All Else Equal: Making Better Decisions
Ep38 "The Power of Non-Monetary Incentives: Lessons from the Military" with Lt. Gen. Thomas Bostick
Jan 31, 2024
Lt. Gen. Thomas Bostick, former 53rd Chief of Engineers of the United States Army, discusses non-monetary incentives in the military and their impact on motivation. Topics include the higher purpose in the military, team cohesion, handling underperforming individuals, clear guidelines for performance, and the importance of corporate social responsibility.
24:59
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Quick takeaways
- Non-monetary incentives, such as a sense of purpose, can be just as crucial, if not more so, than monetary incentives in motivating employees.
- The military's emphasis on teamwork, shared goals, clear priorities, transparent communication, and a culture of accountability can serve as an example for organizations to foster a stronger sense of purpose and motivation.
Deep dives
The Importance of Monetary Incentives
Monetary incentives are easy to adjust and have clear operational mechanisms, making them widely used in organizations. They provide a straightforward way to motivate employees. Non-monetary incentives, however, can be just as crucial, if not more so, than monetary incentives. The challenge lies in effectively implementing non-monetary incentives, such as a sense of purpose, in motivating employees. Private organizations can learn from the military, which successfully employs non-monetary incentives to inspire its members.
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