Effective Incentives and Employee Retention

Each year companies spend tens of thousands of dollars on incentive programs to motivate their teams or reward their top performers. But, do these incentives really offer anything valuable to the individual or company? Should they? Absolutely!

People are always asking me what they can do to motivate their team. They want their people charged up with something big to shoot for. Well, I have just the thing.

Incentives typically come in the form of tickets to a major sporting event, gym memberships, gift cards, concerts, bonuses and even vacations. The intention is to push people to do more, but think of the benefit of incentives in a wider scope. When you have your entire team working at top capacity to earn a desirable reward, not only do you get the best productivity possible from the winner of the reward, you get a higher level of productivity from the entire team as they work toward the goal. Even those employees who do end up the big winner will feel the pride of busting prior records and statistics and proving that they can operate at new higher levels. Those team members will end up making more income, just based on that new level of activity, and there is a lot of satisfaction in that, which ultimately results in better morale all around.So what type of reward is capable of engendering the interest, enthusiasm and excitement needed to pump up the creativity and productivity of an employee? How can a manager or business owner choose wisely when it comes to incentivizing their team?Here’s the key: the ideal incentive should not only reward past production, it should provide for better future production.Here’s what I mean. You may have heard me mention that I recently partnered with The Hard Rock Hotel, Riviera Maya Mexico and created the ‘Work Hard Play Hard’ vacation package that offers an all-inclusive vacation plus 4 days access to my 10X Seminars.  Immediately, I knew that this would be a great incentive for businesses! Not only will people get the benefit of a relaxing vacation in Mexico, they’ll also get to learn how to perform at higher levels for the future. After 4 days with me, they’ll return with a new sense of purpose in addition to a great suntan and big stories to tell. Their companies will send them away great. They’ll return even better. It’s the ultimate win/win.Rewarding excellent performance isn’t only about tickets to a ball game or concert. Sure those things are fun, but what lasting value does that provide? You really want to see your people get hungry and excited? Show them that you’re not only acknowledging their great work, but you’re also investing in their professional development. Give them the opportunity to hang out with me in Mexico where they’ll get the tools that will help them set even higher targets and achieve them.By sending your top performers to join me, my wife and our kids at the Hard Rock Riviera Maya June 22nd – 27th you will truly offer them a 10X experience they’ll never forget. The package includes a deluxe room, all meals, beverages, resort activities and the ability to learn how to 10X your business, social media, finances and life!Be great! Nothing else pays. Hope to see your team in Mexico.

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