USING REWARD SYSTEM TO GROW YOUR BUSINESS

Some leaders and business owners behave like taskmasters. Working for them is like working for someone who is consistently looking for ways to deal with you. They behave like teachers who give difficult assignments to students in order to have an opportunity to flog them.

Many people do not understand that the 21st century leadership style is built around influence and reward system. Leadership is no longer throwing your weight around, but looking for positive ways to get the best from the people you’re leading.

If your company is not growing maybe you should look at your leadership style. It’s possible that right now, one of your staff knows what to do to grow your business, but because of your attitude towards them, he is afraid to share the idea with you.

Develop Reward System

Whenever you have an important goal to achieve, consider putting up a scoreboard, chart, or highly visible performance indicator. Update it frequently and put it where those responsible for achieving the goal can see it. It will keep your team focused on the right goals and tell them how they are doing.

But you must understand that goals and measures only start people moving in the right direction. You need specific rewards to keep them moving. The right rewards for the right behavior get the right result.

Many goal setting programs fail because they are not directly linked to the reward system. To get people moving, you must set up reward system in your organization.

Whenever you see an organization consistently providing excellent service, you can be sure that it’s not just luck. Companies that give good service have a well-planned reward system that meets the needs and wants of three distinct parties:
First, the customer must be rewarded with superior products and services, because without customers there is no business. Second, employees must be rewarded with adequate pay, opportunities for growth, and an environment that makes them feel like winners.

Finally, the company needs to be rewarded with a meaningful profit so it can continue to grow and reward it’s customers, owners, and employees. The key is balance. If any one of these three groups isn’t rewarded for an extended period, the quality of service and the future of the business are in jeopardy.

There are three kinds of rewards:
1. Target Rewards.
They are rewards meant for staff or distributors that meets a particular target within a specific period of time. It could be, if you sell one hundreds of a particular product you will be rewarded with 5% of the total amount.

That way, you encourage your staff, sales team and distributors to go all out and sell your products. Big corporations use this reward system whenever sales are down. You too can do that. Give special bonuses and commissions to your staff and distributors so that your products will be on high demand.

2. Reward for Right Behavior.
It is the on-the-spot rewards handed out immediately for behavior that you want to encourage. As a leader, it’s important for you to get out and look for the good things that your people are doing for the customer.

And when you see behavior that you like, find some way to reward your employee for it immediately. Pull him to the side and praise him. Then follow up by writing him a congratulatory letter and putting it in his file. Or praise him in front of his peers at the next meeting.

You can also employ mystery shoppers whose sole purpose is to catch employees doing things right. And when they do, the employee is immediately rewarded with cash payments and praise, and the incident is written up and reported to management for special recognition.

Doing this will encourage other employees to go extra mile for the company. When you employ the services of mystery shoppers don’t tell them to look for the negative things your staff do in your absence.

There is nothing bad about that, but it’s better to find out the good things they do. Lamenting about the negative things your employees do will make them to be rebellious. Correct negative attitudes by teaching the right attitude.

3. Reward for Exceptional Performance.
Giving surprise rewards for exceptional performance encourages your staff to give their best at all times. For example, when Scandinavian Airline System was chosen “the best business class airline in the world” by its passengers, the leader threw a very special Christmas party for all employees.

Employees were transported to and from the all-you-can-eat-and-drink affair in rented limousines, and their leader gave every employee a gold watch. It was his way of saying “thank you” to everyone for their help in turning the airline into a profitable, high services quality airline.

Will those employees ever do shoddy job in that organization? Never! Reward works like magic. It gets people to give their best at all times. It encourages them to see your organization as theirs because you reward their efforts.

Many companies are stagnating because their managements behave like rulers. They want everybody to worship them. The end result is resentment. In fact, when you despise your staff they will look for ways to get back at you. Reward is powerful.

You can reward your staff with money, recognition and praise, all experiences paid holiday, training, promotion and many other ways. Just come up with your own reward system and your organizations will grow exponentially.

You must understand that companies that give excellent service reward employees for providing it. No wander Mary Kay Ash said, “There are two things people want more than sex and money- recognition and praise.”

Would you like to set up a strategy to get the best from your staff? Do you want your staff to consistently give their best whether you are around or not? If your answer is yes, then scroll up, click on our solutions, then click on the corporate training icon and sign up, and we will help you to get the best from your staff. You can also send an email to us via info@kingsuncommonwisdom.com or call 07032681154. Keep soaring!

Kindly share your views at the comment section. You can get in touch with us through www.kingsuncommonwisdom.com or send an email to info@kingsuncommonwisdom.com. Copyright 2018: King’s Uncommon Wisdom Limited. Reprint, curation, adaptation, or re-posting this article without the consent or approval of www.kingsuncommonwisdom.com is a copyright theft.

5 thoughts on “USING REWARD SYSTEM TO GROW YOUR BUSINESS

  1. Ekene says:

    Waoooo! This piece got me. You are an excellent tutor in business promotion. You just opened another world of high result in my head. Thank you so much for sharing this with me but am not going to cry.

  2. Maryann Odinakachukwu Emerenini says:

    Very informative and true……. From my own experience,, it’s sometimes leads to unhealthy competition amongst staff…..A post on how to handle it will be really appreciated…

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