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Successful Incentive Program
A successful incentive program will not only
increase profits but can also raise morale and inspire staff loyalty. Your
program should include all the three greatest incentives:
-
Empowering
people to
do the thing you enjoy doing
-
Recognition – in all its various
forms
-
Money
Recognition – the Most Powerful Incentive
for Motivation
"There are two things people want more than sex
and
 money... recognition and praise."
– Mary Kay Ash, Founder, Mary Kay Cosmetics
"People want to feel what they do makes a
difference."
– Frances Hesselbein, President, The Drucker Foundation
5 Characteristics of a Winning Team
Rewards:
The greatest team management principle
is that the things that get rewarded get done. You get what you reward.
Rewards include doing the things people enjoy doing, recognition, and
money. By rewarding collective achievements you inspire and promote
teamwork...
More
Using Innovation Metrics to Define Right
Incentives
Modern
innovation metrics, such as Return on Innovation Investment (R2I), aid
in evaluating and
rewarding
new product teams and establishing a credible link between new product
performance and
corporate incentives...
More
Case in Point
Dell Computer Corporation
"To
motivate an
employee to think like an owner, you have to give her metric she can
embrace," says Michael Dell, CEO of
Dell Computer
Corporation.
"At Dell, every employee's incentives and compensation are
tied to the health of the business. We explained specifically how everyone
could
contribute: by reducing cycle times,
eliminating scrap and waste, selling more, forecasting
accurately,
scaling operating expenses, increasing inventory turns, collecting
accounts receivables efficiently, and doing things right the first time. And
we make it the core of our incentive program for all employees."3
Among other incentives, Dell Inc. gives every
employee a week off at Christmas and 10 paid days a year for a personal use.
Case in Point
Canon
A unique feature of
Canon's suggestion system is the lifetime cumulative award system.
Each suggestion is given a certain number of points, and every year
President's Awards are given to the 20 people who have accumulated the most
points since the system's inception. Each recipient receives a certain
amount of money and a gold medal. Since this can get a bit repetitious,
there are also Presidential Awards for the most points in a given year, the
top 30 people receiving a smaller amount of money and silver medals
The six guidelines of the
Canon Production System (CPS)
are:
-
Implement accepted suggestions as soon as possible. Give awards before
payday...
More
Be Creative With Incentives...
Five Golden Rules for Successful Incentive
Contests...
Recognizing a Well-Done Job: Forms of
Reinforcement...
Reward System...
Attitude Motivation...
Case in Point
Goldman Sachs...
Case in Point
Shwee Shwian Food Co...
Case in Point
WRQ Inc...
Case in Point
Silicon Valley Firms...
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The Tao of Employee Empowerment
