Managing Human Resource the Right Way: Motivating People with Factors Beyond Money

Managing Human Resource the right way:

Motivating people with factors beyond money

"The economic slump offers business leaders a chance to more effectively reward talented employees by emphasizing nonfinancial motivators rather than bonuses."

Mc Kinsey Survey

In today's dynamic corporate the most challenging question is to be able to manage the people the right way, so as to get the right output and also be able to reduce the attrition rate. What motivates the employee is the biggest question for the Human Resource Managers who have been constantly searching for ways to create an environment which motivates their associates and hold them to the company. With changing world, we have witnessed a lot of change in expectations of the employers (age, qualification, experience). Similarly, employees also have a different set of factors which motivate them other than the monetary factors now, which were the only motivating factors in past. The monetary factors like bonus, incentives, PF, ESOPs and other allowances are no more able to hold the associates and in addition the factors seems to differ for different people now. The motivational factor for a male employee is different from that of a female employee at work place, a younger associate would expect different motivational factor than that of an older associate.

This paper through discussion wants to determine the optimal motivational factors for people of different cadre so as to be able to help the company gauge the path to fulfill its objectives in an unstable economy.

Key Words: Economic slump, reward, attrition rate, Non-financial motivators.