Effective Incentives In Family Businesses
Incentives are the fuel, the energy, which drives your business forward. Structure, align and manage your incentives well and your employees will exceed your greatest expectations.
Active Knowledge Question:
Are the rewards you offer all your employees aligned with the business strategy you are pursuing?
If you desire to achieve any level of success in your business, you must not only reward your employees well but also transparently, fairly and in a form that truly engages them. These rewards must be consistent with your business strategy, otherwise, for each step you take forward, you will likely slide back three.
Getting the mix and balance of rewards and incentives in your businessright can be the key to ‘powering’ the success of your business. Monetary rewards are important, but they are certainly not the only, or necessarily the best, form of incentive. Recognition and opportunity are often more powerfulthan a simple cash bonus.
‘If your employees don’t feel important, your customers won’t feel important.’ –Imelda Roche, co-founder of Nutrimetics.
An entirely new level of performance.
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All the best in the success of your business,
Richard Shrapnel