Business Coaching and Incentives - Rewards Need to be Meaningful
Rewards Have to be Rewarding!
An incentive scheme designed to get workers or employees to achieve a certain target or objective needs to have at its core a reward scheme which actually means something and has an effect upon the workers. If it is a reward which is considered small and insignificant by workers it will have very little impact upon them and is highly likely to fail in its objective of motivating them to increase their performance levels. In order for them to go above and beyond the call of their workplace duties, employees will want to feel like there is something in it for them at the end to make it worth their while for working harder and going above and beyond normal activity, otherwise they will just ignore management's wishes to work harder for what they see as no reward.
Financial Incentives can be Detrimental in the Long-Term
Many rewards and incentives are of a financial nature. The downside to making use of meaningful financial rewards is that whilst the bigger the reward the greater its potential impact and chances of successfully achieving the desired results, the greater the cost to the company. Managers need to be careful that the bonuses paid to workers do not offset the financial gain brought about by the increase in output. This will not only make it a pointless exercise, but also may bring with it the expectation from workers that they should get a bonus the next and every time there is a need to raise production to fulfil a big order or project. If they do, it will cost the company money and lost profit if they offer the incentive every time. If not, workers can become de-motivated if this is not forthcoming.
Using Business Coaching to Overcome Problems
Whilst financial rewards can be an effective tool to motivate employees, it is often far more effective in the long run for managers to engage in business coaching with workers to address issues and remove barriers which are holding them back from being highly motivated and achieving more when at work.