What motivates us to take action? What compels us to achieve our goals? Some may attribute it to personal gain, while others may point to financial incentives as the primary driving force. However, the truth is that human motivation is much more complex and nuanced than a simple answer
Research has indicated the importance of financial incentives in fostering a motivated workforce. However, motivating employees encompasses more than just offering higher salaries. Surprisingly, money isn't always the primary factor that retains employees in accounting firms. In today's competitive job market, workers place equal value on a conducive work environment, supportive leadership, and a sense of purpose, recognition, and growth opportunities.
A defining characteristic of successful individuals is their ability to effectively motivate both themselves and others. Consequently, motivation directly impacts productivity. A motivated team demonstrates heightened commitment and a results-oriented focus. Moreover, they cultivate a positive workplace attitude, leading to a more enjoyable environment and improved interactions with clients.
Conversely, a lack of motivation can result in demotivation, apathy, and subpar performance.
The two types of motivation
Both types of motivation are important, but intrinsic motivation is more effective in the long run because people become more engaged and involved for internal reasons, not just external factors. What companies can do is apply extrinsic strategies and actions that feed or promote internal motivation.
Recognizing a job well done is one of the best ways to apply what is known as "emotional salary", which is a non-monetary compensation and fuels internal motivation.
Both types of motivation are important, but intrinsic motivation is more effective in the long term because individuals commit and engage more for internal reasons, not just external factors.
Recognizing a job well done is one of the best ways to apply what is known as "emotional salary," which is non-monetary compensation.
50 Concrete Actions for Emotional Salary
Emotional salary, also known as non-financial rewards, refers to the intangible benefits that go beyond money and make people feel good about their work. It includes things like work-life balance, job security, positive relationships, recognition, growth opportunities, and a supportive environment. While financial compensation meets our basic needs, emotional salary satisfies our emotional and psychological needs at work. It plays a big role in keeping employees motivated, engaged, and satisfied.
Organizations that understand the importance of emotional salary create a positive culture and provide these non-monetary rewards to help employees ultimately find their purpose and intrinsic motivation.
Here are some examples of simple actions you can implement in your firm:
- Provide individual and/or group coaching.
- Promote an inclusive work environment and celebrate diversity.
- Offer emotional support and resources for mental well-being.
- Organize internal motivational talks and conferences.
- Provide leadership opportunities in specific projects.
- Organize friendly competitions between departments.
- Establish programs to recognize outstanding members.
- Provide comfortable rest spaces within the company.
- Organize brainstorming sessions to solve problems.
- Create opportunities for employees to share ideas and suggestions.
- Establish a performance-based rewards program.
- Grant access to personal development resources.
- Set aside a time in the year for a brief meeting with the top authority of the company.
- Implement an open-door policy for each leader.
- Implement reverse mentoring: younger employees teach skills to older ones.
- Publicly acknowledge achievements in internal newsletters and company social media.
- Offer additional paid days off for accomplishments or work anniversaries.
- Implement a financial recognition program for outstanding achievements.
- Establish a reimbursement program for work-related expenses.
- Introduce a summer schedule or flexible working hours.
- Provide incentives for innovative ideas that generate cost savings or process improvements in the company.
- Ensure spacious and comfortable workspaces.
- Encourage participation in industry conferences or events.
- Provide training in communication and leadership skills.
- Show appreciation for effort and dedication.
- Promote a work environment with minimal hierarchy.
- Engage in office "Secret Santa" activities.
- Provide opportunities to take on new challenges.
- Implement a flexible dress code program in the office.
- Establish an internal improvement suggestions program and genuinely consider viable ideas. Communicate appropriately.
- Offer additional benefits for maternity and paternity beyond legal requirements.
- Recognize individual and team achievements in meetings.
- Celebrate birthdays and personal milestones.
- Provide gifts, additional days off, or bonuses for referring newly hired talents.
- Organize employee exchange programs with other branches or partner companies.
- Establish a flexible work schedule program for parents or caregivers.
- Offer access to counseling or financial support programs; or consultation with in-house lawyers, accountants, and specialists.
- Establish clear and achievable goals, well-communicated to each person.
- Implement mentoring programs for professional development.
- Engage in volunteer activities as a team.
- Implement an "Employee of the Month" recognition program.
- Maintain cleanliness and order in the office.
- Provide functional, modern, and optimal work materials.
- Provide access to physical well-being resources like gyms or yoga classes.
- Establish a corporate library with book lending and access to online materials.
- Offer a zero or low-interest loan program for employees.
- Provide elements for personalized decoration of workspaces.
- Establish a program for stock options or employee ownership participation.
- Provide free meals or snacks in the office, considering dietary restrictions such as vegan, gluten-free, or special low-sugar or low-sodium diets.
- Encourage participation in corporate social responsibility projects.
Tailor To Your Possibilities
Obviously, every accounting firm is different and the implementation of these actions will depend on the resources and policies of each one, so you should select the ones that are most feasible and relevant for your specific situation.
The ultimate outcome will be a clear commitment to employee motivation from leadership. By doing so, you will help create a more pleasant and productive work environment, leading to greater business success.
Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
