Hello and welcome to my blog post regarding the fourth of the top eight motivational strategies. I hope everyone is having a wonderful day. In our last post, we covered private recognition, the third strategy of the eight motivational strategies. But here, we’re going to discuss the Monetary Reward.
This post is going to demonstrate how you can use monetary rewards to motivate your team members. This strategy will help you improve your leadership skills while enabling you to give your team the incentive they need to do their best at all times. This strategy works particularly well in small, family-owned businesses, as the other seven strategies.
Now, let’s delve into how it can be used!
Providing Monetary Reward in a Family-Owned Business
As the name suggests, a monetary reward would be anything that involves money or something of monetary value. This could come in the form of performance-based bonuses or cash prizes awarded to your top performers. You can take it a step further by encouraging healthy competition (which does wonders for any business) and give your best workers gift cards or credits for a free meal at their favorite restaurant. You could also give special raises to reward top-notch work.
Your business involves a family unit, so each of you may have his own personal way of using and enjoying monetary incentives. For example, after landing a big client, you might treat your family to a nice dinner. You might also use your bonus money to do something nice for a relative just because, or vice versa. That’s all well and good, but it’s also critical to ensure that monetary rewards are given in a business setting as well.
It’s best to make sure that there is a line between your work and your personal life. You want your company culture to be something that your family members can see and feel at work. You also want it to be something that employees who are not relatives can feel and experience. This is the reason why it’s important to employ this strategy in a business setting, regardless of what you may be doing at home.
When your team members know that they’ve done a good job, they feel a wonderful sense of accomplishment. Yet, a monetary reward will serve as an additional incentive for high-quality performances. If you make the effort to give monetary rewards to your team, you’ll help them reach their full potential and perform to the best of their abilities.
Try monetary rewards if you haven’t already, and see how they affect your employees. If you do, please let us know how it goes. Monetary rewards can be the top motivator for many people, but it’s important not to assume that this is true for everyone. Ask your team members about what motivates them the most and which types of monetary rewards they find more appealing. Moreover, resist the temptation to give monetary rewards at the expense of other incentives. There are multiple motivational strategies for a reason. Dynamic family businesses will require more than one.
Head over our next post which discusses the fifth motivational strategy, the fear of consequences. Stay tuned and join us for that next week. Thank you for taking the time to read our blog!
Make it a better than amazing day!