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This single insight explains almost everything we need to know about the way incentives are routinely structured in most large organisations and should guide us towards a better understanding of our team members’ psychology.
Say you want to award a £1k performance bonus, the way to communicate it is not necessarily to highlight practical benefits like a holiday or households items the bonus can buy, nor even the security benefit for the recipient of having the cash in the bank.
The way to pitch it for maximum motivational effect is to emphasise that the company recognises the recipient’s contribution: ‘This bonus means the organisation recognises how important you are to its overall performance. It doesn’t spend money for nothing.’
We all like to feel we belong and that we are appreciated.
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