The Elements

By Andrea Schlapia   |   July 23, 2012

Relationship Management or Incentive Plans? Which Will Inspire Your Team?

Categories: Blog, Incentive Plan, Strategic Planning

Incentive plans should not be misconstrued as a means to motivate your team.  You first need to  build concrete goals and then inspire your team to reach each goal with conviction.    It is imperative to communicate overall firm goals with your team.  Group and one-on-one meetings provide an opportune time to discuss and evaluate strategies to reach each goal.  Allowing your team members the opportunity to contribute to the overall success of your firm will instill motivation, confidence and passion that incentive plans cannot do on their own.

Before implementing an incentive plan, make certain your team members are fully engaged and committed to the position they hold at your firm.  This will mean you, as a manager, must realize offering an incentive plan will not magically transform a disengaged team or team member.   In our blog, “Learn How to Make an Employee Incentive Plan Effective,”  http://aeschlapia.wordpress.com/2012/04/03/learn-how-to-make-employee-incentive-plans-effective/  we stressed the importance of being a good manager by guiding your employees to work on what is most important and then implementing an incentive plan as a reward.

Employee incentive plans are a significant component for firms wanting to stay competitive and on track with the pace of evolution in the workforce.   You will need to do your homework for your plan to be effective:

  • Recognize all factors that affect your team’s behavior.
  • Look at the type of culture you have in your firm.
  • Understand each of your goals and the processes you will use.
  • Develop a measurement system for each goal.

At Ironstone, we have found many employee incentive plans simply don’t reap their intended results because  they were implemented for the wrong reasons.  Don’t be fooled in believing that an incentive program will counter poor behavior, performance or disengaged team members.

Start your incentive plan after you have managed your employees to the level of being:

  • Engaged
  • Passionate
  • Productive
  • Loyal

Once your team is instilled with the qualities listed above, you can implement your incentive plan by including the following critical elements:

  • Identify your desired activity/goal
  • Develop the tactical plan and how employees will work toward achieving each goal
  • The amount of time allotted to obtain each goal
  • The reward for achieving the goal

Remember every aspect of your plan needs to be measured to ensure the program’s success in achieving each goal.  Make sure your firm’s strategic goals are concise and specific which provides team members a clear understanding of what is expected from them.

Goals should be challenging, yet achievable.  The incentive plan will be destined

 for failure if goals are interpreted as being unattainable.

A successful incentive program requires that each feature is suited to your team members’ interests.  Find out what motivates your team.  Adapting each element of the program to fit your team will provide you with engaged participants and enhance the effectiveness of the program.

Ironstone can assist you in strengthening relationship management at your firm which will lay the foundation needed to implement a successful employee incentive program.

Readers, we are curious!   What are your thoughts on employee incentive programs?

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• Strategic Planning
• Business Development
• Operational Effectiveness
• The Human Element

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Andrea Schlapia
Organizational Development and Human Capital

Andrea Schlapia, RCC™, HCS, sHRBP, is the Founder and CEO of Ironstone, which represents the culmination of her 20+ year career within the financial services industry. Her experience began as a financial advisor evolving into a consultant coach for advisors entering the field. This ignited her passion to support others through learning and development of best practices in order to achieve substantial results. To this end, she followed her desire into positions of senior-level practice management specialists for Dreyfus, Prudential, and DWS Investments prior to the realization of Ironstone.  Andrea’s focus is on practice management strategies to enhance and improve both business and personal life.

Andrea identifies 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business. Through coaching sessions and speaking engagements, she captivates her audience with interactive, high-energy presentations which are built with “how-to” strategies resulting in real-world implementation for significant impact. Andrea has been featured in multiple publications and audio broadcasts as a specialist and distinguished spokeswoman in the financial industry.

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Contributors

Andrea Schlapia
Organizational Development and Human Capital
Connie Deianni
Mentoring and Employee Engagement
Guest Blogger
Practice Management
Dr. Heidi Maston
Organizational and Educational Leadership
Judith Bowman
Business Protocol
Laura Garfield
Idea Decanter Co-Founder
Mighty 8th Media
Strategic Partner
Nicole Anglace
Special Projects
Ruthann P. Lacey, P.C.
Elder and Special Needs Law
 Scott D. Calhoun
Legal Counsel
Sharon Gottula
Idea Decanter Co-Founder
TailorMade
Strategic Partner
Ironstone
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