We’re in the midst of bonus season. Before you sign those checks, think about this: While money can be an effective motivator, bonuses frequently fail to deliver incentives for better performance. Worse still, they may punish the best performers.
Non-cash rewards and more frequent recognition are attractive alternatives to the traditional, year-end practice of handing out cash bonuses, giving CEOs a new way to say “thank you” and reward top talent.
Restaurant CEOs, who employ thousands of part-timers, have yet to solve the minimum wage dilemma and are still struggling with the issue of whether to raise wages above the minimum wage in their facilities.
Here’s how to use a reward system to ensure you don’t lose your top performers.
The social and cultural drumbeat for higher minimum wages is picking up volume, but CEOs and business owners may want to listen to their own drummers on this issue.
You can do practically anything with a mobile phone these days including tipping your favorite barista. Could such apps be another path for rewards programs and tapping customer needs?
While the ‘Living Wage’ issue seems to affect only the largest retailers and fast-food giants, the effort, if successful, will alter every business’ ability to enter into basic agreements with individuals resulting in a benefit for both parties.
California Governor Jerry Brown just signed a bill that will gradually raise the state’s minimum wage from $8/hour to $10/hour by 2016, saying it is a long overdue measure to raise the income of working families. Yet earlier in September Washington DC Mayor Vincent Gray, also a Democrat, vetoed a City Council bill that would require large retailers [read Wal-Mart] in the city to pay higher wages, a measure that had drawn national attention. Gray called the bill a "job-killer," saying it would result in the loss of thousands of jobs in Washington. So who’s right?
When hiring new employees, counter offers should be expected, as nobody wants to lose their best people. It is a lot easier to make a counter offer than it is to find a new person especially if the person quitting is top talent.
Money isn't the great motivator people often suppose. In fact, excessive monetary rewards can lead to bad behaviors.