Financial Needs is about much more than money
“A wise person should have money in their head, but not in their heart.”
- Jonathan Swift
Financial Needs is one of Attuned’s most discussed motivators, because it is often considered to be extrinsic rather than intrinsic. When talking about financials as a motivating factor, a lot of people think mainly about money or other external rewards such as bonuses, paid leave or incentives. And it’s true that these fall under the category of extrinsic motivators.
Remember, extrinsic motivation is connected to outside incentives (carrot and stick) while intrinsic motivation comes from within—you do it because you enjoy the activity. (For a quick intro into the difference between extrinsic and intrinsic motivation, read this article, or download our free White Paper for a deeper dive into the subject.)
Here at Attuned, though, the definition of Financial Needs is a little bit different. We interpret it as:
“The desire for financial security and wellbeing; a liking for activities entailing the generation of profit, and of endeavors to accumulate and safeguard wealth.”
This covers the classic external rewards like pay, bonuses, a free cafeteria, overtime pay, etc, but it also includes the peace of mind that comes with financial security or the pleasure that comes from generating revenue. If you have a high score for Financial Needs, it doesn’t mean that you are just trying to maximize your own wealth, but rather that:
“Financial security and ensuring a livelihood is of primary importance, and/or you’re happy to work with financial indicators, calculations and planning, regarding revenue as one of the defining indicators of success.”
So what does this mean for you and your work?
How can Financial Needs motivate you intrinsically?
As you can see from my Intrinsic Motivator Report, Financial Needs is my number 1 motivator with a score of 96%, and the report tells me:
“Financial security and ensuring a livelihood are of primary importance to Anju, consequently pay plays an important part for them at the workplace.
Anju is happy to work more to increase their pay, year-end bonus or standard of living.
Anju is happy to work with financial indicators, calculations and planning, regarding revenue as one of the defining indicators of success.”
The first two sentences can be categorized as extrinsic motivation since they represent the classic external rewards, but when talking about intrinsic motivation, the third sentence is of primary importance. For me personally, this means I enjoy working on tasks that have a direct effect on the bottom line of the company.
I am the Marketing Team Leader at Wahl+Case, Attuned’s (formerly) sister company, and we currently have a small team of three marketers. When working in Marketing, having a direct effect on revenue is a lot harder than working in Sales, where generating revenue is pretty much your only responsibility and you can immediately see the results. Things like increasing brand awareness or market positioning don’t always have a direct impact on the business, but are rather strategies to set up the business for success in the mid- and long-term.
So it has been a reoccurring challenge for me to connect our marketing activities to the overall business and show how specific campaigns have or will have an impact on the company’s financial performance. I really enjoy this challenge though, maybe because Competition is my second highest motivator.
Potential for conflict
As everyone in a leading position knows, when working with people there is always a potential for conflict. Different people are motivated by different factors and learning what motivates your team members should be every manager’s first step.
When it comes to Financial Needs, I’m lucky because my whole team has it in their ‘Need-to-haves’. We are all on the same page and are motivated by the desire to help the business succeed. Getting someone to sign up for our service brings joy to our lives, and if that signup leads to a sale, everyone is happy. We are all working together to find new ways to assist in revenue generation.
However, if you have someone on your team that doesn’t have high Financial Needs, there are a few points to consider. For example, you might run the risk of alienating a team member if you measure success and reward achievement solely in financial terms. In those cases you have to come up with other ways to measure success for that specific person. (Read more about how to manage people who are different from you.)
Similarly, if you talk only about money and financial plans all the time, it may be boring or irritating for people who are not quite so fiscally motivated, so it’s important to take the time to find out what drives your colleagues and try to understand their perspectives.
Also, be mindful that the motivating power of money decreases for many people once their financial security is assured. Bear in mind that other rewards or opportunities could represent stronger incentives for some colleagues. That’s why it is important to retake the Attuned Assessment once a year to keep track of potential changes or shifts in your team members’ motivations.
All in all, Financial Needs is a strong motivator that doesn’t mean that someone is simply trying to get more money or is materialistic. If you have a team member with high Financial Needs, don’t forget this also means that they enjoy working with financial data or revenue-based KPIs. And if you are not sure, it’s always good to have an open conversation with your team members based on their Attuned Motivator Reports.
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