Once you’ve reached a point in your business where you need to hire employees, you’ve reached a whole new era in your business. Hiring, firing, and interacting with employees is a whole different animal that most business owners are not used to dealing with. Likewise, most business owners do not know how to reward employees and keep them motivated at work.
In 1001 Ways to Reward Employees, Bob Nelson explains how business owners need to manage employees and reward them at work to keep them motivated. This doesn’t just mean giving them a bonus. Nelson goes much deeper into the employee-owner relationship and explains different ways to ensure your employees are satisfied and productive at work.
Key Points
Bonuses are a type of reward but they are not the only type of reward. Nelson explains several types of rewards and incentive programs that can be utilized by business owners. Some of the key points include:
Informal Rewards: Informal rewards recognize little milestones through low-cost means. This can be as simple as buying someone a small favor or helping them out on a project after they helped you. The reward does not need to be big and in most cases the gesture itself is what improves morale.
Specific Awards: Specific awards are given what an employee or group of employees reaches a large milestone that is key to the company’s success. It could be a salesperson’s 1,000th sale or perhaps it’s the customer service department retaining a specific percentage of customers for the quarter. Specific rewards do not need to be huge and it can be as simple as ordering pizza for the department or taking out an employee for lunch.
Formal Rewards: Formal rewards are for when major milestones are reached. These rewards are only for employees who’ve shown dedication and loyalty to the company. These rewards can include bonuses, a premium parking space, a vacation, and other large rewards.
1001 Ways to Reward Employees Review Summary
Rewarding employees is often an after thought by most business owners and Nelson shows how and why it is important to a business’ success. New business owners or those put in a new position of power will find Nelson’s book especially beneficial and by implementing some of his methods, office moral should improve dramatically.
It is also worth noting how these ideals and principles play a part in making money online easier and faster. Plan the work, work the plan my friends!
