Forums: Discussions for entrepreneurs and small business.

 

This is a costly mistake of getting lost in the false theory that more money equals happy employees. The company you choose to provide you with catalogs, price lists and check-points, free of charge. The structure of your bonus plan can not remain the same, but instead of giving cash to your employees that you receive points equivalent. These points can then be used to purchase a wide variety of gifts or travel plans in the catalog. There are some effective ways to motivate employees.

- Good Work Environment.
- On-the-Spot Praise.
- Career Path.
- Leadership Roles.
- Recognition/Attention.
- Applause.
- One-on-One Coaching.

 

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Generic Competency Profiles for all Core Business Functions.

I worked for a mining company that lost a large number of employees to lower paying jobs.  Upper management couldn't figure out what was happening until they did an anonymous employee survey.  The survey listed items (pay, benefits, job security, etc.) and asked each employee to rank each by level of importance.  The least important item as far as the employee was concerned would go in the number ten slot.  The most important in the number one slot.  Guess what?  Almost all employees put pay in the number ten slot (least important).

Now guess where management thought employees would put pay.  Your right.  Every manager thought employees would put pay in the number one slot (most important) on the employee surveys.

 

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The older we get, the more excuses we make for not chasing after our dreams. But truth is, goals are attainable at any age.

Having spent my first 25 years as a recruiter and now working with business owners I can tell you that money is way at the bottom of the list for motivating employees and even retention.  Employees want to feel valued, like they can make a contribution and be heard, there is room for growth whether it's new skill acquistion or promotional opportunites.  These rank way up there.  Along with company culture these are key to happy employees.

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Linda Finkle, Incedo Group http://www.incedogroup.com/market-research

Motivating your employees is best done but showing them appreciation in what they are doing, challenging them to achieve more and feel better about what they are doing, and promotions or change of title will also help.

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Motivating employees does not have a one size fits all solution.  Each person is different and thus their needs are different.  Assuming you are paying people a reasonable salary for the work they are doing and keep up with your competitors in this area then motivating then though money is not the answer.

Having spent 25 years as a recruiter the things I consistently heard about reasons to leave a company were:

1. no growth - either skill acquisiton or promotional opportunities

2. not feeling heard or valued

3. not feeling secure about their company/position/role

4. poor, ineffective or no communication that helped people feel like they knew the direction of the company

This is a great topic for one of the products I am creating.  I'd love your insights.  Please submit your questions or ideas to the link in my signature.  We'll enter you into a drawing to win the product.

 

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Linda Finkle, Incedo Group http://www.incedogroup.com/market-research

It is important to motivate your employees. Motivation can help to growth business. A motivated employee can increase business productivity.

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Paying out large bonuses always would be difficult. You need an alternate that lets you reward and recognize employees without stretching your funds. In fact, your logic need not necessarily be a funds constraint. It could be organizational factors like internal competition or reluctance to pay high salaries. Here is an article that can help you : http://bit.ly/vZoUQu

 

 

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