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From the data, it’s obvious – and maybe surprising – that several other factors motivate employees just as much as pay. And it’s at that breaking point where pay and morale (and perhaps productivity) don’t correlate, that those other factors become paramount. Things like autonomy, the ability to think creatively and interact with others, and job security play significant roles in employees’ motivation. It’s up to accounting and finance business leaders to build a culture in which those factors are prevalent.
OK, so it’s not all about empowerment. As you can see, senior positions in the accounting and finance sector are compensated relatively well. And, while it’s safe to assume that lower paying sectors focus more on money, accounting and finance professionals still expect appropriate pay increases. But with less focus on pay, the other aforementioned motivating factors are magnified, and directors, hiring managers and HR managers need to zero in on them in order to retain top talent.
To some, the Self-Determination Theory is more than a theory; it’s a fact. Perhaps you already feel this way. Much of it comes down to trust, especially in accounting and finance, where intimate knowledge of the company’s performance is widely known. If employers truly trust the employees they hire, the employees will feel liberated and motivated to interact, learn and improve their performance – all natural tendencies of human beings, and all positive traits that will help your business reach its potential.
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