Caring and Sharing
If you have tried financial incentive plans to motivate your workforce, it is almost certain you were dismayed or disappointed by the long-term results. All too often such incentive plans take off as shooting stars and then fizzle out as flat tires when you end up rewarding the wrong people. And very often, people get the incentive plans and begin to see them as an entitlement or an expectation.
Virginia-based financial wizard Norm Gaither says most financial incentive plans fail because business owners are paranoid that they might overpay their people. They hedge their bets. They put caps on incentive plans, they set performance standards that can’t be met, and they begrudge handing out those incentive checks to employees. ...