Great managers are always on the lookout for new ways to motivate their team. There have been an untold number of strategies used throughout the years – some more successful than others. As it turns out, however, the best methods almost always involve additional compensation in the form of monetary rewards.
Utilizing Key Performance Indicators (KPIs)
Before offering performance-based compensation, it’s important to establish key performance indicators, or KPIs, in order to gauge productivity. After all, how are you supposed to determine the actual rewards if you can’t measure their actual performance in the field?
Not only does this give you a clear benchmark for success, but it gives your employees a target to aim for when adjusting their own patterns and behaviors on the job. In short, KPIs, which are often based on your company’s internal best practices, provide a clear way of measuring and comparing productivity throughout the workforce.
Focusing on Team-Based Success
Don’t forget to emphasize team-based success and productivity. It’s easy to lose focus, especially when you’re using KPIs to track individual performance, but you can use many of the same measurements to compare groups as well as individuals. Remember: a great leader can only be judged by the success of their team.
You might also consider offering team-based incentives. These can replace individual rewards or come in addition to any other performance-based compensation you might decide to offer. In either case, the extra productivity you receive will be enough to cover any added costs you’ll incur.
Scaling the Reward to Match Efficiency Savings
Finally, try to scale your performance-based rewards to match the actual efficiency savings of your team. Apart from giving your staff even more incentive to excel on a day-to-day basis, it also gives them a better understanding of their impact on the team and even the company as a whole. This alone can boost performance and drive productivity to even further heights.
How Mega Force Can Help
The professionals at Mega Force can help you in a variety of ways. Whether you’re trying to motivate your current team with performance-based compensation or even if you’re just trying to locate and secure talent for the future, a top industrial staffing agency in North Carolina has experts who are standing by and ready to help you right away!
