With many international companies and Australian ones recovering from the GFC and economic downturn, companies are exploring non-financial ways to reward their staff. I think this is a great discussion topic, because we know that whilst the financial reasons might be why a person turns up at work, it’s the non-financial reasons that push them to put in their best effort.

This article explores the Mckinsey findings on the impact of the GFC on staff incentive programs. Including:
“Yet while 70 percent of organizations have adjusted their reward-and-motivation programs during the past 12 months or plan to do so, relatively few have gone beyond the direct management of costs. Two-thirds of the executives we surveyed cited cost reductions as one of the top three reasons for the changes; 27 percent made changes to increase employee motivation; and only 9 percent had the goal of attracting new talent. Regional differences were striking. Forty-five percent of the respondents in developing markets, where economies have proved more robust, cited employee motivation as a key reason for modifying incentives, compared with only 19 percent in the United States and Western Europe, where the crisis hit hardest.”

And then there is a lively conversation in the comments section about other ways to motivate your staff. One of the most popular preferred suggestions is  leadership attention rather then financial incentives. The general consensus was that leadership attention communicates to your employees (especially your top talent) how valued they are.

So organizing a meeting and get to know your top female staff! They’ll appreciate the time and effort spent, and the relationship you form will not only engage her more, but could also offer you some interesting insights into how your business could develop. Every woman in senior management I know has plans she’d love to share.