Beyond Paychecks: What Truly Keeps Employees Engaged | A deep dive into non-monetary motivators

Welcome to the Vantage HR influencers podcast. This podcast is sponsored by Vantage Circle, the simple and AI-powered rewards and recognition platform for employee engagement.

In a world where competition for top talent is fierce, what truly distinguishes successful companies from the rest isn't just about the size of paychecks they offer, it's how they engage their employees. As we move beyond the basic salary discussions, it will be interesting to explore what keeps employees motivated and committed to their roles. In this episode, we take a closer look into non-monetary motivators. This journey is about tapping into the deeper human desires that motivate us all and understanding how fulfilling these desires can catalyze remarkable organizational achievements. From recognizing achievements in meaningful ways to creating opportunities for growth and leadership, we'll uncover the powerful elements that can inspire greater loyalty and passion among teams.

Riha Jaishi: So hello listeners, welcome to the Vantage HR influencers podcast. I'm your host, Riha, and today we have with us Vineet Kumar, regional manager and human resources at Al Rashid Food Company. Welcome to the show, Vineet. It's wonderful to have you with us today.

Vineet Kumar: Hello, Riha. Thank you. Thank you for having me on this podcast.

Riha Jaishi: It's our pleasure, Vineet. So to kick things off, can you briefly take us through your professional journey so far? Our listeners and I are eager to learn about your journey, Vineet.

Vineet Kumar: Sure, sure, sure. Hello, everyone. I'm Vineet Kumar. I'm a strategic HR leader with 14 plus years of experience across the MENA region. I was fortunate enough to have worked with some great companies in the past during my tenure, namely in architecture, retail, telecommunications, FMCG, and currently in food manufacturing industry. So throughout my career, I've managed the full spectrum of HR functions, leading HR teams and HR business partners, delivering a wide range of HR services from talent acquisition to compensation and benefits, employee relations, people analytics, performance management, recognition and rewards, and L&D. So you know when people hear HR, you know, they picture policies, payroll, and the occasional awkward team building exercises, yes. But for me, HR is like being the backstage crew of a rock concert, you know. If we do our job right, the show runs smoothly, everyone is happy, everyone shines. And if we don't, that's not going to be good for any business. So I basically specialize in making HR efficient, strategic, and above all, making work actually fun. So that's about my work experience. When it comes to my education, I hold an MBA in human resources in addition to some certifications like GPHR, Lean Six Sigma, Black Belt, CHRM, and currently chasing down the CIPD Level 7 as well. So beyond my operational expertise, I'm a passionate public speaker and I regularly share my insights at several colleges and HR industry events and things like that. So when I'm not busy with work, that's what keeps me busy. And I love engaging with audiences on a wide range of HR topics and sparking those conversations about the future of HR and inspiring young professionals and leaders alike in the HR space. That's about me.

Riha Jaishi: So that's such an inspiring venture, Vineet. Thank you for sharing your experience.

Vineet Kumar: Thank you.

Riha Jaishi: With your permission, I would like to delve into our topic further. Moving beyond monetary rewards, many companies are finding creative ways to truly appreciate their employees. So in your experience, what are some of the most effective ways companies can show genuine appreciation for their employees?

Vineet Kumar: Sure. I'd love to answer that question there. But before I deep dive, let's take a step back and talk about some basics first. So let's be real. Everybody likes a good salary. I like a good salary. But if a paycheck or money was the only thing that mattered, why do people leave those high paying jobs for something that pays less? Or why do some employees stay in companies where the benefits are not that great, but the work culture is really amazing. We've all experienced this at some point in our careers. So the truth is money will get employees through your company's door. But actually, it's the non-monetary motivators that makes them want to stay with you. It is high time that senior leaders in an organization understand that it is not about having those monthly birthday celebrations or the pizza parties when you achieve some great sales or getting that foosball table in the office. Yes, for sure. I mean, all of that is fun to have. But on a bigger scheme of things, it's more about purpose and recognition and growth and feeling valued at work.

So according to what I've witnessed, some simple non-monetary motivators that actually matter the most to the employees is one, recognition and appreciation. I cannot stress this enough. Feeling invisible at work is a fast track to disengagement. One of the easiest and the most impactful ways to make employees feel valued is through genuine recognition. Do not shy away from publicly recognizing your performance. Do it. Even if it's on a small scale, be it in team meetings or company newsletters or those internal award ceremonies, that's up to you. But do it without feeling. And why it works every time? Because people crave validation. There are so many books written on this topic. People crave validation. When employees see that their efforts are noticed, that's when they are more engaged, right?

So the second thing would be give ample career growth and learning opportunities to your people. People don't want to feel stagnant. A paycheck, yes, surely pays your bills, but growth opportunities are what builds careers. Whatever works in your scale of business, be it internal trainings or workshops or online courses or access to certifications, give employees the tools to grow. Give it to them. And when they see that clear career trajectory ahead of them, they will automatically contribute. And always remember, people don't leave jobs. They leave companies where they feel stuck.

Third, as an HR's advocate, or in terms of having a strong company culture with purpose, place employees at the center of it and stop treating employees like an asset. A machine is a machine. Do not treat an employee like a machine. In an organization, people just want to feel like they belong. And they are part of something meaningful, part of the bigger picture. Try to create an emotional connection between the employees and their work. And how do you do that? Have a clear mission and mission values and build an inclusive environment and celebrate loud and celebrate together. Don't just buy pizzas for them and have them eat it alone. Ask your senior team, your senior leadership team also to join them. Get what I'm saying?

So another powerful way to show appreciation is trust them. Trust your employees to do their jobs without any micromanagement. Give employees the ownership of their tasks and communicate openly with them. Make them feel safe to voice out new ideas and stuff.

Riha Jaishi: Absolutely true, Vineet. I totally agree with your strategies. These are some insightful strategies which demonstrate that, you know, there is this shift that needs to come towards a more inclusive and emotionally intelligent workplace culture. And it fully emphasizes the importance about every individual's role within the company. So since we are diving into the non-monetary motivators, could you share a standout example where a company successfully boosted employee engagement without really focusing on financial rewards? And what's your take on their approach?

Vineet Kumar: There are actually many that come to my mind and this podcast would actually not be enough to discuss them. But I'll tell you what's my one standout favorite. You must have heard of this company called Zappos. It's an online retail giant. They're into shoes and clothing and stuff. So Zappos is known for having a very playful and offbeat company culture. And they do this even in their employee recognition schemes. So how they do this is, Zappos have their own currency called Zollers with a Z. The employees, they can engage in these various activities and earn these Zollers and they can spend Zollers at their Zollers store, which is there inside the company. So what do they spend it on? They spend it on like branded stuff and movie tickets and USB drives or water bottles or water guns and fun things like that. So outside of the Zappos ecosystem, these Zollers have no value. But it's a fun offbeat way of doing recognition, isn't it? So even your co-workers actually can give you a Zoller for, let's say, you've done a great work or you've helped them with something and they can give you a Zoller. So why this has basically worked for them? They've made it playful and they've gamified their recognition system. And it has made this whole engagement process with the employees fun and it gives them also a tangible reward as well. So when co-workers give them something like that, that recognition, which they get from their peers sometimes carry even more weight than their managers praise because it's more authentic, it's more personal and it's very genuine. So it's a great corporate real life lesson for any organization looking to boost engagement.

Riha Jaishi: This example of Zappos, it really stands out truly like an amazing example we need. Moving on, it is no secret that career advancement and professional development are the key drivers of employee satisfaction. So in your opinion, how do these growth opportunities really serve as a significant motivator that keeps employees engaged and committed beyond the financial factor?

Vineet Kumar: Yes, like I mentioned earlier, while salary and financial incentives are important, they are not enough for a long-term employee engagement. Now, growth opportunities in general are powerful intrinsic motivators, whether it's in the form of skill development or career advancement or certifications or even exposure to a new role entirely in the company. Why? Because human beings by nature are wired for progress. We want to constantly feel that moving forward and learning and evolving. Whenever possible, let your employees just explore different projects or explore a new department altogether because that culture of growth will create a strong employer brand for you. Remember this, that growth when it is embedded in your company culture, employees will by themselves see your workplace as a long-term home. If you are not an organization that invests in your people, I would tell you to take that leap of faith and invest in your people. You will yourself see the magic unfold.

Riha Jaishi: True, Vineet, this emphasis on personal and professional growth really helps foster this culture of continuous improvement and innovation and employers also feel encouraged to take the lead and initiative, right?

Vineet Kumar: Absolutely, absolutely.

Riha Jaishi: Now, as the line between work and home becomes increasingly blurred and companies face this challenge of adapting their policies to support a healthy work-life balance, so in your opinion, Vineet, how can companies adjust their policies to better support this work-life balance without really compromising productivity? What do you have to say on this?

Vineet Kumar: Now, work-life balance is a much discussed topic today, Riha. To be honest, work-life balance, unlike the old times, isn't just nice to have anymore. It's a need of the hour. It's a key driver of productivity in organizations, right? But I've seen many organizations, even today, struggling to implement policies that support employees on this without impacting the business, of course. I've experienced this firsthand myself at some organizations that I've worked in. So in such situations, what organizations can do or what we've done is the first thing is train the leaders of the organization. Train your leaders to model the work-life balance first. No policies will work unless your leadership sets the right example. So when managers of an organization prioritize well-being, that's when employees actually feel comfortable doing it too, right? Like some small examples. Don't send those emails at midnight or take vacations, for example, as a luxury. It's a necessity. Or even encourage employees to disconnect after work hours. These are some basics that you can start with in an organization, no matter what scale of an organization that you are at. So documenting a policy, this is easy, offer flexi-times or tell them to focus on the outcomes of productivity rather than the total work hours, build an SOP around it, build your work timings and your clock in clock out around that. HR can offer hybrid work models and things like that. But the key is to make employees feel trusted and supported and more importantly, well rested to perform well the next day at work.

Riha Jaishi: Yes. I mean, this point about training the leaders and how leadership needs to set the example, this is a very important takeaway for us, for our listeners, you know, that how leaders are very central to set this work-life balance and how others can follow, right?

Vineet Kumar: Absolutely. True. True.

Riha Jaishi: Now moving forward, traditional wisdom often tells us that money is the primary motivator for employees. However, this evolving workplace dynamics, they suggest otherwise. Vineet, could you share some insights on how you witnessed the myth money is the ultimate motivator getting debunked in your professional journey? Really excited to hear your take on this.

Vineet Kumar: Yeah, that's true. It is actually a myth that money is the ultimate motivator. So there's this book by Daniel Pink called Drive. For those of you who are listening and who haven't read it, it's called Drive, the Surprising Truth about what motivates us. So in this book, Daniel explains a very interesting theory. He says that when employees are working only for financial rewards, their intrinsic motivation can completely diminish, especially once your basic needs are met. And it is very true. So what are your basic needs, your rent or your utility bills or your grocery or loans, and all of this is taken care with the money that you earn, then they are no longer motivated at all. After a few days, they'll come back asking for more financial rewards. So financial rewards are not the way to go. Think about it. Have you worked for a company that paid you so well, but made you hate returning to work on Mondays? If yes, now compare that to a workplace where you actually work that made you feel valued and had growth opportunities and you actually enjoyed the work culture there. Big difference, right? So I have personally also seen this firsthand at many organizations, many employees who receive these monetary rewards, experience these short term bursts of motivation. And that's only for a certain period of time. And then gradually then drive and the enthusiasm it fades. And if their actual needs are not met, and how do you actually meet their actual needs? Give people the control over their work. Make people feel like work matters, that their work matters. Whatever they're contributing to is a contribution to something larger than their roles. Purpose and growth, both of this outweigh financial incentives any day.

Riha Jaishi: Yes. True. True. I totally agree with what you said, Vineet. And I guess we really need to go through this book, which you mentioned, right? Drive. That will really help us get a better understanding. Thank you, Vineet. Okay, moving forward, employee burnout can silently undermine a workforce's health and productivity. But what are some common signs that a company might be overlooking that employee burnout and how this can be addressed proactively?

Vineet Kumar: Yes, we all know that this whole employee burnout is a, it's a very discussed topic and it's a very serious issue today. So in fact, there are several early warning signs that indicate a burnout. And the most noticeable in any organization is a straight decline in productivity and engagement. So you can easily find that out. Another sign is increased absenteeism or cynicism about their roles. And of course, if you are an organization that analyzes your data, your people data, you'll easily notice your trends in high turnover and low retention and stuff like that also. So to answer your second question, to address this, what companies can do is create a supportive and open environment, encourage open communication with your employees and set those clear, realistic expectations. Redo their KPIs also if required, offer help, redo their KPIs. And last but not the least, make sure that you give continuous constructive feedback during the whole process.

Riha Jaishi: Absolutely true, Vineet. Addressing this issue of burnout, it is really important in the given date and time. And it really improves the wellbeing of employees also, which is essential for the organizational health right to creating a more vibrant and productive workplace. And these are points that you mentioned, like these, how to address them. That's really important for the companies to really have a look and implement them.

Vineet Kumar: Absolutely. Absolutely.

Riha Jaishi: So now Vineet, we are arriving at the end of today's episode, but before we really wrap things up, could you share some common pitfalls that companies generally fall into when trying to enhance employee engagement? And are there any some practical tips that you'd like to offer so that they could avoid these mistakes?

Vineet Kumar: Okay, great question. Where do companies get it wrong? One thing that most companies get it wrong is throwing money and throwing perks at the problem. Companies tend to overemphasize financial rewards as a primary tool for boosting engagement. It doesn't work. It just doesn't work. Now picture this. One of your good employees is resigning for a better opportunity. What's the first thing we do? Oh, let's offer him an increment and retain him. In most cases, it doesn't work. Instead, try to find out why did he start looking for another job in the first place. This will fix your root cause.

Another mistake that companies make is overlooking the leadership role in engagement. Leadership actually plays a critical role in employee engagement and many companies fail to recognize this. Poor management practices, lack of proper communication, all of this actually adds to the misery. It creates that disconnect between leadership and employees. So if your leaders themselves are not actively demonstrating engagement, how can you expect your employees to feel motivated? And one more point is ignoring burnout. Again, employee engagement doesn't mean that you will overload your employees. And lastly, having a lack of clear career pathways. When people don't see a clear career path for them, a clear career progression for them, they will leave. When opportunities for growth are not clearly communicated to them, they will leave. So develop clear, transparent career development frameworks, which explain how employees can progress in their roles. For example, from a junior systems engineer, to a systems engineer, to a senior engineer, to a team lead, assistant manager, senior manager, etc, so on and so forth. Lay it out clearly on day one. We should not shy away from doing it. Lay it out very clearly on day one and have those regular career conversations with them to ensure that they know that these options are there for them for advancement if they perform well in the organization.

So listen to the employees. What do they really value? Build a culture of recognition and respect. Invest in learning and career growth. Offer flexibility wherever possible. Make work meaningful, which is at the crux of it all. So if you're an employer, ask yourself today, are you giving people a reason to stay beyond their paycheck? Thank you.

Riha Jaishi: Well said, Vineet. Well said. I must say that these are some really helpful tips that companies can really implement to avoid any such mistakes. And these strategies are thoughtful and they can significantly enhance, you know, the effectiveness of engagement efforts that can help create and lead to a more satisfied and committed workforce. Okay. So Vineet, so here we come to the end of our session. So thank you so much for joining us today and sharing your incredible insights. It's been more than a pleasure hearing your interesting perspective on the influential role of non-monetary motivators to keeping employees engaged. We truly appreciate your time and expertise. And I'm sure our listeners are walking away with a wealth of knowledge to reflect upon. Thank you.

Vineet Kumar: Glad to hear that. Thank you. It was a wonderful session. Thank you for having me on this podcast. And thank you once again.

Riha Jaishi: Thank you once again, Vineet. And to our listeners, thank you for tuning in. We hope you found today's conversation as enlightening as we did. So until next time, take care and we'll see you soon.