General Business News for October 2008
Did you miss some articles?
Don't worry, we saved them for you.
Archives
Motivating Your Employees
As an employer, you know that the success of your business depends, in large part, on the success of your employees. It’s axiomatic that the more productive your workforce is, the better your profit margin will be - but what exactly is it that motivates employees? Is money the main motivator for them? Are your employees more productive when you provide meaningful feedback or recognition?
The keys to employee motivation have been studied over the years and the basic truth gleaned is: there is no ‘one size fits all’ answer to motivating your workers. Often, it depends on the individual employee. Furthermore, it depends on what stage an employee is in his or her career and even the generation that person is from. Generational Differences Today’s manager must deal with essentially four different generations:
Traditionalists grew up in the depression and during a period of significant world difficulties. Their formative years included World War II, the Korean Conflict and Vietnam. As a result, they tend to be practical rules-followers who are respectful of authority. They are also typically hardworking and loyal individuals. Baby boomers may have missed World War II, but their lives were also shaped by such events as the Korean Conflict and Vietnam War. Their world was colored by an increasing emphasis on peaceful cooperation amongst nations as an alternative to the tensions of the cold and hot wars of their generation. As a result, they tend to value teamwork and cooperation and are ambitious, optimistic ’workaholics’. Generation X workers’ formative years may have begun in tumultuous times, but this generation also witnessed a peaceful period in world history. Unfortunately, the period also included difficult economic times that forced companies to rethink the benefits offered to workers, including job security. The movement of jobs from the United States to other countries took a heavy toll on the American worker. As a result, Gen X-ers tend to be skeptical of what they are told and are self-reliant individuals. They don’t mind taking risks and place a high premium on balancing their working and personal lives. Millenials grew up in a prosperous period in American history and also one with great technological advancement. As a result, they are hopeful individuals who are comfortable with current technology. They appreciate diversity in the workplace and want their work to mean something. As you can see, each generation presents unique challenges to a manager. How you manage a Traditionalist who easily accepts authority can be vastly different than managing a Generation Y-er who wants to know why you want them to do a particular job. If you have a diverse workplace, it’s important to recognize that no one generation has a lock on the secret of life or the best way to conduct business. If you recognize this and approach employees based on their generational values, you are likely to enhance the productivity of your entire team. We are All Individuals While stereotypes can help you determine motivators for your workforce, no two individuals are alike. It’s the supervisor’s job to identify each person’s motivations and the best way to do this is through talking with employees. Some typical motivators a supervisor is likely to see are:
|