Motivated employees build successful companies. If your company is going to sharpen its competitive edge, increasing employee motivation is a sure-fire path to realizing this goal. While the connection between employee motivation and your business’ success is clear, pinpointing factors that turn an apathetic worker into a motivated one can be complicated.
In the 1970s, U.S. corporations found a connection between employees’ motivation levels and company ownership. The idea was simple: give workers partial ownership in a company and they’ll work harder to make it successful. Around this time, stock ownership programs began to pop up with hopeful managers at the helm. The idea made sense but wasn’t entirely effective. Why? It missed one important detail – the difference between actual and psychological ownership.Motivated employees build successful companies. Click To Tweet
Understanding Psychological Ownership
Psychological ownership happens when someone feels a sense of ownership for his or her job and/or company. It’s the same feeling that makes a person want to say, “That company is my company. I work for them!” When this happens, employees feel a sense of pride associated with their workplace. Their job – and the company they work for – is now a part of their identity. This is the difference between a motivated worker and a cynical one, and it doesn’t have anything to do with actual ownership of the business.
The Link Between Ownership, Motivation & Data Sharing
How does data sharing improve psychological ownership? The answer is simple: Performance metrics. Whether you’re sharing information about deadlines, sales quotas, or budget goals, it creates a sense of belonging when you keep employees in the know.
This builds psychological ownership due to a variety of reasons:
- Creates a sense of transparency about success and failure in the company
- Helps employees understand their individual contribution to company goals
- Allows employees to make data-based decisions, which empowers them to invest in their jobs
When employees see the direct relationship between their efforts and the success of their company, they are motivated to achieve. On the flipside, decisions that negatively impact larger goals will become less desirable.
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Deploy Performance Metrics with Dashboards
Using a dashboard, you can communicate relevant information to employees through your intranet or even your office walls with large monitors. The key is making sure your data-sharing plan is both transparent and efficient. In other words, give every member of your team access to the data that will motivate them and influence their jobs without creating unwanted clutter. Your IT department, for instance, will need different data sets than the operations team and project managers.
To get started, assign a set of metrics to each department. These should be based on the key performance indicators (KPIs) for your company, each department, and teams within those departments. If you haven’t established concrete goals and KPIs for each of these, now is the time to do it.
Additionally, create success benchmarks for your deployment strategy. This means measuring productivity, profit, and employee engagement before you roll out data sharing, and then revisiting these numbers in the future. Choose a set time to revisit your strategy and measure its success, namely:
- Do employees feel valued and motivated by the data they received?
- Are employees’ personal goals more aligned with the company’s goals than before?
- Is each department showing improved productivity and efficiency?
- Is the company closer to reaching its larger goals?
- Are teams and departments closer to reaching their individual goals?
Fine-tuning your strategy may take time, especially since goals and KPIs change with the demands of your industry. The important thing is that these metrics are moving in the right direction.
iDashboards offers user-friendly data visualization to help your company reach its goals. To learn more, get in touch with us for a free trial.