Four tips to keep your team motivated!

   Every small business needs to motivate their employees in order foe the
   team to work more efficiently and produce better results. Using
   monetary and other rewards to improve motivation is a simple idea, but
   doing it fairly and effectively can be challenging.
   Therefore the difficult question is ‘How can you create a compensation
   program that motivates employees, results in a more productive staff
   and is administered fairly and effectively?’ Here are some valuable
   tips.

   

   1. Establish an action plan: Set realistic goals in your action plan.
       You must always reward top performance and must be as clear as
       possible in establishing realistic and fair goals. This is because
       effective communication is the key ingredient for the entire
       program.

    2. Be creative in determining rewards: Before you launch the plan,
       decide the reward. The reward need not always be cash. Recent
       studies have proven that non-cash rewards are more attractive and
       effective than cash rewards. Offering flexible working hours and
       the occasional Friday afternoon off have proven to be great
       rewards. If cash flow is a problem, then why not implement non cash
       rewards to motivate your staff!

    3. Group rewards may be appropriate, but don’t undermine individual
       initiative: Most businesses tend to reward the group and limit
       individual rewards as base pay to keep the simplicity of the
       program. However, that may result in lowerindividual initiative and
       innovation. It is important for individual contribution to be
       valued separately to the group when it is outstanding.

    4. Finally, it is important to keep motivation going:Once you have
       achieved success, don’t forget to celebrate! Keep thinking of
       creative ways to increase your motivational strategies, including
       making use of retreats, team-building exercises and travel where
       relevant. Always keep in mind that a motivated workforce will be
       happier, more productive and more profitable, and it ensures a fun
       place to work.

Published by James Solomons

FCA, GAICD. Innovative Business Leader. Global CFO @Xref (ASX:XF1). Director at @business_Depot (formerly Aptus Accounting & Advisory @AptusAA). Former Head of Accounting @Xero Australia. Advocate, Entrepreneur & Educator #Family #Football #Fastcars!

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