Is money the best motivator? Many managers, when asked this question, will quickly say “Yes.” Although there is some truth to that answer, it is not the whole story. There are some people who are highly motivated by money and will perform better on the belief that will get them more pay, but they are not the majority.

In today’s complex environment, there is no simple answer to this question. Each employee is unique and quite different from his or her co-workers. People react differently to similar motivators. Some would like extra time off, some respond to a simple compliment and some do respond to money. For the best results, it’s important to learn about each person who works for you and what motivates them.

Forbes, not too long ago, studied this question by including motivation in a survey of more than 200,000 employees from more than 500 companies. The participants could choose their top motivation from a list of ten potential motivators. Money came in as number seven. Ahead of it were: camaraderie in the office, intrinsic desire to do a good job, feeling encouraged and recognized, having a real impact, and growing professionally.

Another study several years ago was not too different. This study looked at satisfiers in the workplace versus dis-satisfiers. The primary satisfiers were: potential for growth and advancement, responsibility, the work itself, recognition, and achievement. Money didn’t appear in the top five motivators. The primary dis-satisfiers were: personnel policies, relationships with supervisors, working conditions, salary, and relationship with peers. In this study, money was one of the top five dis-satisfiers but didn’t make the list as a satisfier. This means being fairly paid is expected and won’t motivate people to work harder, but feeling underpaid will create a negative emotion, which can affect productivity.

Leasing associates, by nature, do not have the highest-paying positions within the organization. And, it is safe to assume that if they are earning a reasonable income for the industry, they will be satisfied. However, people who are highly motivated need to be more than just satisfied. What makes these leasing associates more motivated is a place where they believe they are important and have some control of their environment. They want good relationships with both their supervisors and their co-workers, and they have to get satisfaction from their job.

Money as a motivator is complex. It can easily be a dis-incentive if people believe they are underpaid. But a small salary increase will not make them work harder in the long run. It might work for a brief time, but very quickly it becomes expected and ceases to motivate people to go the extra mile. It can be used as a quick “shot in the arm” as a bonus for a specific action that went beyond expectations or where you are seeking quick results for a specific promotion but not for long-term results. However, there are some other motivators that are proven to work for the long term:

     1. When people believe their company cares about them and is looking out for them, they will work to their highest potential. Having flexible policies doesn’t cost much but will bring a large return. Understanding your employees’ family needs goes a long way to winning their loyalty.

     2. Recognizing someone when they have done an outstanding job on an activity helps them know you care and appreciate them. Giving them responsibility so they feel in charge of themselves is another way to motivate them with little or no monetary expenditure.

     3. One of the most successful motivators is helping your people grow in their job. Most people really do not want to be doing the exact same job year after year after year. Try to find ways that their responsibilities can grow and they can learn new skills. Perhaps your top leasing associate can help train some new people. This will demonstrate to them how important they are.

     4. Other motivators to get people to give their best efforts can be as simple as giving someone a half-day or a day off after they went the extra distance for the company.

     5. Employee of the Month or other such recognitions allow you to show appreciation to those who have worked harder. Just walking by someone’s desk and saying “Joe, that was a great sale you made yesterday” goes a long way. However, don’t overdue this. If you praise Joe every time you walk past his desk, it loses meaning. The praise should be earned, but it’s up to you to watch for those moments and then follow up with the earned praise.

     6. To be motivated to do more, people also need to feel secure. If there is an atmosphere of fear that the slightest slip-up might get them fired, it will prevent them from performing to their full potential. People spend more time at the job than anywhere else in their waking hours. They need a comfortable, safe atmosphere. Everyone needs to believe they are among friends. Living in a threatening environment saps people’s energy and lowers their ability to perform well.

If you make sure your employs are feeling secure and appreciated, they will work hard for you.