Last issue we asked PROFIT-Xtra readers if they do a good job of rewarding employees for meeting or surpassing goals. Some 75% of respondents believe they consistently reward a job well done, and they offered insights on how to encourage staff to meet or beat business targets. Here are some of the best answers:
Matthew Harding:
“We use all kinds of incentives including bonuses, personal gifts, nights away in hotels for employees and partners, and even an all-expenses paid weekend in Tremblant. But nothing beats cold, hard cash as a reward!”
Cybele Negris:
“At Webnames.ca, our success has been because of our team and our exceptional customer service where staff go above and beyond for every customer. A part of developing and maintaining this culture of teamwork and excellence is providing a healthy compensation and benefits package, as well as year-end performance bonuses based on the profitability of the company. Employees are also recognized for their efforts in a quarterly ‘Employee of the Quarter Award,’ which includes the distinction as well as a financial reward.”
Aimee Lavallee:
“We have individual bonuses tied to performance and a profit-sharing bonus tied to the overall success of the firm—but these rewards have become standard in the business world. We have also instituted a program called “WOW Awards” whereby employees can be nominated for doing something above and beyond their standard work responsibilities. The nominations are sent out to the entire firm by e-mail, stating who was nominated and why. Each quarter, we have a meeting to choose a grand winner and to recognize the efforts of each nominee. The reasons supporting the nominations are read to the entire team. We draw the names from a hat and each nominee gets a gift certificate. The final name gets the largest gift certificate of all. And because employees typically value the time they spend with upper management, one of the partners in our firm takes the nominees for a congratulatory lunch as a token of appreciation.”
For her answer, Aimee Lavallee will receive a copy of The Myth of Excellence by Fred Crawford & Ryan Mathews.
Watch for another Best Practices Poll in the next PROFIT-Xtra.
