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Does money drive performance with construction executives?

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Construction CEOs often struggle with motivating their executives to top performance levels. They know that money usually does not provide a long-term motivator that will drive executives to higher levels of long-term performance - especially construction executives whose basic financial needs are usually being met. Construction executives who feel they are not being fairly compensated are likely to lose motivation. Most CEOs agree that as long as their executives view their pay as being fair, the lure of more money is not likely to drive performance.
Recent retention studies from Hay Consulting Group and Hornberger Management Companys Annual Construction Executive Retention Survey indicate that executives work hardest and achieve more for meaning in their lives and for job challenge than any other reason. According to these studies, contractors who ignore these primary motivators and choose to motivate by money, are simply bribing their executives and undermining their employees long-term retention, loyalty and commitment.
Unfortunately the easy path for CEOs is to blame their executives lack of hard work and motivation on todays uncertain economic, social and political climate. Yet over 73% of executives surveyed in an August 2004 Construction Executive Online poll indicated that todays construction executives want to feel challenged and fulfilled at work. Executives want to take pride in what they do, belong to a winning team, and be part of a firm that they truly believe in, says Kevin Carney, Marketing Director for Construction Executive Online. The August poll also indicated that construction executives believe that a primary problem with their motivation is a lack of inspiring leadership from their CEO. Many CEOs are not as effective at inspiring or empowering their executives to work harder than they believe they are, according to the executives we spoke with. We head that the more a CEO wants commitment and higher levels of performance from its executives, the more he or she must involve their executives in establishing work goals, defining specific plans for achievement, and providing them with the autonomy and resources to be successful, says Carney. Added by:- Admin