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.