4 Ways To Improve Motivation in Your Team

The productivity of your business depends on how motivated your employees are at work. Unfortunately, according to psychologists, a salary increase can’t be considered a motivator. The reason is that humans are subject to a phenomenon known as hedonic adaption, which makes us get used to good things that come into our lives. Your employees will be happy to get the extra money, but shortly after, the new salary will become the norm, so it won’t stimulate them to work any better. Here are a few of the best ways to keep your employees motivated at work:

Constructive Feedback

Your best employees are eager to receive your feedback, in order for them to be able to calibrate their activity. When offering them this feedback, make sure to make it constructive. If you have something negative to say, try to balance it with something positive. Don’t seek for the guilty, but rather inspire your team to seek for solutions instead. Criticism is good, but only when it is constructive and meant to help people become better performers. When harm has been done, the best way to proceed is to learn the lesson and move forward. This approach will motivate your employees to learn from their mistakes and to avoid repeating them over and over again.

Praise

Good employees want their work to be acknowledged. They need to know they’ve done a great job. You can keep their motivation up by praising performance whenever you encounter it. At the same time, it’s good to give your best employees monetary rewards when they exceed your expectations. Nonetheless, money alone isn’t enough to motivate them keep up the good work. The right mix of bonuses and praise can do wonders for your team, so try to find the golden ratio between the two.

Personal Growth Opportunities

You can be the best business manager in the world, and still fail at motivating your employees, if you don’t offer them enough personal growth opportunities. Your employees are humans above everything else, and humans have this intrinsic need to perfect themselves. Send the best of them to professional and personal development courses, and make sure to help them improve their skills and acquire new ones.

Fringe Benefits

Regardless the size of their pay, your employees will feel more motivated if you offer them some fringe benefits to complement their salary. Strangely, people perceive a good medical insurance or a paid holiday as having a higher value than their monetary equivalent. By offering such perks, you’ll be perceived as a more generous employer.

These are the best ways to keep your employees motivated at work. In addition to all the above, honesty, fairplay, respect and an uplifting work environment will contribute to making everybody in your company love and appreciate you. You may not be able to please everybody, but you’ll surely manage to keep the team spirit and the motivation of your best people to the highest levels possible.

For more information visit:

Cornerstone Consulting
http://cornerconsult.com.au/

"4 Ways To Improve Motivation in Your Team"

Why Every Business Should Have An Honour Board For High Achievers

Good team leaders know that keeping the employees motivated is one of the key success factors of any business. However, this is easier said than done. It’s in our human nature to lose motivation in the absence of a moderate level of pressure. Furthermore, even the best workers and team players can lose their motivation if their achievements aren’t properly acknowledged and rewarded.

Motivation is Key

Monetary rewards are an excellent way of showing your best employees what a great job they are doing. Nonetheless, there are times in the life of a business when cash flow problems and other financial difficulties may prevent you from properly rewarding your people. In such situations, you need to get creative and come up with ideas to uplift the spirit of your teams and challenge them to perform. This is the role an honour board for high achievers can play in the overall scheme of things.

It is up to you whether you choose a weekly, monthly or yearly board. However, monthly boards are perhaps the most effective. They stimulate employees to compete against each other, the reward being tangible enough for them to keep fighting for a spot on your next board. Yearly boards don’t offer the same level of stimulation, as this timeframe will result in the fading away of your people’s interest. On the other hand, weekly boards aren’t challenging enough. People need to feel they have enough time to make a difference and get noticed, and one week is far from being enough. This is why you should probably settle for a monthly board, with a yearly addendum.

Competition is Great for Productivity

Even though many people claim they aren’t stimulated by such internal competitions, their belief proves nothing else than the fact that they don’t understand the human nature in its deepest details. According to psychology experts, humans have the urge to compete written in their genes. We compare ourselves against each other multiple times per day, without even acknowledging that we are doing it. By implementing an honour board for your highest achievers, you’ll plant the competition seed in the brains of all your employees. Their work shall reflect this, so you may soon notice a nice productivity boost among your workers.

These are a few reasons why you should consider implementing an honour board and communicating it to all people in your company. The sooner you do it, the faster you’ll be harvesting its fruit. Large multinational companies hire psychologists for a reason. They know how powerful our biases are. They also know how simple actions such as the addition of an honour board can do wonders for the profitability of a business. When your employees try harder, they improve their productivity. As productivity is in direct relationship with profit, it’s easy to understand how making your teams more productive can influence the bottom line of your business. If you haven’t thought about this by now, it’s just about time to reconsider this elementary, yet powerful idea.…

"Why Every Business Should Have An Honour Board For High Achievers"

4 ways in which the doing business in future may be different

Bureaucracy in business is a thing of the past. Most businesses now take a collaborative approach and value the suggestions of others before taking a decision. The concept of the hierarchy has also changed. It’s flatter now. We don’t see much aggressive management in the workplace. The ways businesses are conducted have changed. It’s still changing and we can expect that it will be different in the following ways.

More connectivity

The advancement in technology will keep on reshaping our workplace. There won’t be any geographic or personal barriers when working. The virtual world will offer various opportunities for employees to collaborate with one another.

Companies will be seen as communities

The future companies, known as the beta companies, will provide salaries and benefits to its employees differently. Salary will be seen as an incentive. The benefits employee received will be personalized. The structure of future companies will be flat and so every employee in the company will have the chance of making a change.

Customers, partners, and competitors will work together

In the future companies, the collaboration will take a new level. The partners, competitors, and customers will work together to achieve their goals. They will work together to solve problems or talk about new opportunities. The workforce will be very diverse.

The concept of retirement will change

People won’t have the limitation of retiring at the age of 65 anymore. They will be able to stay for a longer period so that the company can take advantage of the person’s experience. The life expectancy of people has increased over the years. People find it hard to maintain a decent living with their retirement money and the government also finds it hard to afford pensions. So, by allowing people to work beyond the age of 65 both the employees and the government will benefit.

These are some changes you can expect in businesses soon. Many companies are already adopting these practices and the others will follow.   These practices will make the businesses more transparent and there will be more opportunities for creativity.…

"4 ways in which the doing business in future may be different"

3 tips for becoming successful in business

There are some very smart businessmen out there who are making their ventures successful by taking wise moves. If you want to be successful like them, here are some tips for you.

Do things differently

You must do things differently than other business owners. You should always be adapted to changes in business and the market. You should deal with competition and try to attract the customers. Many companies will try to influence your customers to buy their products of services. You should come up with innovative ideas so that the customers come to you instead of going to the competitors. You should continuously come up with new strategies to keep your business growing.

Have a written plan and be flexible with it

It is very important to have a written business plan for your business. This plan will act as a guide to help you through many difficult situations in business. It will help in decision making. However, you shouldn’t stick to your plan always. There may be circumstances when you may need to shift from your written plan and you shouldn’t hesitate to do so.

Welcome suggestions from others

You shouldn’t react negatively to any feedback or criticism about your business. You should consider others’ opinions seriously and take their comments as a tool to improve your business. You shouldn’t take anything personally and don’t let your ego come on the way.

These tips will help you to become successful in business. You will be better able to deal with competition and changes. You should always try to improve your performance so that you can stay ahead of the competition.…

"3 tips for becoming successful in business"

4 steps you can take when your business shows signs of failure

Not all businesses go down the road of success. According to a survey, about half of the businesses in the U.S. fail within the first five years of their operation. Before your business fails completely, it will show signs of negative performance. Once you realize these signs, you must take certain steps immediately to save your business. Here are five steps you can take.

Change the direction of your business

The reason your business is showing signs of failure may be because it’s not going in the right direction. So, you should do some research and change the direction of your business. You can change your target customer, for example. You might also think of selling a different product.

Rebranding

You should analyze your current situation and find out whether your products or services are positioned correctly or not. You should position your brand differently in the minds of your target customers. For example, if a certain product that you sell is targeted towards men, then you can rebrand it to include female target customers as well.

Focus on selling to niche market

Your market may be too broad to sell your products or services properly. You should focus on a niche market and cater better to the customers’ needs. You should find out the needs of your niche market and provide better product or service for them compared to that of your competitors.

Have a new marketing plan

You should look at the market and find out about the latest marketing practices. You can get ideas from successful companies selling similar products or services as yours and find out how they are marketing. You should increase your budget for online marketing. You must conduct market research and hire a marketing consultant, if necessary, to create a new marketing plan for you.

You should take these actions before it’s too late. The moment you see signs of failure, you should sit down with your employees and stakeholders and start to analyze various aspects of your business. You must first find out what is wrong and then come up with a plan to fight back.

"4 steps you can take when your business shows signs of failure"