Behind every good man is a good woman, and behind every responsible action is a good reward.
Execution is the most important thing: if you cannot measure, reward, and promote people, then you will never have an action-oriented company.
We typically build a dashboard and pat ourselves on the back for its beauty, but how do we know it is moving the positive outcome needle?
In most cases, people will try to excel at it no matter what it is if you measure it and reward it. Abundant rewards will make the average man stretch.
Seek short-term rewards that help you achieve long-term goals!
Measure the outcome and not the journey; you want to reward the results and not the process of how you got there.
Reward performance is where the highest pay goes to those producing the best positive outcomes. Reward those that are moving the needle.
You must align the rewards to the process of goal setting. The systematic bell curve distribution presents the main issues in companies; you must reward everyone for passing the set goal, with no losers.
a virtue is a value in action
Talent is the ability to do something; the reward is what you get out when you do it. The “it” is usually beyond the scope of daily work.
Reward people who take risks, fail and learn. If you only credit successful outcomes, you will stunt your organization’s creativity. Rewards narrow the focus, killing creativity; hence commissioned work is much less creative than non-commissioned work.
There is no future in saying, “it cannot be done.” to double your success rate, you will have to double your failure rate. We want an organization’s bias to change and destroy the old. We must reward change or learn about evolution.
The best reward or consequence is favorable, comes immediate, and is certain, whereas the worst is negative, uncertain what is the reward and future planned to be given.
The golden banana award comes from a story of an immediate reward, it must be given on the spot. It came about when a Hewlett-Packard engineer burst into his manager’s office in Palo Alto, California, to announce he’d just found the solution to a problem the group had been struggling with for many weeks. His manager quickly groped around his desk for some item to acknowledge the accomplishment and handed the employee a banana from his lunch with the words: “Well done! Congratulations!” At first, the employee was puzzled, but over time the Golden Banana Award became one of the most prestigious honors bestowed on an inventive employee.
You can get lots of people to take photos and post them to social media by rewarding wine heads with a corkscrew.
People find the reward “attractive, easy, and obvious.” Choose a reward that fortifies and fits the identity of the wine head. 5G networks and high-grade camera phones make accomplishing the task an easy and attractive reward.
The reward comes in many forms beyond money. In addition to existing awards and rewards, send people to more conferences, and you can give fewer raises. 2 things are accomplished simultaneously, “I notice and appreciate you” and “growth performance incentive” without costly and ever-escalating base pay.
Daniel Pink, in his book “Drive,” says that the secret to high performance isn’t our biological drive or reward-and-punishment drive, but our third drive—our deep-seated desire to direct our own lives, to extend and extend expand our abilities, and to live a life of purpose.
I will leave you with one thing to remain aware of. A reward may distract you from forming a habit because the habit-formation process is easy to stop once you get the reward. Mix up the rewards and never stop pushing.
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