Two Kinds of Motivation |
Both types are at their most
effective when both are at work.
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Five Golden Rules for Successful
Incentive Contests1 |
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Everyone must have a chance to win
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Time the incentive system carefully
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Decide exactly what the scheme should achieve
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Give tangible prizes
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Ensure the scheme is fully understood
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Recognizing a Well-Done Job: Forms of
Renforcement2 |
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Create a greater autonomy: this
communicates trust and conveys a sense of additional responsibility
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Increase visibility within the organization:
recognize publicly the good work of someone
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Showcase success: give special
recognition - in could be an award, or you can let the employees
themselves showcase their hard work and special accomplishments by
asking them to present a special case study at a prestigious
management conference or leadership meeting
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Be Creative With Incentives2 |
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Be flexible with employees -
flexibility is the most requested perk on the job
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Motivate without money: post a
thank-you note on an employee's office door, hold morale-building
meetings to celebrate success, assign a parking spot for an entire
month,...
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Walk the talk: be the role model
for what you expect in others, convey your enthusiasm and remind
others that problems can be overcome, express your optimism and faith
in the team, concentrate on small, but significant wins, not just the
big success, make work fun and celebrate a lot!
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Successful Incentive
Program
A successful incentive program will not only increase profits
but can also raise morale and inspire staff loyalty. Your program should
include all the three greatest incentives:
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Empowering people to do the thing you enjoy
doing
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Recognition - in all its various forms
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Money
Recognition - the Most
Powerful Incentive for Motivation
"There are two things people want more than sex and money...
recognition and praise." - Mary Kay Ash, Founder, Mary Kay Cosmetics
"People want to feel what they do makes a difference." -
Frances Hesselbein, President, The Drucker Foundation
Using Innovation Metrics
to Define Right Incentives
Modern innovation
metrics, such as Return on Innovation Investment (R2I), aid in
evaluating and
rewarding new
product teams and establishing a credible link between new product
performance and
corporate incentives...More
Case in Point:
Dell Computer Corporation
"To
motivate an
employee to think like an owner, you have to give her metric she can
embrace," says Michael Dell, CEO of
Dell Computer
Corporation. "At Dell, every employee's incentives and compensation are
tied to the health of the business. We explained specifically how everyone
could contribute: by reducing cycle times,
eliminating scrap and waste, selling more, forecasting accurately,
scaling operating expenses, increasing inventory turns, collecting
accounts receivables efficiently, and doing things right the first time. And
we make it the core of our incentive program for all employees."3
Other Cases in Point:
Goldman Sachs: When
employees work late into the night, the firm sends them home in a limo at no
cost.
Dell Computers: Everyone
gets a week of at Christmas and 10 paid days a year for a personal use.
WRQ, Inc.: Offers
employees a nap room with futons.
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