When it comes to business, I have always been fascinated with this question. Logically speaking, you would assume that giving an employee a $200 bonus in their regular paycheck would be substantially more motivating than handing him or her a crisp $100 bill. Surprisingly, this isn’t always true.
I often get asked questions like, “How do I incentivize my employees?” There are entire multi-billion dollar industries dedicated to addressing these types of questions.. Barrages of psychological tests, terabytes of data sets, and countless risk/reward studies go into creating incentive models that will help you get the optimal performance and results out of your employees and yourself. Most small companies, however, won’t commit enough time or resources to creating a successful incentive plan. Often they deem it cost prohibitive, or simply view it as a non-critical part of their business. The successful companies I observe, consistently dedicate the resources to creating comprehensive “Win-Win” plans that support company growth, employee retention, improved work environments, and ultimately improved profitability.
Whether your business is large or small, there are a few valuable tips I have found that will help efficiently and strategically run your business. The old adage “know your audience” holds true for incentive strategies. Often overlooked, is the fact that motivation for one group of employees may be completely different than the motivation for another group. Understanding and identifying those motivations are critical.
For instance, we traditionally think of salespeople as “hunters” who tend to prioritize achievement, power and money above other needs. Information from a leading global compensation firm shows that variable pay for sales (aka commissions) as a percentage to total compensation was 38% for high performing firms versus 27% for low performing firms. *citation This illustrates that sales people performed better when their pay was largely variable and tied to performance. Gathered data supports the theory that these individuals presumably have a higher “risk / reward tolerance”.
Operational personnel, however, may respond higher to affiliation incentives. Although the monetary incentive is always a key factor, events like company parties and public performance recognition showing company appreciation may go a long way in providing additional motivation. Motivating factors for financial employees may fall somewhere in between. Security may be valued above all else. Emphasizing long term security benefits like 401k plans or health insurance may be the right incentives that push see a good controller to achieve greatness.
There are many different types of compensation plans, so be creative. Profit sharing, success sharing, gain sharing, discretionary, targeted, short term, long term, etc., may all have a place in your company incentive plan. One specific approach may not fit your company perfectly but a well-rounded incentive strategy may contain a combination. At NiteHawk we employ a variety of different incentives – including monetary bonuses, monthly “BBQ Day” and last year’s Christmas Whirly Ball Party where we gave out gift cards and goofy awards. In California our friends at Bill’s Sweeping organized a team building activity where they demonstrated how sweepers do the “Harlem Shake!”
In conclusion, don’t overlook the value of a comprehensive incentive plan to the success of your business. Invest the time to understand who your employees are, and why they do what they do. Then dedicate the time to design and implement a creative incentive plan that supports the goals, culture, and vision of your business.
Always remember the great motivator Yoda, “Do or do not. There is no try!”
Custom Options: The NiteHawk Engineering Team can design and fabricate unique options to save you time and money.
Cab and/or Hopper Wrap: Custom designs, colors and logos, commercial grade vinyl wrap professional install
Cab and/or Hopper Paint: Commercial grade paint of cab, hopper can be powder-coated to match or a different color
Side Suction Hose: 6″ Suction Hose, 8′ reach, Aluminum Nozzle and Handle for picking up debris outside of paved areas
Passenger Side Curb Broom: Vertical Digger Curb Broom, Independent Controls
Dust Suppression System: Watery Spray System, Front Bumper Spray Bar, Sweeping Head and Curb Broom Nozzles, 100 Gallon Tank Capacity
Storage Tray: 8 Sq Feet storage with 5″ lip driver side mounted for additional easy access storage.
(Not compatible with Alternative Fuel)
Work Light – Rear: Custom Spec Wide Angle View 15″ White LED Bar Light, Rear Bumper Mount. Dramatically increases visibility and illumination of your sweeping path.
Work Light – Front: Custom Spec Wide Angle View 15″ White LED Bar Light, Front Bumper Mount. Dramatically increases visibility and illumination of your sweeping path.
Traffic Advisor Light Bar: Low Profile SUPER-LED Direction Bar. safely notify other traffic when sweeping in busy locations
Multi View Cameras: 3 Camera System, Dashboard Display, Driver side, Passenger side and rear view monitoring provides increased visibility and safer operation.
LED Flasher Bar: High Visibility 17″ Amber LED Light Bar, Center Mounted
Bumper Strobes: High Visibility Amber LED Flashers – 2 Front Bumper Mount, 2 Rear Bumper Mount. Provides 360 degree flasher view of equipment
Rear Magnet Bars: 16″ magnet trays mounted to sweeping head, designed to protect your rear tires from sharp metal debris damage.
Front Magnet Bar: Front Bumper Under Mount, Manual Activation, 72″ wide protects tires from sharp metal debris damage.
Hopper Coating: Interior Coating – Powdercoat or Rhino Lining for additional protection
HD Front Bumper: Heavy Duty Safety Bumper engineered 3/16″ high strength steel, powder-coated, padded front plate designed to protect your investment.
Fire Extinguisher: Driver-side Mount, High Visibility All Weather Cover, 10lb, A/B/C rated
Backup Alarm: External audible alarm, connected to reverse position
Trailer Tow Hitch: Class IV trailer hitch/receiver with 7 pin trailer wiring connection
Alternative Fuel: LPG – Liquid Propane: 21 Gallon GGE, bifuel system
Chassis Options: GMC 2500HD, Cheverolet 2500HD, Ford F250
Custom Options: NiteHawk Engineering Team can design and fabricate unique options to save you time and money
Poly/Steel Broom: 75/25 poly/steel blend for longer broom life and better performance
Low Profile Toolbox: 14 Cubic Feet Storage, Driver and Passenger side access doors (locking)
Traffic Advisor Light Bar: Low Profile SUPER-LED Direction Bar. safely notify other traffic when sweeping in busy locations