The Power of Second Paychecks

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Mike Armour is a featured headliner on C-Suite Radio

Genuinely wise leaders know that the most powerful motivators for their people are intrinsic motivations, not extrinsic motivations such as salary, bonueses, and benefits.

Yet, few managers and leaders take time to discover what truly motivates their workers or volunteers intrinsically.

This episode looks at intrinsic rewards as second paychecks (or in the case of volunteers in a non-profit organization, the only paycheck) which workers receive. It then examines five intrinsic considerations which lead to greater job satisfaction and employee retention.

These five considerations become evident when you ask why someone has chosen to be part of your company or organization as opposed to some other. People normally respond to this question with some combination of:

  • The opportunity to achieve or to play a substantive and recognized role in some group achievement
  • The aims of the company or the organization
  • Affiliation with people who mean a lot to them
  • A chance to take part in activities which they enjoy
  • Gaining access to certain people, technology, training, or information

Leaders and managers should know which of these considerations motivates their direct reports individually. They can be thought of as currency in which the second paycheck is paid.