The Entrepreneur Should Give Incentives to His Team
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. ©
The Entrepreneur Should Recognize His Team
There are different ways to recognize your team member aside from plaques and trophies. Here are a few:
- Never ignore them
- Show that you value their efforts
- Always acknowledge their work to others
- Identify with them
- Believe in them and let them know it!
Never ignore them
Every member of the team, every executive or employee is important. There are times that top executives may give the impression that they ignore the staff. Many times it is unintentional. Have someone tell you if you have that impression. People in your organization are emotional creatures, they need to feel that they are part of the team.
Show that you value their efforts
When the members of your team see that you value their efforts, they will be motivated to produce better results. You may do this by thanking them. Yes even if they get paid to do it. You are simply appreciating their efforts.
Always acknowledge their work to others
Brag how pleased you are with the work of your team every time they do a good job. They will eventually find out that you acknowledge their work to others. This will boost their morale. It will also inspire loyalty.
Identify with them
If the team does not do well, do not distance yourself from them. Make them feel that you were part of the failure. Discuss with them how the team can do better. If the team does a good work, praise them for it. You were a part of it as well.
Believe in them and let them know it!
Your team will keep getting better if you inspire them by believing in them. Everyone can improve. With some encouragement and a lot of belief from other people, anyone can change for the better.
By Ed Pilapil Jr. ©
About & Contact
This blog is about tips on entrepreneurship. It includes topics such as sales and marketing, coaching your team, employee motivation, success attitudes, franchising, management and others.
Eduardo R. Pilapil Jr or Ed has been a Motivational Speaker for more than 15 years and has spoken in conferences and seminars for different nonprofit organizations, small companies, and large corporations. He also offers business and life coaching with more than 3000 hours of experience.
Some of his past experiences and positions are: President of KGP Property Holdings, Inc., Executive Director of Bicol College of Agriculture, and as a director in various nonprofit organizations.
He is co-founder and Chair of two companies: Power Memory Franchising and Review Masters League.
He has a Bachelors Degree in Communication Arts from the University of the Philippines and a Masters degree in Christian Leadership from the Asian Seminary of Christian Ministries. He finished high school and grade school at the Ateneo de Manila University. Ed is currently completing his Executive Masters degree in Business Administration at the Asian Institute of Management.
His other sites are www.Motivation-Coach.com and LifeJourneyCoach.com
Ed is based in Manila but serves the South East Asian Region. Should you need a motivational speaker, life coach or business coach, you may reach him at eduardo@motivation-coach.com.
Office Address: Unit 2008 Prestige Tower, F. Ortigas Jr. Rd. (formerly Emerald Ave.), Ortigas Center, Pasig City, Metro Manila, Philippines
