The Key Drivers Of Motivation

Finding the balance between intrinsic and extrinsic motivators to maximise employee effectiveness and productivity...

Most companies have unique methods for motivating people. When done right, this delivers an energized workforce, inspires progress, and pushes teams to excel. But motivating employees can be tricky and with the ongoing upheavals we’re experiencing, keeping your workforce motivated is more challenging than ever.

“The best way to motivate your team is to find the right balance between intrinsic and extrinsic drivers. Extrinsic motivation comprises external factors such as money, recognition, and praise. Intrinsic motivation is when employees find purpose in their roles, work with people they like, and develop as individuals,” says Craig Kiggen, Managing Director of Consolidated Wealth.

“Many businesses use extrinsic motivators such as pay hikes and incentives to drive performance, but this can have a diminishing margin of return. In fact, when people earn enough to sustain their desired lifestyle in a knowledge-based environment, they look to intrinsic drivers to fuel their performance,” he explains. “Being aware that the balance is unique to each employee, and optimising that balance when rewarding individuals, is the best formula to ensure a motivated workforce.”

Kiggen’s key drivers for creating and keeping your workforce motivated are:

1 Unite around a higher purpose