ALT-3 Motivating Employees is Money or Recognition more Appreciated – Recognition
Money is a very close second to recognition; but, it's still second. Studies have shown that appreciation (sincerely expressed, of course) is the most important consideration for employees. Everyone wants to know they are appreciated and valued. Being recognized for good performance is essential to showing that appreciation in the workplace.
Everything has its price, right? Everyone has a price even for their dignity and self- respect, right? Even a night with one's spouse can be purchased if the price is right; as was presented in a movie several years back entitled, "Indecent Proposal." In the film, Robert Redford's character offers a million dollars to sleep with Woody Harrelson's character's wife, played by Demi Moore. A million dollars - enough money to change their lives and, it did, alright just not the way they thought it would. As important as money is in our world, there still is a few things that money just can't buy or replace.
Even in this day and age, most have not sold out their self-respect for money - at least, not yet. Although, monetary compensation is the second most important form of appreciation, by itself, it is not enough. Not sure about that? Let me give you an example.
Let's say you had an employer that paid you as agreed, but failed to render you the recognition you deserved for your hard work. Let's take that a step further. Let's say that you performed your job well above the call of duty; so much so, that it caught the attention of your boss's boss, and so on, and your boss took all the credit for what you did so well? How would that make you feel? What if you had an insightful idea; developed and presented it; and your boss passed it on as his/hers? How would you feel? And what if the recognition your boss received resulted in him/her getting a huge pat on the back; maybe, even a bonus and promotion to boot how would you feel? Not only would you feel unappreciated, you would likely feel misused, as most in that same position would.
Even though you received a paycheck, the distaste of being unappreciated and feeling used would overshadow the money. Even if your boss threw "a little extra" in your paycheck without the recognition you deserved, you'd probably feel like you were being given "hush money" rather than appreciative compensation. Even if your boss doubled your paycheck, I dare say you would not be satisfied for long, if at all. And likewise, if you had high-paying, executive position, you wouldn't be happy if you were constantly demeaned and berated. Money doesn't buy total servitude; nor, should it - at any price.
A secure and honest employer has no trouble giving credit to whom credit is due. Integrity is a trait most employees want to see in their employer. People want to be inspired by good leadership. Expressed appreciation is a hallmark of good leadership. Hard work shows, so does true appreciation. Giving recognition is the number one way to show sincere appreciation. Bonuses, raises, promotions (added responsibility for added compensation), and other benefits (i.e. insurance, paid holidays, vacations, retirement funds, profit sharing, stock options, etc.) are nice additional ways to express the appreciation of one's work; but, they should not be offered as substitutes for recognition.
Recognition should be equally expressed personally and publicly, and it should be accompanied by more than just words. It should not be used a gesture disguised to increase one's responsibilities without increasing his/her compensation for the additional responsibility. A true promotion is a reward; not a punishment. Added responsibility for a "possible" future pay increase is a "carrot" an employer might use to alleviate his/her own responsibility.
True recognition is a reward in itself. It is respectfully showing appreciation by recognizing the work of another. It's powerful; it's inspiring; it's motivating. It promotes creativity and productivity better than anything else even money. (But, money needs to be recognition's close companion.)
