The Advantages of Group Performance Awards
Singling out individuals for stellar work rewards the employee for a good performance and encourages others to give their best. However, if you want to make a real impact on your small business, consider giving out group performance awards. Instead of pushing individuals to change, you could raise the performance of whole teams, a factor that could transform a humble startup to a million dollar operation.
Improves Morale
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Entrepreneur magazine says that backstabbing and arguments among the staff are two reasons for declining morale. When individuals are pulled together to receive compensation and recognition, these poor behaviors may subside in the interest of gaining a win. Team spirit, cooperation and innovation will naturally evolve as the team seeks to reach their goal or accomplish their project. Improve morale by creating teams of employees to solve problems and reach departmental goals.
Increased Communication
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One advantage a small business can experience from teamwork performance rewards is greater communication. Leaders on the team will communicate the group's goal or vision, while team members will communicate to troubleshoot the answers. This type of chatter will build stronger team relationships. Regular status meetings and celebrating milestones will increase effective conversations in the workplace.
Focused Vision
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Working towards a group performance award will improve the focus of the team, a good advantage for small businesses. Group awards push teams to understand the company's mission and their role in making that mission a success. Besides focused vision, these groups will have a sense of ownership and feel a responsibility to make the vision a reality.
Individual Improvement
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Another advantage of group performance bonuses and rewards is individual improvement. As teams work to meet the goal, they'll soon discover who among them needs further training or assistance. During these team growth periods, the top performers often work with the slower workers to meet the goals and improve performance. Constant assessments of the accomplished work will help each individual to make the grade. Individual improvement is good for the entire team and the small business.
Better Relationships
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When teams share a group reward, they learn to get along. You'll see better relationships among team members competing for performance prizes. People are more likely to get along when it's in their common interest to do so. Offer group performance rewards and you'll see less squabbling and more team work. Better relationships means better production, too.
References
Writer Bio
As a former senior sales director with Mary Kay and the co-owner of a renovation company, Monica Patrick has firsthand knowledge of small business operations. Besides start ups, she has extensive skills in recruiting, selling, leadership, makeup artistry and skin care.