 How effective is the employee rewards and incentive system in your organization?
Is the way in which you reward and inspire your team members a key component of your employee retention strategy and talent management program?
Are the rewards you offer in your organization getting the results you desire from team members?
There are a number of factors that influence employee retention within organizations. One of the key factors to an effective employee retention strategy is the use of employee rewards and recognition that inspire each individual team member in a meaningful and personalized way.
Do you have team members that you just cannot seem to inspire or motivate? Does it seem that no matter how often you mention the possibility of a performance bonus or salary increase certain team members still lack inspiration? The problem might well be that you are offering the wrong incentives and rewards to the wrong team members. Not everybody is motivated by money!
You might be asking yourself "Well, if they don't want money, what do they want???" The answer to this question can be quite difficult to discern if you do not have the proper tools at your disposal. Luckily at The Rainmaker Group we have the tools and expertise to help you determine what truly motivates and inspires your team members.
Through the use of a comprehensive personality profile assessment, you will be able to identify which of the six key motivating values your team members score highest on. These values are:
 Individualistic/Political - The desire for power, influence, and control over one's own destiny, as well as that of others
Utilitarian/Economic - A characteristic interest in money/utility and return of investment
Theoretical - An interest in the discovery of knowledge and an appetite for learning
Aesthetic - An interest in form and harmony in the world
Social/Altruistic - A genuine interest in helping others
Traditional/Regulatory - A focused interest in following a specific system for living
By understanding and utilizing these values you can effectively come up with new and creative ways to inspire, reward, and recognize team members in your organization. With the information provided by the assessment reports you will know with a high degree of certainty how to motivate your team members. Think about how much money your organization has thrown at employees who are not solely motivated by money.
If anyone tells you they don't care about money, they are probably exaggerating. What they really are trying to say is that money is not as important to them as other things are. With these individuals there lies an incredible opportunity to inspire and motivate team member like they have never experienced before.
Imagine being able to, for the first time, truly inspire, reward, and recognize a team member in a way that he or she would truly respond to. Imagine the changes that could take place at your organization when employees are inspired by the right rewards.
You might be saying to yourself: "How exactly do I use this information?" The answer to this varies for each individual based on their profile scores, and of management's personal experience and interaction with the individual team member. However the following are some possible suggestions for each of the value motivator categories.
Individualistic - A team member with a high individual/political drive will be motivated by the possibility of leading a team and exerting his or her will on the actions and direction of the team. Don't be afraid to put a team member like this in control of teams or projects as they will relish the control that is associated with such an appointment. Business leaders often possess a high individualistic/political drive.
Utilitarian - Team members with a high utilitarian drive will be strongly motivated by money. These are the team members to motivate and reward with raises and bonuses. Many great salespeople have high utilitarian values and can be effectively motivated with commission based wages
Theoretical - These team members relish the opportunity to learn new things and expand on their current knowledge. A great way to reward these team members is to send them to knowledge building seminars and workshops where they can listen to experts and collaborate with others in their professional field. Many of these individuals will also be excited to share their new found knowledge with others - allow them to lead product knowledge meeting, or similar functions and their satisfaction at work will likely increase as well.
 Aesthetic - Individuals with a high aesthetic value are motivated by finding and creating beauty. Rewarding these employees can be as simple as moving them to an office with a better view, or allowing them to customize their workspace as they wish. Get to know the beauty these employees appreciate and consider giving related gifts for their birthday or Christmas. If you know that a team member has a real affinity for horses, a ceramic horse or figurine to display on his or her desk could warm their soul more than a raise and shows that you took the time to get to know the team members interests.
Social/Altruistic - these team members have a sincere desire to help others. These individuals find great reward in helping their fellow man. A great way to reward these individuals would be to allow them to spearhead a community service program sponsored by your organization. These individuals will love the chance to do something positive for the community, and your organization will gain a favorable image in your community. It's a win-win situation for all.
Traditional/Regulatory - team members with a high Traditional value live by an established "system." This "system" may have its roots in their religious or military beliefs or some other system of "order." Don't assume you know what their "system" is. To reward them, find out what their system or core beliefs are and provide the type of environment in which they can succeed. For example, if a person's "system" is their religious beliefs identify them and respect them. These individuals will also feel rewarded by the opportunity to work with like-minded people who identify with their system of beliefs.
The important thing to remember is that not all people are motivated by same things, and therefore you must take an individualized approach to rewarding team members. Give it a shot, the results will amaze you!
Give us a call today, we'd be happy to get you started.
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