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LEADERSHIP IS A PROCESS OF SOCIAL INFLUENCE, WHICH MAXIMISES THE EFFORTS OF OTHERS TOWARDS THE ACHIEVEMENT OF A SHARED GOAL.
Wednesday, October 13, 2010
A recent McKinsey & Company research study, titled, “Motivating people: Getting beyond money”, has found that positive leadership attention, along with praise and commendation from a person’s immediate manager, are the most effective motivators available in any organisation. In fact, McKinsey has found that they outperform financial incentives.
Based on a global survey of executives, managers and employees from a range of sectors, 67% of respondents rated ‘praise and commendation from immediate manager’ as an effective motivator, 63% rated ‘attention from leaders’ as effective, and 62% rated ‘opportunities to lead projects or task forces’ as effective. By contrast, 60% of respondents rated ‘performance-based cash bonuses’ as an effective motivator, 52% rated ‘increase in base pay’ as effective, and 35% rated ‘stock or stock options’ as effective.
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Jack Welch, former chairman of General Electric and author of WINNING tells his audience to foster honest feedback: "If you reward candor, you'll get it."