A study by the Federal Reserve Bank of Boston found that larger financial rewards for jobs involving cognitive skills lead to poorer performance. The same study revealed that employee engagement is a bigger motivator than money in the workplace.
- 78% of employees cited recognition as the main motivating factor in their career
- 69% say they would work harder if they were better recognized
- 52% are not satisfied with the level of recognition they receive
- 49% say they would leave their current job for a company that clearly recognized employees for their efforts
- 39% of workers do not feel appreciated at work
Employers will reap the benefits in better service, sales and staffing when their employees are motivated to work and perform well. So what works best? The key is recognition of the top performers. You set the standards, recognize those who succeed at performing your standards, and employees will be motivated.