Our Entire Team Can Earn Monthly Bonuses

Well isn’t that an interesting concept. Think about this for a moment – imagine your entire staff being incentivised to add value to the business? Your receptionist earning bonuses, your admin and accounts teams as well as the HR and IT teams? The sales team are still in place and out there creating new business however, internally, there is an equally important functional team that is also focused on bringing in business and adding value well beyond their “normal” role.

The big change:

This was quite a unique company I was working with however the same principle can be applied to all businesses – it’s a matter of being creative, training your team and opening their eyes to the opportunity. It does not have to be flat out sales, there are many ways of bringing in business that can suit even the most introverted person. For this company there were teething issues at first – some came on board straight away, some hated the idea and eventually, a large proportion came around and became advocates of the idea and even more so, advocates of the company. They also improved their earning potential, learned about what the company actually did and gained an interest in where they worked.

Incentivising your staff:

Of course incentivised staff are not a new concept. We see it all the time with sales, BDM’s  Account Managers and the management team. What we don’t see often is those working in functional roles being incentivised. Some have KPI’s and eligibility for annual bonuses however, they are generally paid an annual wage with no opportunity to better that throughout the year. Basically they are seen as a necessity to get through the administrative tasks of the business to enable it to function – they are very important but at the end of the day, they have a ceiling to what each functional role is worth in the market. Imagine the retention and ‘buy in’ you would get by giving staff the opportunity to earn more, be rewarded for their efforts and feel part of the greater team. It’s not always an easy thing to implement and some employees may freak out when they hear of it so be careful and calculated in how you approach it!

It’s not just about the money, but it does have its place:

It is a fair bet to say that if you asked any of your team members across functional roles (admin, accounts, HR, IT for example) if they would like to improve their financial situation, there would be a very high percentage that would say Yes. Again, there is a ceiling in the market to what people can earn in a large range of roles and therefore people sometimes feel stuck. Think of the reasons you are given when staff leave – I’m bored, the other company was offering more money, etc etc. A motivated, incentivised and rewarded person just doesn’t have the opportunity to feel that way – they are too busy being part of something, improving their situation and learning. Not only does it add value to the company but it adds value to your people and could also improve retention. Your people are picking up new skills, being engaged with the business and their customers and getting the pat on the back that we all crave. It’s worked very well for one business that we know, maybe it could work for yours.

If you would like to discuss in detail what this company did to improve their business, feel free to call us on 1300 558 979 to see how it could be implemented in your business.