The Entrepreneur Should Give Incentives to His Team
November 18, 2007 § Leave a comment
Team incentives can really spark enthusiasm. Always make sure that they are properly communicated.
The following are some tips with regard to incentives.
- It does not have to be expensive
- But it can be expensive
- You may use gifts
- Money is a great motivator
- It should be performance based
It does not have to be expensive
The most common incentives come in monetary bonuses, but there are other ways to motivate your team. Use symbols that reflect excellence. Try giving away a “President’s Pen”. The pen may cost less than PhP5,000 but when you attach a meaning to it that is recognized by everyone, it’s value changes.
But it can be expensive
Why not? If specific goals are hit and the team deserves it, send them to “paradise.” Weekend at the beach, a whole day spa treatment, sponsor a whole year in a gym.
You may use gifts
Give away small gifts with a lot of heart into it. It only means, “I am happy that you are with us and I appreciate your work.” It may be a book, coffee gift certificates, or a one-hour spa. Write a personal dedication. It will mean a lot to them.
Money is a great motivator
There is no question about it, money motivates! Because it is everyone’s need. If goals are met give them money. This may take the form of 14th, 15th, 16th month pay or more. Profit share is good for smaller companies.
It should be performance based
I do not believe in giving incentives without corresponding progress. Incentives should reward excellent work. Excellent work for the small entrepreneur is always about the profit. If the sales reached the target, if the operations were able to save on expenses, and the quality of the service and productions made the customers happy; then a reward is deserved.
By Ed Pilapil Jr. ©