level of job satisfaction is escalated. This is important to be recognized by the firms as well. They need to start educational courses and training programs that allow the employees to refine their skills and learn newer technology.
This benefits both: the employee will remain motivated and the company will be able to retain its competency.
2. Not being Micromanaged
If you are at a managerial level and concerned about how to raise the motivation of your subordinates, you have to think outside the box. Money and financial incentives are now conventional approaches that do not work as effectively. These motivators may work for a certain period but then lose their significance. What’s more important is giving your team members certain liberty. Do not micromanage them at every single step.
Give them some room to find their own footing in the project. Let them test a few things and explore possibilities. You may as well be surprised with what incredible solutions they’ll be able to offer you. Having high pay receiving employees but not giving them room to exercise due to limited working potential will not give you many productive results.
Moreover, this will increase their motivation extensively and develop the satisfaction level. The Information Technology field is all about innovation. Competition is growing at a surprising rate.
If a company wants to retain its competitive edge, they have to have highly motivated employees who can help the company retain its distinct position in the market.
3. Upward mobility
As mentioned, career growth is highly important when it comes to retaining motivation. Companies and firms need to show the employees the prospective growth they’ll be able to achieve on the basis of their performance. This can serve as a huge motivator for employees to perform better and up their game to produce optimum results.
Upward mobility indicates the career ladder that employees can climb within an organization. People are likely to perform with more zeal and enthusiasm in an organization that offers a better room for career development as compared to an organization that does not offer any substantial growth. In organizations with limited upward mobility, employee turnover rate is high.
This is an element that tends to produce better results than monetary benefits, and motivates the employee to work with more dedication. It builds organizational loyalty and increases job satisfaction. Recognition allows the employees to know that their work is acknowledged and is appreciated.
This encourages them to perform even better. Moreover, it also stimulates a healthy competition amongst the team where each employee yearns for formal recognition and getting acknowledged.
Recognition can come in form of “Employee of the Month or Year,” certificate, or top performers’ lunch.
This allows all members an equal and fair opportunity to compete with each other and achieve targets in order to get recognized. This serves in promoting positive work energy in the firm and motivating everyone to perform in the best of their capacity.
5. Being Part of Decision Making
Money is only one part of motivating employees. It cannot be considered as the only motivator. If the firms want to increase the productivity of their employees, they need to treat them as valuable assets of the company. They need to make them feel valued. Indulging them in the decision-making process can be a huge motivator that can develop extensive employee loyalty and create job satisfaction.
When employees are made part of the decision-making process, they ultimately feel more connected with the organizational goals. They feel entrusted with the high-level decision making and think of themselves as important enough for the firm to indulge their opinion.
This ultimately develops a sense of obligation to pay the company back with their maximum potential and loyalty. When they are trusted with responsibility, they are motivated to prove themselves as being capable enough. Such kind of motivation cannot be achieved by simply offering monetary benefits.
As an employee, you need to search for opportunities that do not just offer better salary packages. You need to find a place offering these motivators, too. This is the only way you can earn job satisfaction and perform with your maximum potential.
Similarly, companies and organizations looking to improve the motivation of their employees, they need to ensure these motivators are a strong part of their organizational culture. This will help lower down the turnover rate and improve the productivity and motivation of the employees.
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