Mind Your Business!
1.3K views | +0 today
Follow
Mind Your Business!
Translating business for people!
Curated by Mike Milazzo
Your new post is loading...
Your new post is loading...
Rescooped by Mike Milazzo from Business Brainpower with the Human Touch
Scoop.it!

Motivating People: Getting Beyond Money

Motivating People: Getting Beyond Money | Mind Your Business! | Scoop.it

Companies around the world are cutting back their financial-incentive programs, but few have used other ways of inspiring talent. We think they should. Numerous studies1 have concluded that for people with satisfactory salaries, some nonfinancial motivators are more effective than extra cash in building long-term employee engagement in most sectors, job functions, and business contexts. Many financial rewards mainly generate short-term boosts of energy, which can have damaging unintended consequences. Indeed, the economic crisis, with its imperative to reduce costs and to balance short- and long-term performance effectively, gives business leaders a great opportunity to reassess the combination of financial and nonfinancial incentives that will serve their companies best through and beyond the downturn.


Via The Learning Factor
more...
The Learning Factor's curator insight, July 7, 2013 5:17 PM

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

Rescooped by Mike Milazzo from Business Brainpower with the Human Touch
Scoop.it!

Balancing the Pay Scale: 'Fair' vs. 'Unfair' -

Balancing the Pay Scale: 'Fair' vs. 'Unfair' - | Mind Your Business! | Scoop.it

Whether you are a shelf stocker at Walmart, a second year associate at a consulting company or an equity analyst at an investment bank, you may feel that you are not adequately compensated for the work you do -- in other words, you are underpaid. But underpaid relative to what? How do employers determine compensation levels, and what consequences can these decisions have for the organization?

Indeed, many people think that compensation systems are broken, with some CEOs paid exorbitant sums that are not always related to their performance while lower-level employees are paid salaries that barely keep them above the poverty level.

 

A recent article on Bloomberg.com last month illustrates the gap between high and low wage earners in the U.S. According to the article, in 2012, the average multiple of CEO compensation to that of rank-and-file workers was 204, up 20% since 2009. In other words, the average CEO made 204 times what the average worker earned in wages and benefits.


Via The Learning Factor
more...
No comment yet.