Keeping the employees motivated is a challenging process. However, one needs to remember that one size does not fit all. In addition to personal interaction and pep talks, a simple hand rule can be applied to garner success in the matter.
For employees who are in the middle rung of management or perhaps who draw a salary of upto Rs 60,000/- a month, a good performance-based incentive scheme can be put into motion. The disbursement of incentives should again be carried via a definitive process, about which I have discussed in a separate blog. You can read it here:
As far as, motivating and retaining highest level employees, perhaps CXOs and senior level management is concerned, a different approach has to be adopted altogether.
The hirings at the highest level within an organisation are done to solve challenges and to develop the roadmap for growth for the company. These employees are expected to bring not only their experience but also their original thinking to the job. Hence, in order to retain these employees and keep them motivated complete freedom should be extended to them at the job. The independence and authority to take decisions, head into uncharted territories and make mistakes, should be readily available to them. So much so that the head of the organisation/Board of Directors should be prepared to bear the repercussions of such decisions.
It does not however, imply that the actions and the decisions of such employees are free from accountability and responsibility. In fact, a clear system for reporting and discussion of decisions and outcomes should be installed within the KRAs of the employees at the very outset. It is advisable to include these parameters after an honest and in-depth discussion with the employee, so a consensus is reached upon open reporting.
In wake of above observations, it is not a fruitful approach to motivate these employees through the use of monetary incentives, because at such high posts the renumeration is hefty and after a limit, extra bucks do not allure and retain the employees.
The link to the video: