Serial Entrepreneur and
Investor in People with Passion
Reward
Your Staff And Boost Your Business-June 19, 2014
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I have always believed that in any business, no matter which sector
you are operating in, it is possible to measure the performance of every
individual member of staff.
Every person that you employ should add value to
the business and it should be possible to measure that in a clear and
transparent way.
Whether it is seeing how much revenue your sales
teams brings in, how efficiently a receptionist deals with guests and admin
tasks, or the savings made by your accounts team - pretty much any role can be
quantified in some way.
Sometimes in larger organisations, the nature of
the business will develop and evolve in such a way that certain roles or
departments are no longer adding anything. I once invested in a business, and
when speaking to their CEO I was told of an unusual situation where somebody
was supposed to be on holiday for two weeks. However due to a combination of
illness and delayed flights, he was actually off for five weeks.
Yet funnily enough, the business didn’t seem to
suffer at all. It led us to question how much value he was actually adding, and
whether we should move him into a different role where perhaps his skill set
would be more needed. After further analysis, this is exactly what we did, and
his old position was simply vacated as it wasn’t needed.
That is a reason why using incentives as part of
the remuneration process makes perfect sense; as well as rewarding people in
the right way you are ensuring that everyone you employ is contributing to the
bottom line.
Of course, for incentives to work well, targets
have to be fair and achievable. If a business is under stress or not performing
well then it is not right to put all of the blame on your staff and set targets
that are unrealistic and unachievable.
I have found that managers who have come up
through the ranks and done well in certain positions are often well placed to
make judgement calls on achievable targets. But there’s no doubt that having
incentives in place can be a great way to encourage staff to perform to the
very best of their abilities and go that extra mile. In the UK for example,
John Lewis is a recognised market leader and it is no coincidence that it has
one of the best incentive schemes in the retail sector.
Something I often tell small business owners to
do is offer certain people an actual stake within the business – if you feel
you haven’t got the capital to attract or keep hold of star performers,
offering this can be a win-win situation. Don’t think of it as giving away
control, because now that star performer will be even more motivated to grow
the business and its profits. In addition, it creates a sense of loyalty that
quite frankly, is more important in the long run than any short term financial
bonus.
Remember it is not just the business owner who
benefits from a healthy and well-structured incentive approach - it is also the
employees. They will know what their targets are, and that they are in control
of how much more they can earn. The better they perform, the better the business
performs, and the more they get rewarded.
If you're an entrepreneurial graduate who wants to work with and be
mentored by me and my team, The
James Caan Talent Academy is now accepting applications for its first
intake.
Pesquisa, Divulgação: Miguel Moyses Neto Se gostou
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Visite nosso linkedin http://br.linkedin.com/pub/miguel-moyses-neto/28/971/9aa---Twitter: @mikenetIT onde VC poderá ver as principais
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