So, in the spirit of balance, we’re moving today from “correction” to rewards.
Last week I wrote about kindly correcting staff when they’re not meeting the targets we’ve set for them, and doing it in a way that doesn’t crush their future performance or spirit.
But rewarding our high-performers can be an equally tricky scenario. I’ve seen teams and businesses devolve over haphazard compensation schemes, vague sales targets and monetary favoritism before.
So the answer isn’t to eliminate bonus schemes or monetary employee incentive programs, it’s just to be a little smarter about it than you might have been in the past.
Here are some basic ideas to get you thinking…[And yes, we’re cranking through tax season and our calendar is very full. But that does NOT mean we don’t have time set aside for you.
Email me by clicking the email button in the upper-right corner of this page or call us (610-353-0686), and let’s get you on the calendar ASAP so that we can ensure you and your business aren’t unnecessarily giving monetary bonuses to ol’ Uncle Sam.]
Five Smart Metrics For Employee Incentive Programs by Stephen Venuti
“Great things are not done by impulse, but by a series of small things brought together.” -Vincent van Gogh
Early in my career as a manager, I discovered that when one employee receives a reward or bonus, some coworkers could respond with a little resentment or skepticism.
Until I learned to base these kinds of decisions on objective metrics, such as sales or productivity, my rewards only had sporadic success.
Now, however, these are the kinds of things I look for…
1. Specific Job Performance. Spell out requirements in unambiguous terms, and give rewards only to those who exceed expectations.
2. Customer Satisfaction. Have you received positive feedback about employees from clients, customers, or coworkers? Document the feedback for use when making reward decisions.
3. Cost Awareness. Look for workers who take steps to save money for the organization without sacrificing quality. Calculate the value of their cost-cutting contributions when deciding what kind of award to give.
4. Company Policies. Document your employees’ compliance (or lack thereof) with rules regarding such issues as attendance, job performance, and respectful treatment of others.
5. A Positive Attitude. This can be tricky to measure, but you can still document an employee’s eagerness to work, willingness to learn, and ability to support the team in a positive manner.
Feel very free forward this article to a Newtown Square, PA business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for Newtown Square, PA families and business owners.And we always make room for referrals from trusted sources like you.
Stephen J. Venuti, CPA, MST, LLC