There are countless ways to recognise the team. Many are low-cost and high-impact. Have fun with your recognition ideas. Think of recognition as a menu; it is about choosing the right thing for the right person.
In the 19th century, Hanoi (then French Indochina) was overrun by rats. In an effort to combat the problem, the French colonial government placed a bounty on rats. The incentive worked, but not as intended: it inspired widespread rat farming, which actually exacerbated the problem.
There has recently been an increase in interest in the use of employee share ownership plans and other incentive plans to improve engagement and performance across the workforce, which ultimately leads to an improvement in the value of the business. For those looking at business exit and succession strategies, this can be an effective way of increasing the value of the business prior to exiting.
Your ability to treat your employees the same as other businesses have - with similar wages, similar working conditions, similar reporting standards - gives you dramatically the SAME results. Let's face it - that's not being competitive. Discover a more productive way of rewarding employees that can boost performance dramatically.
The elements of a successful incentive plan - whether for a manufacturer, a credit union, a general contractor, or a restaurant franchise - are all the same. Here are 6 steps to making your incentive compensation a success.
Setting up a bonus system does not need to be difficult, it doesn't need to add unsupportable expense into your business, but it does need to be equitable and it does need to be easy to understand and implement.
Of all questions, this is the one that remains on the minds of sales leaders and executive teams. It is often the cause of more debate and angst than any other question in a business. People search for the golden answer, however their quest will not deliver a definitive one because it all depends on what you want to achieve.
Motivation is harder in today's business climate. Not because people are under more pressure (people will always be under pressure - that's not new), but rather because the pressure is different - and it is eliciting fears and uncertainty within people that they haven't experienced in a long time (if at all).
Some good news: During times like these, we have the unique opportunity to really determine - with a huge degree of certainty - the viability and efficacy of our incentive compensation plans.
Employees are not usually asking for gifts and extra money. They're usually asking that their supervisor care about them and appreciate the work that they do.
For many organisations, total rewards are their single largest overall expense. In times of belt-tightening - such as now - aligning your total rewards with your overall strategy is especially critical, to ensure that the right decisions are being made about both cash and non-cash rewards and that you are getting the best possible return on your rewards spend.
A top-down approach for total rewards that segments the employee population and customises to them will give a better return on investment by pushing performance to the next level and potentially saving dollars at various steps in the process.
Rewarding key staff with shares is a good idea, but it can go horribly wrong.
If an incentive plan is designed correctly and implemented properly it can reinforce the key objectives of the business, support the culture you want and have a significant affect on the performance and profitability.
Be clear on your objectives before you start.
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