Incentives can elevate your employees’ and partners’ performance. In this episode, Ken Courtright sheds light on how exactly this is a compelling motivation for growth based on his hundreds of experiences. He also gives a quick guide on how to set incentives and goals that challenge your people.
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Incentives
This is episode 140. Here’s a little nugget for you. Most people listen to the radio station WIIFM, What’s In It for Me? The title of this episode is Incentives. “That which is rewarded will be repeated.” I’m going to ask you to look into your company, even if you’re a one-man show, look into yourself. If you have employees, joint venture partners, or vendors, is there an incentive for them to hit certain numbers? Understand that it can’t be an incentive that helps you. It has to be an incentive that helps and benefits them based on the radio station they listened to, which is WIIFM, What’s In It For Me?
When you put an incentive in front of someone, they take it as a challenge and will do it for personal pride and for the incentive itself. Click To TweetI don’t know how many times in our twenty-some years where we didn’t quite have the production out of this unit, company, or vendor. All we did was offer an incentive that says, “To give you an idea, here’s what we’re willing to do. If you think you can hit these numbers, which is 20% to 40% more than you’re hitting, we will share the growth of the profit in X percent or there’ll be a bonus of some kind.” It has to be something that goes to the phrase that says, “That the mind can conceive and believe it can achieve.” It can’t be an incentive that’s so far out there so far-reaching, you know they’re never going to hit it. If you know they’re never going to hit it, so do they. They’re not going to try.
What I’m here to tell you is that from dozens of successful times doing this, if not hundreds, when you put an incentive in front of someone and they take it on as a challenge, that’s not too far-reaching, the mind can conceive and believe it. It will shock you that sometimes to impress you, they’re going focusing their energy rises enough to hit that goal or incentive. They want to do it for personal pride as well. They also do want to prove to you they can do it. Quite frankly, they want the incentive, the bonus, they want the spiff, some people call it, they want the extra cash flow or the notoriety. This is a short episode. When was the last time you went to the people doing the meaningful work in your enterprise and it might even be you, and incentivized them, or even possibly yourself? Give it a shot. Take care.
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