News that state supported banks will pay staff bonuses has split the country.
Is it right? Well it is important to look at this in the long term; the banks have a contract of employment with workers and by paying out bonuses they are simply fulfilling the terms of the agreement. After all, the majority of workers will have done their jobs to the best of their ability and cannot be blamed for the credit crunch. Even in tough times banks, like other businesses, need to keep motivating talented employees to help them remain strong for the future.
In turbulent times motivation really does matter, but bonuses, while key for many employees are just part of the issue. There are plenty of other motivational techniques available to employers to help them support their staff - from team building events to internal awards and recognition programmes. In some cases you don’t need to spend a penny – why not encourage individuals to celebrate a success by sounding an air horn, this public recognition of achievement creates a real buzz in the office, boosting morale, team spirit and keeping motivation high.
Why not tell us how you are helping motivate your team in the current environment?
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3 comments:
For some, financial reward is their primary motivator, for others, it's merely a byproduct of their success.
Although remuneration is high on the priority list of many employees, particularly within the sales arena, achievement of a challenging goal or getting an appointment with that ‘tough to crack’ prospect can often be rewarded with a simple pat on the back, a ‘well done you’ and perhaps celebratory pint after work! Whilst such gestures actually cost little or nothing, they are often received fabulously well by the deserving recipient and really motivates them to go that extra mile. I can think of a number of colleagues, myself included who are as motivated, if not more enthused by a congratulatory mention in a Company-wide email for a job well done than the commission cheque at the end of the month,…..
Therefore, I think we sometimes lose sight of the fact that as children, we strived to get the ‘gold star’ from the teacher for that great piece of homework or winning a plastic, lets face it, often tacky trophy for winning some sport,… I bet it takes pride of place on the mantle piece though!?!
For years, psychologists have been learning that rewards can actually lower performance levels. Other studies have revealed that intrinsic interest in a task — the sense that something is worth doing for its own sake — typically declines when someone is rewarded for doing it. Therefore, if a reward — money, awards, praise, or winning a contest — comes to be seen as the reason one is engaging in an activity, that activity will be viewed as less enjoyable in its own right. This said, these psychologists are obviously not salespeople!!
The question is, with the current climate affecting many people globally, are the overpaid bankers to blame for the economic meltdown or were they merely just doing their jobs and reaping the contractual rewards!?!,…. If you saw the news last night, I’m sure the saga will continue, however to a certain extent, what’s done is done!!
The fact is however, if we’re to survive the current recession, we need to think of the greater good, work together better and ensure that by pooling our resources we can hopefully put our aspirations for those big bonuses at least on a back burner for the time being, looking forward to the fruits of our labour when,… and only when we’ve weathered the storm.
I believe there are many ways to motivate and reward an individual and/or team without money being the main incentive. Recognition from colleagues and senior management can have the same impact if not more so than money. Being congratulated on your success by your MD gives individuals a sense of personal achievement. Rewarding a team motivates the individuals in it, last month we celebrated over achieving team target with a group lunch, rewarding and fun, not to mention the fact we had to tell the whole office where we were going and why, a great sense of satisfaction of our achievements.
They say that the best sales people are those that balance ego and empathy. To that end often it is recognition that makes them tick. A public pat on the back can make them feel recognised for their efforts and boost their confidence simultaneously.
In the credit crunch many people are looking at ways to keep their teams upbeat without spending a fortune. In some cases its as easy as making your sales people feel heard, starting a suggestion box or running internal workshops to brainstorm ideas. These allow employees to take ownership of the goals often set out for them and make them feel like they are being included as opposed to being dictated to.
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