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|How To Reward Your Employee As A Startup by FoundersNG: 7:38am On Aug 21, 2017|
For a startup enterprise, it is very much difficult to gain the services of a top notch talent, and retaining such. The bigger companies like zinox, NBC, PWC e.t.c with experience, have what it takes to convince a top talent employee simply because of the perks and rewards they provide. The startup firm can also better motivate the employees in their service by doing the little they can and not go overboard or try to be at competition with bigger and established firms.
In Sam Adeyemi's book 'Ideas Rule The World' , he expantiates on how simple thought processes drive innovations and inventions. Ideas, don't drop from heaven, they are gotten from well motivated individuals. Those who are inspired by what they do.
Don't get it wrong, in Nigeria and mostly Africa, the main driving force for most employees is the financial reward they may get at their work place. Much unlike in other climes where intellectual engagement is the magneting force for recruits. So, even if a startup can't provide the pay cheque like a multinational company, anything that would make the employees spend less of their salary (or add to it) would go a long way to motivate them.
The caution however, is to tailor the perks along the corporate culture, vision and goals of the startup firm. Otherwise, it would easily go off track and may not achieve the set goal. Here, we take a quick look at some of the ways a startup firm can apply some perks and bonuses to motivate its employees.
Incentives or Discounts
In retail outlets like Shoprite, MrPrice, Max e.t.c it is common practice to allow members of staff to buy some of the goods with a certain discount. This gives them the edge over the ordinary customer. They are even your first customers! If you own a school a certain discount should be given to teachers and other workers whose kids attend the school. It's always a win-win strategy.
There are times that just little gifts like branded umbrellas, notepads, T-shirts and pens may serve as in incentive to the employee. The rule of branding is that people are always in need of something to identify with, so you give it to them, promote your enterprise through your employees - your best bet!
Create Opportunities For Career Growth
One of the main reasons why top talents tend to opt for bigger blue chip companies is the fact that they are almost rest assured they have the chance to move up the organizational ladder. For a startup enterprise where the staff duties and obligations are not well defined, it may be hard to elevate the worker when doing such will most likely mean employing newer staff to take on roles left behind.
Nothing motivates an employee better than knowing his services and dedication will be rewarded with promotions and he can develope new skills and then channel his knowledge and energy into his specialty. According to Kyle Wong of Pixlee: "The best candidates aren't solely motivated by salary. They are often motivated by the opportunity to learn, grow and be challenged".
Access To Express Their Ideas
Communication is the powerhouse of any relationship. Same goes for the workplace environment. There should be a free flow of ideas and suggestions without unnecessary bottlenecks and bureaucracy. No one has a monopoly of good ideas and as such, the little contributions by the members of staff of a startup enterprise can feel like a part of the organization if their suggestions are either used in full or modified. The basic thing here is recognition and appreciation of such employee. It goes a long way to make them put in their best into the task at hand.
The first set of people to experience your products and services are your employees, so they deserve a form of recognition. This makes them feel important, as everybody lives being loved. A little appreciation SMS or email for meeting a set target or praises in team meetings goes a long way to spur other workers to put in their best. The surprise birthday cakes and gifts by the firm And inclusion into a bigger project as a result of fulfilling a smaller task also helps in keeping the spirits high at the workplace.
Amiable Work Environment
The worker is almost always as effective as his work tools. The major task of a startup entrepreneur is to provide good working tools for members of staff. The right softwares, furniture, restroom, to make it easier to carry out their functions.
There may also be the organization of free lunches for members of staff, a play room to unwind and meditate and also some staff vacation and trips, also helps blow off the steam from the troubles at work.
Share Excess Profits
The first step is to pay the employees their salaries when due and be fair, so they can make plans with it. Payment of bonuses and excess profits are then differentiated so they can better be appreciated when paid. For a startup enterprise, the employees know when the company is making an unusual profit, they know when their inputs are yielding results. The entrepreneur cannot hide this from them by just paying the basics, some little percentage of profits should be set aside for the staff maybe by way of commissions or bonuses, something to tell them 'thank you' for the work done. Surely, this has been proven to be a great motivation to the employees.
Incentives may be a little further from the company's main goal, but the real startup entrepreneur should know how to maneuver them to align with the what the company stands for. No one advertises your firm like a well motivated employee. So set aside certain measure of appreciation to well deserving members of staff, and watch them increase their productivity.
14 Likes 9 Shares
|Re: How To Reward Your Employee As A Startup by FoundersNG: 7:40am On Aug 21, 2017|
Lalasticlala, mynd44, 1forall
|Re: How To Reward Your Employee As A Startup by Izygab(m): 8:04am On Aug 21, 2017|
I totally agree with this.
If most people had other alternatives, then private organizations in Nigeria will fold up for lack of labour. The working conditions are appalling, the demands on you is utterly ridiculous and the pay is nothing to write home of.
But man must chop so most people will just manage. Nigeria is suffering from both unemployment and underemployment
6 Likes 1 Share
|Re: How To Reward Your Employee As A Startup by Nobody: 8:04am On Aug 21, 2017|
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|Re: How To Reward Your Employee As A Startup by adedayourt(m): 8:06am On Aug 21, 2017|
90% nig companies won't be interested in this
|Re: How To Reward Your Employee As A Startup by iamleumas: 8:06am On Aug 21, 2017|
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|Re: How To Reward Your Employee As A Startup by ajebuter(f): 8:06am On Aug 21, 2017|
Well, my own employer is taking the entire staff to an exotic resort for a 3-day vacation, and all expenses paid..
That is a nice motivation
|Re: How To Reward Your Employee As A Startup by Yoloadedng: 8:07am On Aug 21, 2017|
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|Re: How To Reward Your Employee As A Startup by LisaAnne(f): 8:08am On Aug 21, 2017|
|Re: How To Reward Your Employee As A Startup by Nobody: 8:08am On Aug 21, 2017|
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|Re: How To Reward Your Employee As A Startup by stefanweeks: 8:08am On Aug 21, 2017|
i hope they read this
|Re: How To Reward Your Employee As A Startup by ogbonti: 8:08am On Aug 21, 2017|
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|Re: How To Reward Your Employee As A Startup by Nobody: 8:08am On Aug 21, 2017|
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|Re: How To Reward Your Employee As A Startup by successincentiv(m): 8:09am On Aug 21, 2017|
|Re: How To Reward Your Employee As A Startup by softMarket(m): 8:10am On Aug 21, 2017|
|Re: How To Reward Your Employee As A Startup by jonnyq: 8:10am On Aug 21, 2017|
Makes a lot of sense.
|Re: How To Reward Your Employee As A Startup by dheespectre: 8:12am On Aug 21, 2017|
|Re: How To Reward Your Employee As A Startup by Franco93: 8:13am On Aug 21, 2017|
|Re: How To Reward Your Employee As A Startup by AfizDeMedici(m): 8:17am On Aug 21, 2017|
|Re: How To Reward Your Employee As A Startup by leksmedia: 8:18am On Aug 21, 2017|
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|Re: How To Reward Your Employee As A Startup by bedspread: 8:18am On Aug 21, 2017|
Great INTELLECTUAL PIECE....
But sincerely how many organizations in our country will adhere to this...
I constantly hear of organizations owing employees 4months salary....
MAY EMPLOYERS RECEIVE SENSE
|Re: How To Reward Your Employee As A Startup by temmypotter(m): 8:22am On Aug 21, 2017|
|Re: How To Reward Your Employee As A Startup by Royruky(m): 8:26am On Aug 21, 2017|
How come the betslip is showing the bet was placed by 8:34am while my time is just 8:27am? Am I missing something
|Re: How To Reward Your Employee As A Startup by Milo30(m): 8:28am On Aug 21, 2017|
Wonderful post. Keep it up #thumbsup
|Re: How To Reward Your Employee As A Startup by GMBuhari: 8:46am On Aug 21, 2017|
|Re: How To Reward Your Employee As A Startup by GMBuhari: 8:50am On Aug 21, 2017|
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|Re: How To Reward Your Employee As A Startup by salesforce: 8:52am On Aug 21, 2017|
|Re: How To Reward Your Employee As A Startup by maxroywel: 8:54am On Aug 21, 2017|
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