Business on Top with Kaeli Lindholm7 Aug 2023

Episode 173: Best Practices for Incentivizing Employees

As leaders and business owners, it is our desire to inspire others as they join our shared vision and move toward our goals in alignment. That is why today I want to share with you my best practices for incentivizing team members. I believe there is a fundamental misunderstanding about the difference between motivating and incentivizing.

The difference between motivation and incentive is where the drive or influence is coming from. An incentive is a reward for achieving a result, and the forces are external. Motivation is a general desire or willingness of someone to do something. An individual who is truly motivated will have an intrinsic drive to do something based on their own values.

The common mistakes I see from business owners include making the hiring process completely transactional, overpaying new hires upfront (killing growth potential), and assuming money is the top motivator for everyone (which recent studies have shown is not the case).

The best practices I recommend start with hiring intrapreneurs, who are naturally, intrinsically motivated. Make a conscious effort to learn your team members' key drivers so you can understand them better. It is crucially important to also differentiate your offers so that they reflect the values of the individual. Create a compensation package that matches the human being to the results you want to see in that role.

Remember, potential hires buy into the value of the opportunity you put before them. Find a way to offer them what they truly want. You will find that these individuals will go above and beyond, and do so willingly. Show up for your team and do the little things some other business owners aren't willing to do.

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