In a cash-strapped economy, many business owners may be wondering how they can keep good employees and even attract new if they don’t have the cash to provide them with monetary bonuses.
There are other items that your staff will enjoy because remember, money isn’t always everything. Here are a few items I have found that employees — and even your independent contractors — may appreciate:
Offer flex time. The ability to work four 10-hour days or to come in late and leave early could be a very precious commodity.
A “thank you” goes a long way. Let your staff know you appreciate them. If someone goes above and beyond, send out a company wide email and let everyone know.
Listen to them. Make it a practice to reach out and ask their opinion. Don’t save your conversations until the annual review rolls around.
Foster cross-company communication and collaboration. Perhaps an employee in Department A could make an impact in a project that Department B is working on — be the bridge that makes it happen.
Don’t let boredom set in. If your staff is doing the same tasks day in and day out — and yes, we know there are those tasks that need to be done — but there are also likely items you could ask them to participate in to help alleviate boredom and shake up the workday.
There’s nothing that says you can’t have fun at work and with your employees, right? Plan a company wide picnic, offer an afternoon siesta where you provide some snacks and time to simply relax. What can you do to reward your employees that don’t involve cash?
If you were asked, “What kind of manager are you?” Would you know the answer? Would you say, “I’m a great one!” If so, kudos, but what makes you a “great one?”
During my coaching sessions with business owners, I try to uncover their unique management aka leadership style. Why? Because their style can either add to, or detract from, the successes their company achieves.
Here are the three most prevalent styles I’ve come across. Do you fit into any of these?
Mr. Know It All and Has To Do It All. As a manager, chances are you either work with employees or outside vendors and if this is the case, do you let them do their jobs or do you have to be involved in and sign off on everything they do? If you are this type of manager, chances are you are not letting the people you’ve hired for their expertise do their jobs. If you’ve hired well, you don’t need to be the Know It All.
Mr. Micromanager. This is almost the same as the Know It All but even more controlling. You need to be involved in every single step and every single decision that is made. You don’t empower your people to do the tasks for which they were hired. Eventually they will start second guessing everything and eventually you will be overwhelmed by all you “have” to do simply because you took on the roll of micromanager.
Mr. We Can’t Find You When We Need Help. Just as there are those bosses that are overly involved there are those that are so laid back that employees can’t reach you when they need a decision or you simply say, “do what you think’s best.” Giving everyone free reign can lead to big issues.
Being an effective manager means not only knowing yourself but knowing your management style and changing it if necessary. Who are you?
Do you have fond memories of working for a company that provide you with a bonus package or a bonus check at holiday or review time? Do you feel that bonus packages will incentivize your employees? In many cases a bonus plan can backfire on the company if it’s not done with planning and forethought.
What should you consider when contemplating a bonus plan? Here are my thoughts:
What is the objective of the bonus compensation? Is it a profit sharing? Something anticipated for a “job well done” or “X number of new clients or dollars brought in”? If your bonuses are tied in with revenue growth or bottom line profits, then bot you and the employee win.
Do you want to provide a bonus based on enhance efficiencies within the company? Do you have a plan in place for reducing the cost of overhead or manufacturing line items? Can you put metrics with that and tie it into a bonus plan?
Do you reward employees for innovative ideas? Is it a set amount per idea? An amount if the idea is implemented with success?
Acknowledging employees for stellar customer service should be part of your business plan. Customers are the lifeblood of any business and if you have an employee that nurtures clients, that should be rewarded.
The type of bonus plan you implement is as unique as the company that you oversee. However, letting your employees know that if they go “above and beyond” and that there could be additional compensation because of it maybe a great motivator for your team.
We’re past the rush of the holidays and have settled into the first couple of days of the New Year. It’s sometimes easy to feel deflated once the hustle and bustle is over and in many parts of the country you’re facing long winter days with limited sunlight. What can you do? I will admit that because I am in Arizona I have a bit of an advantage and access to almost year-round sunshine and the ability to hike and bike, but if you don’t what can you do?
As a business owner and coach I can see how both you and your employees might be battling the post holiday blues, so here are my tips for kicking off 2014 with a happy, healthy attitude:
Be realistic with your resolutions or expectations for the year ahead. Did you know that many of us make resolutions and then break them before January is even over? Be detailed and realistic with goals and you will have a better chance of sticking with it and attaining them.
Be physically active and healthy overall and this will help you power through. If you can’t get outside to take a walk then do short bursts of exercise right inside your office. Take the stairs instead of the elevator. Eat more fruits and vegetables and fewer salty or sugary snacks. As business owners we need to be healthy both mentally and physically.
Take a breath. I am a big advocate of self-care. There are several times throughout the workday when I will simply walk away from my desk and find a quiet spot to simply breathe and focus my energies. This helps me when I go back to my desk and my clients because I am energized and reinvigorated.
Did you make resolutions and do you think they are attainable and realistic? We’d love to hear!
I read an article recently that used the acronym KNOW to talk about what leaders should be doing to lead and how they can be in the KNOW about what makes a strong team. I believe that when it comes to leading a team, or even if you’re a solopreneur in charge of only leading yourself, you can never stop learning. A leader that stops learning is one who falls behind the curve on the latest technologies and trends.
Here is what the KNOW acronym means to me:
K — is for the Knowledge that each leader brings to the table and to his or her clients. Your clients and your team look to you to provide them the tools necessary to function.
N — is to NOT always be the first to offer an opinion or an automatic solution. Regardless of whether you know the answer, let your team puzzle it out. Ask open ended questions if you need to to get the ball rolling and the brainstorming started.
O — is the time you Open your office to your team. Build in time for one on ones, but also Open your schedule for time for yourself. It’s not always easy at the top and you need time to recharge and replenish your mind, body and soul.
W — Weigh your options before you settle on one. Don’t limit yourself to the “that’s the way we’ve always done it” mindset. Be open to other ideas and ways of doing things.
To be successful, both in your personal life and your business life, one needs to have a healthy measure of self confidence. Whether you were born with full serving of self confidence or whether you need to work on it, there are several steps you can take to boost your self confidence and your self esteem, including:
Understand what your weaknesses are and then work to strengthen them. Do you have a hard time with follow-through? What can you to do address that? Can you set smaller, more attainable goals? Can you find an accountability partner?
What are your inherent strengths? Use those to your advantage and focus on those tasks at which you excel. In business you should concentrate on your core competencies and contract out those tasks which fall outside that realm.
Strengthen your weaknesses. Analyze and find the areas that should be improved, then make a daily effort to improve these weak points in an endeavor to make them assets rather than liabilities.
Always be learning. The more you know about your particular business niche the more you will excel in it. If new technologies are on the horizon, take a class, talk to an expert, be the early adapter. Be the go-to expert in your niche.
Attitude is everything. If you project confidence and a positive attitude, it just may manifest itself in all that you do. Adopt a winning attitude!
Remember, no one is perfect and rather than bury your flaws, embrace them and work to make changes to address them.
