7 Strategies that Motivate Employees Beyond Stock Options
Motivating employees requires more than just financial incentives – it’s about creating a workplace where people feel inspired, valued, and engaged. If your current strategies are missing the mark, it’s time to rethink what drives performance and satisfaction. In this expert roundup, seasoned CEOs and people managers reveal seven powerful techniques that go far beyond stock options. From fostering personal growth to empowering employees to shape their roles, these insights offer practical, game-changing approaches to boost morale and ignite long-term motivation.
- Provide Personal Growth Opportunities
- Offer Flexible Work Arrangements
- Introduce Lifestyle Perks and Options
- Foster a Culture of Recognition
- Implement Personal Development Plans
- Ensure Competitive Compensation and Benefits
- Allow Employees to Design Their Roles
Provide Personal Growth Opportunities
One great way to motivate staff is with personal opportunities for growth within a company. We provide an annual budget and professional development time for all our employees. This can be certification, events, or classes that support their personal career goals. As an example, our leasing agent expressed wanting to learn more about property law. We helped them enroll in a landlord-tenant law class at a local college.
The impact was doubled: it made them feel significant and part of it, boosting their spirits; the new knowledge greatly enhanced the quality of our service and gave it an edge over competitors. Working among new knowledge and skills, employees appreciate the clear message a company invests in them and their future.
For other companies, what’s more important is customization—just ask the employees themselves what skills or areas they want to develop, and then match those up with your business goals. Helping them grow in their careers cultivates loyalty, satisfaction, and a skilled workforce.
Matthew Lang
Founder, LSK Property Management
Offer Flexible Work Arrangements
One practical strategy to motivate employees is offering flexible work arrangements tailored to their needs. At my legal process outsourcing company, we introduced a flexible work policy, allowing team members to choose their hours or work remotely.
I recall a high-performing employee who was balancing work with caregiving responsibilities. By accommodating their schedule, not only did their productivity soar, but their loyalty and engagement also deepened.
This approach empowers employees to align work with their personal lives, showing trust and respect, which often translates to higher morale and long-term commitment—far more impactful than financial incentives alone.
Aseem Jha
Founder, Legal Consulting Pro
Introduce Lifestyle Perks and Options
In my experience any benefit, no matter how appealing, will only work if it’s built on a foundation where employees feel valued, connected and supported. Without this, even the best perks risk papering over the cracks of a toxic culture. One specific strategy that’s highly effective is offering lifestyle perks and flexible options tailored to employees’ individual needs. This could mean additional leave for volunteering, caregiving, or simply recharging, or even wellness allowances to support their physical and mental health.
These tangible benefits show employees that you see them as whole people, not just workers. When combined with a culture of genuine appreciation and trust, such initiatives can make a lasting impact, fostering loyalty and motivation far beyond what stock options alone can achieve.
Natalie Lewis
Founder and Director, Dynamic HR Services Ltd.
Foster a Culture of Recognition
One specific strategy companies can implement to motivate employees beyond just offering stock options is to foster a culture of recognition and appreciation. Acknowledging employees’ hard work and achievements can significantly enhance motivation and engagement. This can be achieved through simple gestures like verbal praise, public recognition in team meetings, or structured programs such as “Employee of the Month.”
For instance, implementing a recognition program that allows peers to nominate each other for awards can create a supportive environment where employees feel valued. This boosts morale and encourages healthy competition and camaraderie among team members. By making recognition a part of the company culture, organizations can cultivate an atmosphere where employees are motivated to perform at their best, knowing their efforts will be acknowledged and appreciated.
Sheraz Ali
Founder & CEO, HARO Links Builder
Implement Personal Development Plans
Introduce Personal Development Plans (PDPs). These plans involve setting clear, individual growth paths for each employee, tailored to their career aspirations, skills, and interests. A PDP might include opportunities for further education, certifications, mentorship programs, or cross-departmental training. By investing in an employee’s personal and professional growth, companies not only enhance their workforce’s skill set but also show a genuine commitment to their employees’ futures. This approach makes employees feel valued as individuals, not just as cogs in the corporate machine, thereby increasing their engagement, loyalty, and motivation.
Another strategy involves flexible working arrangements and autonomy. This can mean allowing employees to choose their work hours, work from home, or even decide how they manage their tasks. The autonomy to tailor their work environment or schedule to fit personal life can significantly boost morale. For instance, a parent might prefer an early start to align with school hours, while a night owl might opt for later hours. This flexibility can reduce stress, increase job satisfaction, and promote a better work-life balance. When employees feel trusted to manage their own time and methods, they’re more likely to take ownership of their work, leading to higher productivity and innovation. Plus, it’s a subtle way of saying, “We trust you,” which is quite the motivational boost in itself.
Henry Timmes
CEO, Campaign Cleaner
Ensure Competitive Compensation and Benefits
Beyond offering stock options, a great way to motivate employees is by ensuring they are offered competitive compensation and a solid benefits package. A fair salary is important, but benefits like health insurance, retirement plans, and paid time off make employees feel valued and secure. This kind of security allows them to focus more on their work and feel less stressed about their personal lives.
When employees know their employer is invested in their well-being, they feel respected and are more likely to be motivated to contribute to the company’s success. It’s about showing employees that their employer cares about their health, family, and future. These benefits not only help employees feel appreciated, but they also lead to better job satisfaction and loyalty, which ultimately benefits the company in the long run.
Shaun Bettman
Chief Mortgage Broker, Eden Emerald Mortgages
Allow Employees to Design Their Roles
Allow employees to design a part of their own roles each quarter, focusing on projects or ideas they’re passionate about. This not only gives them a sense of ownership but also encourages creativity and innovation. When people feel trusted to shape their work in meaningful ways, they become more motivated and invested in the company’s success.
Dinesh Agarwal
Founder, CEO, RecurPost