among monetory and non monetory motivational strategies, which one are more effective, in order to retain the employee?
From India, Thana
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10From India, Thana
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Hi Chanchal,
About your question, I should say both have equal importance to retain an employee. You must have heard about Maslow's Hierarchy, which talks about different hierarchies of needs. Each person in the world is at a different level of hierarchy, so you cannot standardize a single factor as motivation for all employees. An employee who is needy and in a struggling phase will prefer a monetary boost, whereas an employee who is well-settled and has all comforts in life will appreciate more recognition for their work.
Therefore, it is crucial for HR and line managers to understand what motivates their employees the most. Is it a financial boost, recognition, or something else entirely?
This is how a system of motivational strategies can be designed based on employees' customized needs.
Regards,
Hitesh
From India, New Delhi
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About your question, I should say both have equal importance to retain an employee. You must have heard about Maslow's Hierarchy, which talks about different hierarchies of needs. Each person in the world is at a different level of hierarchy, so you cannot standardize a single factor as motivation for all employees. An employee who is needy and in a struggling phase will prefer a monetary boost, whereas an employee who is well-settled and has all comforts in life will appreciate more recognition for their work.
Therefore, it is crucial for HR and line managers to understand what motivates their employees the most. Is it a financial boost, recognition, or something else entirely?
This is how a system of motivational strategies can be designed based on employees' customized needs.
Regards,
Hitesh
From India, New Delhi
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Hi,
Recall that there is intrinsic and extrinsic motivation. From an HR point of view, we need to address ourselves to making employees have intrinsic self-motivation. This will only be realized if staff see that their career path is in tandem with the organizational succession plan.
Watch out for cases where we stifle the progression of staff and lose out by just paying them money! Life is not all about money.
You also need to have employee participation through the new psychological contract that emphasizes emotional connectedness based on the unwritten laws and rules. This will yield and cause staff to exhibit OCB - organizational citizenship behavior. Those characteristics that employees adopt when they feel they belong to the organization. For instance, they will work long hours without necessarily asking for overtime payment.
Regards,
Patrick
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Recall that there is intrinsic and extrinsic motivation. From an HR point of view, we need to address ourselves to making employees have intrinsic self-motivation. This will only be realized if staff see that their career path is in tandem with the organizational succession plan.
Watch out for cases where we stifle the progression of staff and lose out by just paying them money! Life is not all about money.
You also need to have employee participation through the new psychological contract that emphasizes emotional connectedness based on the unwritten laws and rules. This will yield and cause staff to exhibit OCB - organizational citizenship behavior. Those characteristics that employees adopt when they feel they belong to the organization. For instance, they will work long hours without necessarily asking for overtime payment.
Regards,
Patrick
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Effective employee retention strategies-BPO. doc
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(Fact Checked)-The user's reply contains accurate information on intrinsic and extrinsic motivation, organizational succession plans, psychological contract, emotional connectedness, and organizational citizenship behavior. The emphasis on non-monetary factors for retaining employees is well-supported. (1 Acknowledge point)