Is money the best motivator?

The truth is, money is the most expensive and least motivating currency circulating in the 21st-century workplace. When trying to motivate staff, many managers think “reward” and automatically jump to “money” alone. But though money can rent loyalty, it can’t buy it.

A recent McKinsey survey backed this up. It showed that non-cash motivators such as praise from a manager, one-on-one conversations with a manager or being given the responsibility to lead a project, were just as effective in motivating staff as cash bonuses, increased pay and stock options. The reason for this was employees felt the non-cash motivators showed the company valued them, cared about their well being and was helping to create development opportunities for them which would improve their career options.

So what is your ideal workplace? Is money your main driving factor?

From our perspective at Monarch Institute, we discuss money a lot in the Diploma of Financial Planning. The Diploma is no longer taking enrolments, but you can still hear all about money in Monarch’s brand new course, the Advanced Diploma of Paraplanning. In fact, the whole course discusses everything about money. But let’s remember what Donald Trump said  “Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game.”

If you are thinking about a career change where helping people with their money is a day-to-day proposition, don’t hesitate to call us on 1300 738 955