5 ways to motivate a team that’s not driven by money
Whenever a new development is seen as promising, it is common for many entrepreneurs to flock to it in search of riches, even if, often, companies that have deeper motivations than money tend to outlast their competition.
Yet, leading a team that is not driven by financial gains is not easy, because money is just one of many potential factors that can incentivize talented individuals to join a venture. Therefore, you might still find yourself catering to a multitude of needs, which you need to take the time to comprehend.
At the deep tech company I lead, our team members have various underlying motivations, and understanding these has been key to our success. Based on this, here are five tips to keep motivation high when money is not enough.
Treat everyone like a family member
Everyone has a different vision of their ideal life, so there is no general answer to motivating employees. We can start by showing empathy and a genuine interest in meeting their needs, as this shows how much we care. Feeling this support and acknowledgment from the company’s leadership can considerably strengthen someone’s commitment.
Our team has some brilliant scientists and engineers for whom the main incentive was to have an algorithm named after them. Conversely, for some of our scientists, their greatest motivation comes from participating in the top conferences in the field and leading the most innovative breakthroughs in humanity’s history. By aligning our needs with theirs, we can create the conditions for them to do their best work. \
Support their pursuits outside of work
Many companies believe that an employee with external pursuits will lose productivity and focus. I find that it is exactly the opposite. One of our colleagues loves hookah bars, and has the dream of opening one. Instead of chastising him for it, I offered to be his partner. Why?
Launching this place means a lot to him. It reinforces another part of his identity. When people are fulfilled outside of work, and find joy in various areas of their lives, their productivity will skyrocket. And if they feel that their employer not only accepts, but even encourages them to pursue their side ventures, their sense of loyalty will only grow.
Identify where your team members are most productive, and let them be
Most of our team is based in Dubai. Yet, there are some exceptions. One of our team members had as his main priority to stay with his family in Europe. He loved the lifestyle, and maintaining this was more important than getting a raise for relocating to our headquarters. By letting him stay in his hometown, he feels uplifted to be more productive, and we all win. He benefits, his family benefits, and so do we.
Balance employee needs with the company’s needs
Leveling the needs of our science and business teams can be challenging. Ironically, this has also led to some of our most seminal discoveries. Once, I was adamant that we needed to start developing an innovative product, and I had a list of features that I wanted in it. For our team of scientists, this was extremely frustrating, because they considered this task to be close to impossible. At the same time, they aimed to pursue scientific research in slightly different directions that, at first glance, did not lead directly to the final product.
In such scenarios, to avoid demoralizing the team, it’s imperative to convene not just for a single discussion but for a series of meetings. These sessions should prioritize discussions about each person’s research direction, leveraging their current findings, exploring how these findings could contribute to development, and devising a detailed, step-by-step plan consisting of small, incremental steps. This approach helps clarify that the final goal is more attainable than initially perceived. Nevertheless, it mandates separate development for each function, culminating in the integration of these components into the final product.
Track satisfaction levels and adjust accordingly
Employee satisfaction levels will ebb and flow. Nonetheless, you can take a proactive approach to this, and track satisfaction levels on an ongoing basis. Here are three recommendations to do so:
If you find that satisfaction levels are decreasing, remember it only takes one unhappy person to bring the team’s morale down, so act promptly if you find something is veering off course.
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