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Miguel A. Palma’s “Real World” Business Strategy For Rewarding Employees

Miguel A. Palma’s “Real World” Business Strategy For Rewarding Employees

Getting The Ball Moving And Hitting A Reward

“Great things are not done by impulse, but by a series of small things brought together.” -Vincent van Gogh

Early in my career as a manager, I discovered that when one employee receives a reward or bonus, some coworkers could respond with a little resentment or skepticism.

Rewarding our high-performers can be a tricky scenario. I’ve seen teams and businesses devolve over haphazard compensation schemes, vague sales targets and monetary favoritism before.

But, the answer isn’t to eliminate bonus schemes or monetary incentive, it’s just to be a little smarter about it than you might have been in the past.

Until I learned to base these kinds of decisions on objective metrics, such as sales or productivity, my rewards only had sporadic success.

Here are some basic ideas to get you thinking…

  • Specific Job Performance. Spell out requirements in unambiguous terms, and give rewards only to those who exceed expectations.
  • Customer Satisfaction. Have you received positive feedback about employees from clients, customers, or coworkers? Document the feedback for use when making reward decisions.
  • Cost Awareness. Look for workers who take steps to save money for the organization without sacrificing quality. Calculate the value of their cost-cutting contributions when deciding what kind of award to give.
  • Company Policies. Document your employees’ compliance (or lack thereof) with rules regarding such issues as attendance, job performance, and respectful treatment of others.
  • A Positive Attitude. This can be tricky to measure, but you can still document an employee’s eagerness to work, willingness to learn, and ability to support the team in a positive manner.

reward progress for moving the ball

As small things add up to a clear achievement of your business goals, it should become clear who are kicking the ball with a little more power and precision. Reward them.

At Palma Financial Services, Inc. we bring both extensive experience with small businesses and technical knowledge that delivers bottom-line results to your organization. We are equipped with the experience that will assure your business the potential to build a solid financial landscape.

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Also, since this is tax season, why not reward yourself and your employees with a tax consultation at Palma Financial Services, Inc.

Find out why others like yourself have placed their trust in us here .

Contact Palma Financial Services, Inc.

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