Hello and welcome to my blog post regarding the fourth of the top eight motivational strategies. I hope everyone is having a wonderful day. In our last post we covered private recognition, the third of the eight strategies. Right now we’re going to discuss monetary reward.
As a reminder, the strategies are as follows:
1) Sense of Belonging
2) Public Recognition
3) Private Recognition
4) Monetary Reward
5) Fear of Consequences
8) Life Balance
This post is going show you how you can use monetary rewards to motivate your team members. This strategy is going to improve your leadership skills while enabling you to give your team the incentive they need to do their best at all times. As is the case with the other seven strategies, this one works particularly well in small, family-owned businesses. Now, let’s delve into how it can be used.
Providing Monetary Reward in a Family-Owned Business
As the name suggests, a monetary reward would be anything that involves money or something of monetary value. This could come in the form of performance-based bonuses or cash prizes given to your top-performers. You can take it a step further and encourage healthy competition (which does wonders for any business) and give your best workers gift cards or credits for a free meal at their favorite restaurant. You could also give special raises to reward top-notch work.
Your business involves a family unit, so you all might have your own personal way of using and enjoying monetary incentives. You might take your family out to a nice dinner after landing a big client. You might use your bonus money to do something nice for a relative just because, or vice versa. That’s all good and well, but it’s important to ensure that monetary rewards are given in a business setting as well.
It’s best to make sure there is a line between your work and your personal life, and you want your company culture to be something you can experience at work. You also want it to be something that can be felt and experienced by those who aren’t relatives, which is why it’s important to employ this strategy in a business setting regardless of what you may be doing at home.
Your team members will already experience a wonderful sense of accomplishment when they know they’ve done a good job, but a monetary reward will act as a further incentive for high-quality performances. If you make the effort to give monetary rewards to your team, you’ll help them reach their full potential and do their best work.
Please give monetary rewards a try if you haven’t already, and let me know how it goes. Monetary rewards can be the top motivator for many people, but it’s important not to assume that this is the case for everybody. Ask your team members what motivates them most and which types of monetary rewards are most appealing to them. Furthermore, avoid the temptation to give monetary rewards at the expense of other forms. There are multiple motivational strategies for a reason, and a dynamic family business will need to use more than one.
Our next post is going to discuss the fifth motivational strategy, fear of consequences, so please stay tuned and join me for that next week. Thank you for taking the time to read this blog post, and make it a better than amazing day!