How to Motivate Your Most Valuable Resource… And it won’t break the bank!
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[/imageframe]I had the opportunity to travel to Virginia this last weekend in pursuit of one of my hobbies, road course racing. In route though, as I was towing my race car, I passed hundreds of semi-trailer trucks. While semi-trucks are a dime a dozen, every now and then one will stand out and catch my attention. Sometimes it’s because of their driving. Other times it’s because of a message or paint job. One company that always catches my attention is Crete Carrier.
Crete has been in business for decades and they claim that they are one of the largest privately owned trucking companies in the nation with over 5,000 trucks and 12,000 trailers. They also claim that they have enjoyed profitable operations every year they have been in business.
While these are impressive claims, in order to achieve such success there is a value that Crete openly shares that is without a doubt one of the primary contributors to their success. That value was on display this weekend when I passed one of their trucks. Prominently displayed on the side of their trailer was this slogan: “Our most valuable resource sits here” and a huge arrow pointed to the cabin where the driver was seated.
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Clearly Crete understands that their people are the greatest determinant to their success. Without satisfied and motivated “over the road” drivers, none of their goals could be achieved. Shiny trucks, great compensation plans and appealing schedules are all important to a truck driver. But like all employees, how one is treated is of significantly greater value than simple compensation.
Survey after survey reveals that while compensation is important to employees, it is not the sole or even greatest motivator. The belief that one is doing something meaningful is valued above compensation. Additionally, the feeling of being valued, acknowledged, and respected are also significant motivators.
My own experience bears this out during our time of rapidly growing our company over a ten year period ending in its sale in 2006. While we consistently sought to structure compensation plans that were at the middle to upper end of the pay scale in our industry, we found that our associates were motivated more by the non-financial incentives, and we were constantly seeking ways to affirm them through such incentives.
A survey conducted in 2009 by McKinsey Quarterly affirmed the fact that employees “viewed noncash motivators — praise from immediate managers, leadership attention, and a chance to lead projects or task forces — as no less or even more effective motivators than the three highest-rated financial incentives: cash bonuses, increased base pay, and stock or stock options.”
It seems that Crete Carrier understands this principle. Do you?
If you have employees (or associates as we referred to them in our company) are you focused simply on their financial compensation? True, this is important. But what about all the other non-financial rewards? The survey cited above referenced two primary reasons why companies fail to pursue or emphasize the non-financial incentives. The first is because the traditional managerial belief that “money is what really counts” is a myth. There is a tendency by all of us to think that if we just pay people enough money, their attitudes, performance and motivation will be high. But we know from experience this is false.
The second reason why companies fail to focus on the non-financial incentives is that these motivators generally require more time and energy from management. It’s easy to write a check, assuming the company is capable of doing so. It takes little thought or effort. But pursue a strategy that consistently and continuously focuses on the non-financial needs of a company’s associates and you will find it to be an endless endeavor. At the same time though, you will find such an effort not only worthwhile, but it will separate you from your competitors and other employers.
So as you go about your day, emphasizing the financial aspects of your company, including those of your associates, don’t overlook the greater needs and motivators of your team members. Remember, money is important but it’s not everything. Embrace Crete Carrier’s philosophy that asserts that your “most valuable resources” are your associates and you will find new ways of motivating, valuing and respecting your staff, while at the same time not breaking the bank financially.
