Motivational guru Dave Ulrich believes it is still possible to inspire employees even when company coffers are low

FED UP with getting constantly criticised by your boss? Maybe he is just trying to help you to improve because he wants you to succeed.

Can’t believe that you’re being paid so little for what you do? Well, perhaps you should be glad that you work for a financially responsible organisation.

Still unconvinced? Then maybe it’s time to think more about finding “meaning” in work and how you can shape what it means to you, says motivational guru Dave Ulrich. And if you’re an employer, it’s important to understand that it is still possible to motivate employees even when the corporate coffers are low.

“When employees find meaning from the work that they do, they are more likely to not only be engaged, but feel like they contribute to the company,” he says. “Most talented employees are not solely driven by money.”

For Ulrich, who will speak at Ibec’s HR Leadership Summit “The Rules of Engagement” this week, motivation is tied very closely to finding meaning in work. But how can companies create this meaning?

A professor at the Ross School of Business at the University of Michigan, Ulrich has spent much of his career – and 20 books – coaching executives on just how this can be achieved.

In his book, The Why of Work: How Great Leaders Build Abundant Organisations that Win,Ulrich put forward seven ways company leaders can create meaning without spending money: identity, purpose, relationships, work environment, work itself, learning and growth opportunities and delight.

So, for example, companies should look at helping employees identify and use the traits and values – such as integrity, love of learning, empowerment – they identify most closely with. These should then be matched with the jobs they do, which will help employees create a “line of sight” between their work and the results that matter to them.

Fostering relationships is also important, says Ulrich, as are the little things, such as encouraging “civility and delight from the little things that personalise the world of work”, which can include having time to chat and friendly competitions.

For Ulrich, who has been ranked the number one "management educator and guru" by BusinessWeek,the key is to personalise the "employee value proposition" – just as companies might customise their products for consumers – to help employees find meaning.

“For example, a company might have a menu of meaning choices and then allow employees to select from that menu those items that would be most meaningful to them,” he suggests.

Ulrich also recommends that companies use the opportunity of the downturn – “a crisis is a terrible thing to waste!” – to cut costs and focus on serving key customers.

“In a recession, leaders have the luxury to prune and focus their efforts and attention,” he says, but notes that they need to maintain “incredible customer connection” and responsiveness to adapt to changing conditions.

“Companies that move quickly to make bold decisions will be more likely to survive the recession and thrive in the recovery.”

While one upside of the current downturn is that companies are finding it easier to hold on to staff – without pushing up their salaries – companies still need to have talent management strategies in place.

“The best source of future talent is present talent. This means employee-referral programmes and networks where the top performing employees have the right to refer professional colleagues.”

Giving the example of companies such as IBM, GE, Unilever and Siemens, Ulrich says these are the best at developing leaders. “These companies know the business case for talent, they have clear models for how to define talent. They assess and invest in their talent, they offer integrated talent programmes and they constantly measure talent progress,” he notes.

At the other end of the scale are the companies which cannot afford in the current environment to invest in professional development. According to Ulrich, “there may be a greater risk of not doing talent management”.

“Companies . . . can still manage talent aggressively by focusing on what talent is required and then securing that talent.”

It is also important to have proper procedures in place to deal with redundancy programmes “as those companies that manage better will still stand out”.

“This means candour and transparency with employees, empathy with those who leave, concern for those who stay, clarity around the rationale for targeted downsizing and treating all people with dignity and respect.”

The Ibec HR Leadership Summit takes place on Thursday at the Convention Centre, Dublin.