As a business owner and/or entrepreneur, when you hire someone you pay them a salary thinking that salary ought to be incentive enough to motivate them to produce the results you want. That makes complete sense … from an owner’s perspective.
However, as Dr. Phil asks so poignantly, “How’s that working for you?”
If you want to work with people the way they are vs. the way you think they should be, you’ll want to watch today’s video on “How to Incentivize Your Employees for Faster Results” and use the six questions I lay out to help you create the right plan for your business.
So what kind of incentive plan do you need to create for your business?
If you want to create an incentive plan that actually delivers the results you want, make sure you ask and answer the following six questions.
- What’s the objective?
- What’s the metric we’re going to use to measure performance?
- What’s the budget for this?
- How will we pay out the reward?
- How will we divide the pool?
- How frequently will we pay out the reward?
To your accelerated success!
P.S. If you have some additional ideas about incentive plans for employees (or lessons learned) make sure you share them in the comments section below. And don’t forget to share this video with other business owners and entrepreneurs you know. We’re all in this together!