Break the Golden Rule When Rewarding Your Employees Small Business Marketing resources

Small Business Marketing Article Break the Golden Rule When Rewarding Your Staff It appears so very simple, don't you think? "Do unto others as you would have them do unto you." The Golden Rule feels so universal that it should be a fix for all relationships. Simply handle everybody the way you would prefer to be taken care of and all will run smoothly, yes? Just a second... It seems that something is off... Would your business' twenty-something big shot salesman hope for the exact same benefits out of their job that your forty year old office clerk wants? Is your technical staff aiming for similar opportunities and reimbursement as your secretary? Indeed, their needs and wants are very different, but quite a few business owners use a one-size fits all method when appreciating their key employees. After a big contract is finished, all staff receives the same thing, whether it's breakfast or a gas card. Giving an identical reward to the whole team is what's right, isn't it? But is it actually fair for the best people? Hold On to Your Top Staff Too few managers realize that the Pareto theory applied to their employees means that 20% of their employees deliver 80% of your entire company's bottom-line. Further, just about every management book recounts studies which compare the productivity of the best people to the least skilled (yet still effective) people. The spread between the extremes have been reported as much as 100 to 1. The nearest these ratios ever seem to get to one another is at best 4:1. But how much more does this extraordinary difference in value wind up costing? Assuming that your annual cost for the company's least skilled staff member is $30,000, what does it cost for your best staff? Since a fair bit of the costs for staff are fixed, they don't go up in relation to base salary. For the purposes of this examination, let's use some worst-case numbers, $60k. Assuming that your $30k employee generates $30k of value (otherwise they'd be reallocated, right?). If your best employee is a measly four times as productive as the worst, they deliver far more value for how much more they cost. If you invests in more classes for your least valuable members, costs instantly go up, but without any promise that productivity will similarly go up. Also consider what part of your salary is factored into the "cost" of this moderately competent employee? Probably none. Management costs are usually invisible, factored away as overhead. It certainly feels like you're being productive - trying your hardest to bring along the strugglers, hoping that they eventually rise above their shortcomings. Consider how much of your time is spent with either of these employees: The self-managing dynamo who, with speed of a bullet train, handles customer complaints, delivers defect-free results, and even cleans up after himself in the break room The newbie who has some interpersonal problems, occasional quality issues, problems listening to reason, and shows up late on Mondays because of his occasional hangover Indeed your best performers are worth weight in good. As such, it's incredibly important for every small business owner to keep their winners, as this group of your greatest embodies the bulk of your team's value. Their familiarity with your unique processes combined with their skills and ability to get the job done in a pinch makes them practically invaluable. Now, what's the best way to show appreciation for your best people? What should you do to prove to those top performers that they're wanted, and boost the likelihood that they'll be there for you when you need them again? What's the best plan to keep your superstars? Coat their palms with silver. If your $30k employee puts in 70-hour weeks during the final push of a key effort, most exclusively cash rewards would come in at a rate less than minimum wage. Simply reconsider this choice. This can be extremely insulting, seen, instead, as a paltry offering to pay them off and ease your guilty conscience. Regardless, after the taxman gets his chunk, the net impact of this money can end up being a lot less than it costs to give it out. Send them to extra training. Some folks might be happy to be rewarded with a chance to take training in a new city expenses to the company. They may even try to spend a few days before or after, out of their own pocket, just to cash in on this opportunity to rest up. Be careful though, this could be mistaken by your high achiever that you found their performance less than desirable. They might wrongly believe that they have to have further classes to be worthy of the eventual reward that lies waiting. If your staffer is sensitive, they could be worried that their effort they went through was a warning sign to you that they were struggling along. Proposing a training incentive in this situation could be interpreted that their challenge was obvious, and now you are taking remedial action. Promote them. Though the attraction of a striking title or tangible gains associated with a promotion may inspire some, more and more workers have come to realize the dangers of the Peter Principle. They fear that their world will shift drastically should they become team lead. Your superstar staff probably like what they're doing right now. That's why they're so darned good at it. Before thinking about a promotional reward, be sure that the new position actually leverages the talents and skills exhibited by these high achievers, or you may end up losing them. If you think it's best to take this chance, make sure your hotshot realizes that they can get their old job again if it doesn't work out with the newly promoted position. Offer additional vacation time. Everyone likes time off, right? Unfortunately, if you offer this bonus to a very dedicated worker who is so wholly committed to their career that they don't have many friends of work, they may not know how to handle this spare time. Do unto others as they would have done unto them. You can see that there are quite a few mechanisms to reward your most valuable. It's dangerously simplistic to offer all of your workers the same reward. It's especially easy to offer them something you'd like yourself. These examples take us to a fundamental concept: communication. In a nutshell, ask your best what they really want. What is it that will allow them to actually feel appreciated? The life that leads someone to be a talented account rep is very different than the life of a great administrative assistant. You may be stunned by the replies you get back. In reality, your employees may be amazed, as well, to discover that you are really giving them a voice to determine the award for their efforts. Do they want money? Do they want more challenging assignments? Do they want some relaxation time to appreciate their children? Would they rather have more mentoring? Do they simply want to be acknowledged at a company meeting? What have they received in the past that really made them feel good? The results can differ significantly for each individual, depending upon their long-term ambitions, how their needs are currently being met within Maslow's Needs Hierarchy, and the current stressors in their life. Don't make the mistake of assuming that the answer you get today will remain the same throughout your top performer's career. In the end, as opposed to attempting to reward your people the way you would prefer to be rewarded, break The Golden Rule, and invest your time actually appreciating their needs and wants. By involving them in choices that affect their lives so directly, you might inadvertently benefit from the Hawthorne Effect, and inspire your worker by showing you care. You will likely learn that you've developed a workplace that makes your high achievers more contented than they've ever been. Consequently, they will find a way to push themselves to new levels of productivity, realizing that their hard work will bring about rewards that are actually important to them. You may even earn their respect and loyalty for a lifetime. Break the Golden Rule When Rewarding Your Staff - Del.icio.us It appears so simple, right? "Do unto others as you would have them do unto you." The Golden Rule appears so undisputed that it would be a solution for every relationship. Just handle everybody the same way you would appreciate being taken care of and all will run smooth as silk, correct? Staff Motivation Tip: Break the Golden Rule - Del.icio.us It looks so very simple, right? "Do unto others as you would have them do unto you." The Golden Rule feels so all-inclusive that it should be a panacea for all human relations. Just handle everyone the way you would like to be handled and everything will flow wonderfully, correct? Staff Motivation Tip: Break the Golden Rule - Del.icio.us It appears deceptively simple, eh? "Do unto others as you would have them do unto you." The Golden Rule appears so undisputed that it might be a remedy for every relationship. Just behave toward everyone the same way you would appreciate being handled and all will flow smooth as silk, right? Who Else Wants Motivated Employees? - Del.icio.us It seems deceptively simple, eh? "Do unto others as you would have them do unto you." The Golden Rule appears so global that it could be a remedy for all relationships. Just treat everyone the way you would appreciate being treated and all will flow smooth as silk, correct? Retain and Motivate Top Employees - Think Outside the Box - Del.icio.us It appears very simple, don't you think? "Do unto others as you would have them do unto you." The Golden Rule seems so universal that it might be a cure-all for all human relations. Simply act toward everybody the same way you would like to be handled and everything will flow smooth as silk, correct? Who Else Wants to Retain and Motivate their Top Employees? - Del.icio.us It looks deceptively simple, doesn't it? "Do unto others as you would have them do unto you." The Golden Rule feels so global that it could be a fix for all relationships. Just treat everybody the way you would appreciate being handled and all will flow smoothly, yes? Team Motivation Technique: Break the Golden Rule - Del.icio.us It seems very simple, eh? "Do unto others as you would have them do unto you." The Golden Rule seems so undisputed that it might be a remedy for every relationship. Just handle everyone the way you would appreciate being treated and everything will run easily, right? Who Else Wants to Motivate and Retain their Top Performers? - Del.icio.us It seems so simple, eh? "Do unto others as you would have them do unto you." The Golden Rule seems so undisputed that it would be a panacea for all relationships. Just treat everybody the same way you would prefer to be taken care of and everything will run smooth as silk, right? Who Else Wants to Motivate and Retain their Best Employees? - Del.icio.us It appears very simple, right? "Do unto others as you would have them do unto you." The Golden Rule seems so global that it should be a solution for every relationship. Just treat everybody the way you would prefer to be treated and all will run perfectly, right? Who Else Wants to Motivate and Retain their Star Employees? - Del.icio.us It seems deceptively simple, doesn't it? "Do unto others as you would have them do unto you." The Golden Rule seems so all-inclusive that it should be a solution for all human relations. Simply act toward everyone the way you would prefer to be handled and everything will flow smooth as silk, correct? Break the Golden Rule to Motivate your Star Performers - Del.icio.us It seems incredibly simple, doesn't it? "Do unto others as you would have them do unto you." The Golden Rule appears so universal that it might be a fix for all relationships. Simply act toward everybody the same way you would appreciate being taken care of and all will run smoothly, right? Entrepreneurs: Retain Your Employees, Break the Golden Rule - Del.icio.us It seems very simple, don't you think? "Do unto others as you would have them do unto you." The Golden Rule seems so global that it could be a remedy for all relationships. Simply treat everybody the way you would like to be handled and everything will run smooth as silk, correct? Break the Golden Rule When Rewarding Your Employees - Del.icio.us It looks so simple, doesn't it? "Do unto others as you would have them do unto you." The Golden Rule appears so all-inclusive that it would be a fix for every relationship. Just treat everyone the same way you would like to be handled and all will flow wonderfully, yes? Workplace Motivation Technique: Break the Golden Rule - Del.icio.us It looks so very simple, eh? "Do unto others as you would have them do unto you." The Golden Rule seems so universal that it might be a panacea for every relationship. Just handle everyone the way you would prefer to be taken care of and everything will flow easily, correct? Who Else Wants to Retain and Motivate their Best Employees? - Del.icio.us It appears incredibly simple, doesn't it? "Do unto others as you would have them do unto you." The Golden Rule feels so all-inclusive that it would be a fix for all relationships. Just treat everyone the same way you would prefer to be treated and everything will run perfectly, correct? Who Else Wants to Motivate and Retain their Star Employees? - Del.icio.us It appears very simple, doesn't it? "Do unto others as you would have them do unto you." The Golden Rule feels so universal that it could be a panacea for all human relations. Simply act toward everybody the same way you would like to be treated and everything will run wonderfully, right? Who Else Wants Motivated Employees? - Del.icio.us It looks incredibly simple, doesn't it? "Do unto others as you would have them do unto you." The Golden Rule seems so all-inclusive that it should be a fix for all human relations. Just behave toward everyone the way you would like to be treated and all will flow wonderfully, right? Break the Golden Rule When Rewarding Your Employees - Del.icio.us It appears so very simple, eh? "Do unto others as you would have them do unto you." The Golden Rule seems so all-inclusive that it might be a panacea for all human relations. Simply act toward everybody the same way you would appreciate being taken care of and all will run smoothly, right? Who Else Wants Motivated Employees? - Del.icio.us It looks so simple, don't you think? "Do unto others as you would have them do unto you." The Golden Rule feels so global that it should be a fix for every relationship. Just behave toward everyone the same way you would appreciate being taken care of and everything will flow smooth as silk, correct? Small Business Owners: Retain & Motivate Your Superstars, Break the Golden Rule - Del.icio.us It looks incredibly simple, don't you think? "Do unto others as you would have them do unto you." The Golden Rule feels so global that it would be a cure-all for every relationship. Just act toward everybody the way you would appreciate being handled and everything will flow perfectly, yes? Small Business Owners: Retain Your Employees, Break the Golden Rule - Del.icio.us It seems so very simple, eh? "Do unto others as you would have them do unto you." The Golden Rule feels so all-inclusive that it would be a solution for all relationships. Just act toward everybody the same way you would appreciate being treated and everything will flow perfectly, right? Break the Golden Rule to Motivate your Best Employees - Del.icio.us It appears incredibly simple, right? "Do unto others as you would have them do unto you." The Golden Rule feels so undisputed that it should be a solution for all relationships. Just treat everyone the same way you would like to be treated and everything will flow easily, correct? Employee Motivation Tip: Break the Golden Rule - Del.icio.us It appears so very simple, doesn't it? "Do unto others as you would have them do unto you." The Golden Rule feels so undisputed that it should be a fix for every relationship. Simply handle everyone the way you would appreciate being handled and all will flow smoothly, correct? Who Else Wants to Motivate and Retain their Star Performers? - Del.icio.us It appears so simple, right? "Do unto others as you would have them do unto you." The Golden Rule appears so global that it would be a remedy for all human relations. Just treat everyone the same way you would prefer to be taken care of and all will run smooth as silk, correct? Break the Golden Rule to Motivate and Retain your Best Employees - Del.icio.us It appears incredibly simple, doesn't it? "Do unto others as you would have them do unto you." The Golden Rule appears so universal that it would be a panacea for all relationships. Just act toward everyone the same way you would appreciate being handled and everything will run easily, right? Break the Golden Rule When Rewarding Your Staff - Del.icio.us It looks very simple, right? "Do unto others as you would have them do unto you." The Golden Rule feels so global that it might be a cure-all for all human relations. Just behave toward everybody the same way you would appreciate being handled and all will run perfectly, yes? Workplace Motivation Technique: Break the Golden Rule - Del.icio.us It looks very simple, eh? "Do unto others as you would have them do unto you." The Golden Rule feels so global that it might be a fix for all human relations. Simply handle everybody the same way you would prefer to be taken care of and everything will flow easily, yes? Break the Golden Rule When Rewarding Your Employees - Del.icio.us It looks so very simple, right? "Do unto others as you would have them do unto you." The Golden Rule appears so undisputed that it would be a solution for every relationship. Just treat everyone the same way you would prefer to be taken care of and everything will run smooth as silk, yes?

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