Motivating your team isn’t about cash rewards. In fact, research shows that the biggest motivator in the workplace isn’t money but, instead, competition and intrinsic rewards.  But people are also motivated by other factors like schedule flexibility and understanding the connection between their goals and the larger goals of their company.

You don’t have to go on a financial limb to improve employee retention. Here are five tips that can help you motivate your teams:

 1. Give Them What They Want (Hint: It’s not money)

Even more than pay raises, employees want acknowledgement, recognition and validation. It’s easy for busy managers to take their team for granted and not acknowledge hard work. But the payoff for recognition is huge: Salary.com reported in its 2007/2008 Employee Job Satisfaction & Retention Survey that 17% of employees leave a job due to insufficient recognition.  Giving recognition can be as easy as dropping off a thank you note or present, but public recognition in front of coworkers is a fantastic way to show your employees that you appreciate them and want the whole company to know.

2. Convey Meaning and Purpose

It’s important to make your employees understand how their work connects to the larger goals and functions of the company and how their individual goals help the company achieve its overall goals. That way, employees understand that their work has purpose and meaning and that they’re not just another cog in the machine.

3. Set an Example

If you want your employees to have passion and motivation at work, show them with your own passion and motivation. Include team communication in discussions about issues affecting the company. Offer a platform to encourage employees to present innovative ideas that may help other teams or that may help the company. Organize morale-boosting events and let employees come up with the ideas.

4. Encourage Open Communications

Encourage team communication, both anonymous and not, through a structured outlet. Anonymous, safe feedback ensures no extra drama or contention will result, while open and honest communications will help build a better, more motivated team where all legitimate concerns are out in the open. Making the team feel empowered and encouraging honest communications is a great way to motivate employees.

5. Be Flexible

Cloud technology has made the prospect of working remotely easier than ever. Even Facebook COO Sheryl Sandberg reportedly leaves the office at 5:30 to be with her kids, and then spends the rest of the night working from home. Allowing employees the flexibility of coming in at earlier or later times to accommodate their schedules is a great way to motivate your team.