Get All Access for $5/mo

Keep Up The Momentum The year has kicked off with a whirlwind ride and already the first quarter is done and dusted. It's important not to lose the momentum.

By Uwin Iwin

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur South Africa, an international franchise of Entrepreneur Media.

Bigstock

Motivational programmes that offer staff incentives have proven highly successful. They can generate a positive, productive atmosphere.

A powerfull driver

The statistics here are unambiguous and speak for themselves: Research shows that companies with motivational programmes outperform those that don't by 30% to 40%. This figure is not to be overlooked. Increased productivity will mean, at the very least, lowered costs in production and improved profit margins.

The role of employee motivation is a significant element in the chain of value production. There are various means to increase drive, and "progression' is one of the strongest among them. It's important to note that "progression' doesn't only imply change, but the movement towards a target. This means that progress needn't be confined to upward development: Instead, a manager may set up goals that an employee will find rewarding either in terms of:

  • Learning
  • Personal development, or
  • Tangible returns.

This last element is where incentives come to the fore. Incentives provide recognition and material reward to those who have earned it.

As an incentive solution company, Uwin Iwin has the necessary experience in achieving the optimum results.

Stagger the awards

It has been a long few months since the Christmas bonus and January, February and March are traditionally "lean' months. It might be a good idea to have quarterly award payouts to just keep employees motivated to perform.

Increasing normal rewards

There is nothing that destroys motivation as quickly as boredom. Instead of the normal incentive programme, introduce competitions and make it fun. Increase normal incentives by 50%, for example, to motivate sales channels to perform at the highest levels possible. Keep it interesting and you will keep the employees' interest.

A targeted approach

When it comes to deciding on targets, realistic goals need to be set. Goals must be achievable and fair, and the best way to determine them is to ask staff members to suggest their own. This means that their commitment to achieving the target is greater because they take ownership of it.

Businesses should not concentrate on rewarding top achievers in their workforce, but ensure the programme is designed to engage and improve performance across the whole team.

Reward categories could include Performance of the Month, Biggest Improvement, Best Comeback, to name a few.

Appropriate rewards

The challenge that many businesses face when planning their reward strategy is what type of reward to give. Cash is appreciated by most employees, but runs the risk of being an "invisible reward' — forgotten once it hits the bank account and likely to be spent on day-to- day necessities.

Money uploaded onto a gift card that can be used anywhere is much more rewarding. Uwin Iwin has the perfect solution in the Kudosh card (www.kudosh.com) that offers exactly that — cash on a branded card accepted by any vendor that accepts MasterCard.

Rewards beyond gift cards

Out of the ordinary rewards can be a very good incentive. One option that works nicely is earning days off (increased leave) that can be used outside peak seasons. Sending out questionnaires to keep your ear to the ground when it comes to preferred rewards will give you great insight into possible solutions.

Communication is key

Communication about the incentive scheme is especially pertinent. Regular emails, SMSes and even hard copy pamphlets outlining the increased rewards serve as a constant motivation. The trick here is make the communications so powerful that they keep the momentum.

Incentives are an extremely powerful tool that business owners and managers can implement to assist with motivation and performance. It has to be done properly though, which is why investing in a professional platform is an imperative.

Ask Uwin Iwin to help you relook your incentive programme. We will come up with the perfect solution tailormade for your company. For more information, visit www.uwiniwin.co.za, phone +27 (0)11 557 5700 or email info@uwiniwin.co.za

Uwin Iwin is a leading provider of inspirational recognition and reward, incentive, loyalty and performance improvement solutions. We assist businesses to unlock the full potential of their workforce, sales force, channel and partners to achieve results and measured positive outcomes necessary to produce a competitive edge.
Starting a Business

5 Steps to Move Beyond Small Talk and Start the Business You've Always Dreamed of

Make your business idea a reality by following these five no-nonsense steps.

Entrepreneurs

26 Of The Richest People in South Africa

Here are 26 of South Africa's richest people, but how did they achieve this level of wealth? Find out here.

Side Hustle

Top Secrets to Starting a 6-Figure Etsy Side Hustle That Earns Passive Income, According to 3 People Who Did It

Etsy remains a popular ecommerce platfrom for sellers — and can be incredibly lucrative for those who know how to use it.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

How Generative AI Is Revolutionizing the Travel Industry

GenAI won't displace travel agents; instead, it will enhance their efficiency, enabling them to focus on crafting tailored experiences that resonate with travelers on a deeper level.

Starting a Business

How to Start a Consulting Business

Here's how to put your knowledge to work as an independent consultant.