Even if you can’t give out raises this year, a recent study found there are ways you can motivate employees that don’t require dipping into the company’s bank account.
A new McKinsey Quarterly study revealed the following actions can help improve performance as much as (if not more than) cash incentives:
- praise from direct supervisors
- attention from company leaders, and
- opportunities to lead projects.
In fact, the study found that the supervisors getting the most from their workers in this economy are the ones praising workers, delegating responsibilities and staying in constant contact.
But the study also made sure to point out one thing: These actions only work for employees who are satisfied with their current pay.