What motivates employees more at work? Increased salary or a challenge?
Contrary to what one might assume, studies1 show a very weak correlation between salary and motivation. But surprisingly, employees can be very driven when given a challenge.
By nature, people are competitive creatures. Tapping into that human instinct to be the best can be an employer’s greatest asset. Sure, a hefty paycheck may keep employees. But will it engage and motivate them? The “challenge” is finding that spark – the one that gives a somewhat productive employee the passion to excel beyond goals and expectations to become a rock star. This is called “professional development.”
Employees under age 25 rate professional development as the number one driver of employee engagement.2 Research shows that engaged employees have greater productivity, reduced turnover rates and less sick days. But creating a work environment ripe for professional development is not that simple. It requires the development of onboarding management programs and a culture of support and learning.2 This takes time, but is well worth the effort. Companies with a strong learning culture are 92 percent more likely to develop novel products and processes, 52 percent more productive, 56 percent more likely to be the first to market and 17 percent more profitable than their peers. These companies also hold higher engagement and retention rates, up to 30 percent to 50 percent higher than other companies who haven’t invested in professional development.3
More money or more challenge? Domus, Inc. has a 5-step employee engagement process that includes taking an inventory of your engagement-driving assets and discovering ways to help your employees choose “the challenge.” Contact us to find out how our employee engagement strategist can build a program for you.
1Harvard Business Review, written by Tomas Chamorro-Premuzic, April 10, 2013
2Bersin by Deloitte, Glassdoor research of more than 20,000 respondents conducted in October 2014
3Deloitte. University Press, written by Josh Bersin, January 26, 2015