In times of economic uncertainty, many leaders instinctively focus on the quick fix—dollar signs. (Or RMB, if you’re in China…)
Raises, bonuses, and incentives are often seen as a way to keep employees happy and engaged. But here’s the catch: those financial rewards tend to be short-lived.
The Problem with Quick Financial Fixes
- Short-term impact: Raises and bonuses excite employees temporarily, but the enthusiasm fades quickly.
- Forgotten by next quarter: Once the excitement wears off, employees often forget about the financial rewards.
- Do you still “feel” the effect of a promotion 6 months later? If you’re like most employees, you probably do not.
The Power of Real Growth
Money might make employees happy for a little while, but it doesn’t cover everything that motivates them. People are motivated by different things—some want to grow in their job, some like being recognized for their hard work, others enjoy working with their team, and some are driven by promotions or even fear of losing their job. If we only focus on money, we miss out on what really motivates each person.
To truly inspire your team, it’s important to understand what motivates them, and if growth is a factor, to offer opportunities for growth and make them feel valued in different ways, not just with raises or bonuses.
- Long-lasting motivation: Growth opportunities—like skill-building, mentorship, and leadership development—offer lasting value.
- Investing in the future: When employees feel they are growing, they believe in their long-term potential within the company.
A Real-World Example: The Shanghai Client
During challenging times, a Shanghai-based client faced financial constraints that left no room for salary increases. Instead of seeing this as a setback, they focused on growth through leadership workshops, skill-building projects, and mentorship programs. As a result, despite the lean times, their workforce became more motivated, loyal, and engage
One of our clients in Shanghai faced a tough situation—they didn’t have the budget for significant raises during challenging times last year. Instead of focusing on the lack of money, they turned their attention and budget to what truly mattered: growth. They offered leadership workshops, and mentorship programs to their team. The result? Their workforce became more motivated, loyal, and engaged. Employees felt supported in their development, and that made all the difference.
Why Growth Beats Dollar Signs
When times get tough, it’s easy to think that a paycheck boost will keep your team motivated. But another motivating factor comes from growth. By investing in your team’s development, you’re not just offering a quick fix. You’re building a stronger, more engaged workforce that is committed to long-term success.
Employees who feel they are growing will invest more in their work, boosting productivity, morale, and loyalty.
What’s Your Focus: Dollars or Growth?
The choice is yours: Are you offering temporary rewards, or are you investing in real, lasting growth for your team?
Let’s talk about how we can help you cultivate a culture of growth and loyalty.
Book a call today to get started on the path to lasting success!
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