WATCH: Is Money A Motivator For Your People?
Today is the next in the series of videos about ‘Engagement from the Inside Out’ and, today I’m going to talk about ‘Remuneration Expectations’. What are the expectations for someone, Who, how much pay or money do they want? What are the expectations with regards to ‘Having a high base salary’? Or what are their expectations with regards to ‘Wanting quick pay increases’?
“Wants High Pay”
The idea that they’ll soon get another pay increase. And what’s really interesting about the research that Dr. Dan Harrison has done. That’s the developer of this tool that we use, the behaviour analytics, to get all this data from, is that there’s a huge variation. You know there’s a lot of statistics that show that people are more interested in development and growth than they are in pay. But there are some people who really want high pay.
“Wants Quick Pay Increases”
But what’s really interesting about the work of Dr. Dan Harrison is that he has contrasted ‘Wants high pay’ with ‘Self-motivated’, and how much does this person have intrinsic self-motivation, in order to get that pay? So, in this case, what we have is, we’ve got someone who ‘Wants High Pay’, let’s say it’s about a 7 – 7.5 And ‘Wants Pay Increases’ not really a Big Thing – they want a good base salary. And their ‘Self-Motivated’ is high, right. But self-motivated within the Harrison Assessment tool is actually made up of three different criteria. Three different traits: ‘Enthusiastic’ about your own personal goals. ‘Takes initiative’ and‘Wants challenge’. And those three are combined to give a score of what’s‘Self-Motivated’. And as you can see here, this person has a combination of these things. That is probably going to be good enough. in order to earn them that high pay. Which is great! It’s a good conversation to have. It’s like “great, you’re self-motivated”. “What do we need to do? What criteria do you need to meet? In order to get that high pay”.
However, there are people who I’ve come across. Where I have to coach the manager. To be able to go this person wants very high pay. And let’s say it’s moderate pay increases. But they’re self-motivated is down here. So, there’s some combination of these things where they might not really ‘want a challenge’. Or they might not ‘Take that much Initiative’. And therefore, they might not be ‘Enthusiastic’ about their goals. And therefore, you have to have a conversation with them. To go Like, “You really need to boost this, in order to get that sort of money, if you really want it.”
So, remember when it comes to Remuneration.
I would be interested to hear your thoughts and opinions about any of the above so drop me a line at david@Talent4Performance.co.uk.
Remember . . . Stay Curious!
With best regards,
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©David Klaasen – 2014