Motivate without spending millions

Assuming you yourself is motivated already and you hold a lead/management position, below are rewards/recognition tips. Don’t wait for evaluation/appraisal time to make your performance feedback known. Real-time recognition/feedback is better because it gives prompt corrective action where it’s needed or acknowledges deserving work. Remember how you feel about belated birthday greetings/gifts? That’s similar to what your team feels if they’re not duly/timely rewarded.  Remember that far from what many think,  it’s not always the money.

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Key point: small, frequent rewards to almost everyone pay more.

The standard way of recognizing good performance — bonuses, new titles, high-priced quarterly giveaways to only the very top people — doesn’t motivate employees very effectively.

What really works, says Eric Mosley, Globoforce’s founder and CEO, especially for a budget-constrained company, are the things you might dismiss as the stuff of kindergarten: small  awards, all the time, to almost everyone.

“Even high earners can appreciate a small award if it is unexpected,”

Most companies, says Eric Mosley (Globoforce’s founder and CEO), are still wrongly in thrall to the famous maxim of “Neutron Jack” Welch — reward the top 10% of employees and fire the bottom 10%.  “People misunderstood that quote,” Mosley says. “They forget what Jack Welch also said: The middle 80% of employees do all the real work.”

Incentives that work:

a. Share the Wealth. About 80% to 90% of employees should get some reward every year.

b. Small bucks beat big ones. Smaller prizes can seem insignificant, but larger ones don’t motivate any better. “Even billionaires appreciate a Christmas sweater from their mom.”

c. Weekly, not quarterly. Every week, 5% of employees should get an award. Any less frequent and people will forget about the program. Small awards all the time are a way to constantly touch people.

Full article here:

http://money.cnn.com/2010/04/05/news/economy/job_motivate.fortune/index.htm

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