These Three Things Keep Your Employees’ Noses to the Grindstone

Determining which carrots and sticks to drive results is easier than you think. [The Rude Awakening] January 31, 2023 [WEBSITE]( | [UNSUBSCRIBE]( These Three Things Keep Your Employees’ Noses to the Grindstone - It’s hard to believe that money isn’t the sole motivation of most employees. - But according to numerous studies, that’s true, especially in creative endeavors. - Luckily, we know what things motivate them. And they’re easy to implement. [CIA-based timing tool now available to everyday Americans]( What you’re about to see might sound unbelievable, but it’s 100% based on facts… my connections a controversial government insider… and my work at the CIA. I am putting the finishing touches on our new CIA-based timing tool and I want to make sure you don’t miss your opportunity to give it a “test-run”. But don't hestitate - [click here for all the details.]( [Click Here To Learn More]( [Sean Ring] SEAN RING Good morning from sunny Northern Italy. Yesterday’s markets moved steadily downward, with the Nasdaq leading the way at -1.96%. I think everyone’s quietly taking chips off the table before tomorrow’s Fed meeting starts. By Wednesday, we’ll know if they hiked by 25 bps or 50 bps. My bet is on the former. We’re at the stage where the Fed adjusts its strategy to hike reduction and then to stop hikes altogether. Once we get past Wednesday, the market will likely resume its uptrend for another 300 SPX points to 4,400. After that, it’s another round of wait-and-see. Up to 5,000? Down to 3,215? Only time will tell. If you’re unaware, I now write for the Daily Reckoning’s new Morning Reckoning newsletter on Thursdays. My latest piece gives you steps to build your [Free State of Me](. One of the pieces of advice is to start an online business. But many don’t know how to do that. With that in mind, and since we don’t have any economic figures to report and the market is getting ready for the Fed meeting, I thought I’d briefly shift focus from macroeconomics to microeconomics. Microeconomics deals with the behavior of individuals and firms in making decisions about allocating scarce resources and the interactions among these individuals and firms. It’s critical to understand many microeconomic concepts to run a successful business, but perhaps none more so than how to keep your employees or freelancers motivated. Daniel Pink authored a book called Drive, published in 2009. It’s not about cars but what drives us to do the things we do. There’s an [excellent YouTube video]( that summarizes his findings. I encourage you to watch it after you read this. In this Rude, I’ll relay to you his excellent points. Just Pay People More! This works. Just not universally. Only in the right jobs with the right people. This is the most shocking finding among economists. For decades, the mantra was, “If you want higher performance, pay people more.” And this works for people doing mechanical jobs. That is, digging ditches or smashing rocks. But once a job requires even basic cognitive skills, this incentive no longer works. (As a former banker, I found this hard to believe. But bankers are a weird lot. Study after study replicates this finding.) Once the work task goes above rudimentary cognitive skills and into something like creativity, the motivation game changes. Innovative employees need something else: things that don’t involve money. Of course, you still have to pay people. But with intelligent employees, Pink says the trick is to pay them enough “to take money off the table.” That is, pay them enough that they don’t have to worry about cash. Once you’ve paid them well enough not to worry about their bills, what else do these employees need? [Over 62 And Collect Social Security? Take Action Immediately!]( [LIR]( [If you’re over the age of 62 and currently collect Social Security, you need to prepare now](. Because Biden has given our country the worst inflation in decades – and many warn things will only get worse from here. Worse yet, the Social Security check you receive now may not keep pace with inflation… [Which is why, if you don’t act now, you could fall behind in the months ahead](. Is your retirement at immediate risk? [Click here now to get the simple, step-by-step actions to survive inflation](. [Click Here To Learn More]( The Three Things Smart Employees Need What gets and keeps good employees motivated are autonomy, mastery, and purpose. I’ll explain each in turn. Autonomy According to Pink, autonomy is the ability to direct one’s work. Autonomy allows employees to feel empowered in their positions rather than like their success is out of their hands. Autonomous employees manage their time and decide how to do their work rather than having someone else dictate it for them. This sense of control gives them the freedom to be productive and engage in their job tasks. Anecdotally, one of the things I love most about my job here at the Rude is that my publisher, Matt Insley, never tells me what to write about day-to-day. (Though he does give great advice, particularly about my headlines!) Mastery The second element of employee motivation Pink discusses is mastery. Mastery is the desire to get better at what you do. When employees are allowed to improve themselves and hone their skills, it creates a sense of satisfaction that leads to increased motivation and productivity. Why do people play musical instruments on the weekends for free? Because they want to master something (and enjoy their melodious tunes, too, I’m sure). When we focus on mastering a skill or task instead of just completing it, it often leads us to new levels of engagement and creativity that are essential for any organization’s success. Purpose Finally, Pink proposes that purpose is a crucial factor when it comes to motivating employees as well. When one feels connected with the purpose behind their job tasks and understands how their work contributes towards something larger than themselves, it gives them a sense of meaning. That can help drive them forward even when things seem challenging or boring. It helps them stay focused on long-term goals (rather than getting caught up in short-term frustrations) and keeps them motivated throughout the journey toward achieving those goals. Of course, purpose gets confused with wokeness sometimes. I’ve heard horror stories about developers getting hired at tech firms and immediately concerning themselves with hiring policies rather than writing code. That’s no good. Businesses must profit to stay in business. But first, they must create revenue. Then they must collect that revenue and convert it into cash. If you don’t have profits, you won’t have a business. But if you don’t have cash, you don’t have a business. So, the purpose and the business must intertwine to work well. Wrap Up Motivating smart employees requires more than just cash. Strange as it may sound, they need autonomy, mastery, and purpose to flourish. And this isn’t some kumbaya stuff. It’s core to the success of a business and has been proven repeatedly. Motivation is an inherent part of any organization’s internal success strategy. To maximize your company’s potential, you’ll need motivated employees. Until tomorrow. All the best, [Sean Ring] Sean Ring Editor, Rude Awakening [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. 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