Motivation is the number one factor which can help in retaining the top employees. You have already seen that motivation is an essential part of Maslow's need hierarchy theory, which is even known as Maslow's motivation theory. Let's understand about motivation and the motivators. In this lecture what exactly does motivation mean? motivation is a process where people are inspired to perform better and contribute more towards organizational objectives and goals. Motivation is a very strong force, which can compel people to behave in a particular manner or in a certain way.

Motivation is an amazing tool which can be used for inspiring the workforce. It can help in increasing the business growth by achieving overall objectives. Now, there are two major motivators or techniques which help in motivating the employees. These are financial incentives and non financial incentives. Every employee has different needs. Some may be satisfied with financial needs, while others may expect something more from the organization.

Financial incentives are monetary rewards which are calculated in terms of money or cash. Money is the number one factor because of which people work and do jobs. Money helps to satisfy the basic needs like food, clothing, shelter, etc. So, when the company is able to satisfy this need of the employ they are able To retain the employees very easily. Some financial incentives include salary and allowances. Other things which could be included in financial incentives are bonus, performance based incentives and retirement benefits by pension are crotchety example of this could be the basic salary, transport allowance, medical allowance, DNS allowance, test and compulsory bonus stock options, education to employees children's etc.

The other motivator is non financial incentive. These are the non monetary rewards which cannot be measured in the terms of money. These would include everything that is not related to money or which cannot be calculated in terms of cash. Such rewards are also called as non monetary rewards or incentives. So, these include organizational climate or the work environment status which refers to the prestige, authority and responsibility which are offered to the employer. Some examples include separate cabins, expensive furniture, etc because these are prestige symbols.

Next is job security, employee empowerment and carrier advancement opportunities. Other non financial incentives include employee participation in activities committees, seminars or conference. Now, you will notice that Maslow's need hierarchy theory can be achieved by offering Both financial as well as non financial incentives. Here's how. The first two needs that is basic and security needs could be satisfied by offering financial incentives to the employees. The other three needs, which are social needs, esteem needs and self actualization needs could be satisfied by offering the non financial incentives.

So, now let's see the key takeaway from this lecture. motivators are a powerful tool for retaining employees because these can satisfy almost all the needs of employees, whether its financial or non financial needs. When a company offers both, they can very easily retain the top performers By satisfying their diverse needs. So, using the motivators is a very essential part of having successful talent management, as well as to retain the top performers in the organization.