Motivating Employees on a Tight Budget
Credit leaders offer a host of proven incentives they use to to help employees keep the fires burning (in a sometimes thankless job!) In last week's tip of the week , we stressed the simple, but often difficult concept of vigilance in credit management. Getting something done right for a short time is one thing. But doing even the little things right year in and year out is much more of a challenge. Constant vigilance is the watchword in credit management. Recently, one of our listserv members was looking for some ideas for motivating her staff - and of course there's usually no budget for this type of thing. And as usual, the list's braintrust responded with some fantastic suggestions on this topic: ================= That's a good question. The only thing I do, and this is done my me personally, not my company, is I take my assistant to lunch when I get back from the two trips I have to take yearly (I'm usually gone for 1+ weeks each trip) and, sometimes I will let her leave early that day (of course that is picked up by my company, but I allow it). This is my way of thanking her for keeping the dept. current and moving while I'm out. My company, sometimes, will have pizza, grinders, etc. for lunch as a thank you when we've been through some difficult times, to say thank you or just motivate and/or pick up moral. They will also give us "bonus" days around different holidays. (Example: If Christmas falls on a Tues they will give us Monday). I'm curious to see what everyone else has to offer.
- Ski manufacturer credit exec = = = = = = Since we pay our collection reps an annual performance bonus, if they qualify, we do not do any other monetary rewards. We do pizza lunches, ice cream, bagels, trinkets such as Rubik cubes imprinted with dollars. At our monthly full staff meetings we have credit & collection-related quizzes and give the winner free lunch tickets to our Café, etc. These little things are very well received. Extra days off are not allowed as vacation, personal and sick time are strictly recorded.
- Book publishing credit exec = = = = = = Our company has a monthly "Recognition Day" where all employees gather. The president of the company reviews prior month-end results, welcomes new employees, and updates employees on upcoming events. There is also an opportunity to recognize a fellow employee by sharing a story about something that they did that contributed to the success of the company. We recognize birthdays for the month by singing a happy birthday song and the president draws from employee names from a hat to spin for money. Our company gives away $1000 each month. The wheel is comprised of $60, $80 and $100 chances. There are also a couple "Day Off with Pay" chances. Sounds like a lot, but we only meet for a half hour. It gives everyone in the company a chance to gather together and recognize our efforts.
- Sports medical manufacturer credit exec = = = = = = My company gives all employee's their birthday off. In my department I will reward excellence with small gifts; motivational pens, pins, water globes, etc. that I have picked up (not too expensive). On occasion I will give an afternoon off. After a large project or very busy time, my boss will spring for pizza for the department.
- Drug & pharmaceutical distributor credit exec = = = = = = I give "time off." Leaving early on Fridays especially when the weather is nice does wonders for pumping team morale and motivation. We also go out to lunch or dinner occassionally....have ice cream socials, pot lucks. We also give gift certificates to get 1/2 hour or hour massages. Not very expensive and always appreciated by the team. Another thing we do when there is a good month of A/R performance, or when one person does an exceptional job at something, is to give little treats from the fulfillment warehouse...the promotional items that sales and marketing use, which may include T-shirts, coffee cups, silly little items like stress cows, etc. And don't forget to say "thank you" and "great job" whenever possible to make the team feel appreciated!
- Cheese co-op credit exec = = = = = = For those in the department that meet their goals for the month we do "Lunch on the Boss." I take all out to lunch that meet goals. Everyone looks forward to this; I think even more than the dollars they receive in their check.
- Automotive aftermarket parts distributor credit exec = = = = = = Most of ours involve food. We have a food day once a month for all the birthdays during that month. We also plan food days for holidays/events. Everyone brings a dish. We decorate the cube of the person on their birthday and all sign a card for them. That person is responsible for picking up and routing a card for the next person's birthday. For making the department collection goal during a month, we may go out to lunch as a department which is paid for by the company. Also, we have a special presentation for service awards (gift cards from the company) for 5, 10, 15 years, etc., where we might go to lunch or bring in bagels on the day we present the award card.
- Store fixtures manufacturer credit exec ========================= We have short Friday's where we leave at 1:00 pm. That is a long-standing tradition. The dress code around here is casual and the coffee machine is turned off so anything in it is free. They even provide milk and flavored creamers for our use. We do have an on-site gym and are given a bag of free toys at Chrismas. Employee discounts range from 30 to 40% off all of our products. Quarterly meetings are held to update employees on the financial news. This meeting often includes free gifts and lunch. Individual philanthropy is rewarded, dollar for dollar. We do have departmental lunches and celebrate birthdays once a month, since there are a lot of people around here. Tickets to sports or music events are raffled off monthly. At Halloween, senior management dresses up and go around and hand out "large" candy bars. We also have a costume contest for the employees. This year benefits added legal council and pet insurance to the mix. We also have on-site day care.
- Toy manufacturer credit exec = = = = = = We have spot awards which are given when someone has done something over and above their job requirements. These are gift cards with a value of $50. There are several different businesses to select from and one is a major supermarket. We also have an occasional lunch for the department which is paid for by the company. Our company has an Executive Box at the United Center and I will get the tickets about twice a year and sponsor a department event allowing us to meet on a more personal level and to be treated to a nice event including beverages and food. Special events like getting a Bachelors Degree get a recognition dinner at a good restaurant.
- International industrial and consumer products manufacturer credit exec = = = = = = We've set a goal that we want our monthly AR to be five days or less for average days delinquent. If we reach that goal, our whole department goes to lunch and our company pays for the lunch. Additionally, if someone in another department has gone above and beyond to help our dept out, they are invited to our next department lunch. On a very few special times, I have given staff the day or afternoon off. On special projects, we've also had staff members highlighted in our monthly employee newsletter for recognition.
- Advertising specialty manufacturer credit exec = = = = = = I'm jealous! We just give eachother daily doses of moral support, and recognize each other on their birthday and an occasional afternoon trip to Starbucks.
- Building products credit exec = = = = = = When the department has met or exceeded our monthly goals the team leaders cook breakfast for the team; eggs to order; pancakes from scratch; fruit, bacon sausage, etc. Another great event was a scavenger hunt that sent teams of 4 or 5 scouring the city (on foot) for various items and local landmarks. A monitor went with each team to take pictures as proof that a team successfully completed the items on the list; things like a menu from the fancy restaurant, a business card from the local bank VP, a live dog, the rate sheet from the local credit union, etc. It was a blast. We've also brought in local health care professionals to lead the team in relaxation and breathing techniques, seated stretching techniques, etc.
- Consumer products credit exec = = = = = = Just recently our corporate credit manager (we have 60 locations with several credit managers across the country) has implemented a program to reward the CM's who reduce their store's DSO the greatest or collect the most money against the aging within a certain time frame. The prizes have been $250 gift cards. I think the best part was her email acknowledging that our job can be thankless (difficult and unrewarding were her exact words!) and this is a small token of the company's appreciation for our hard work. The results are posted for everyone to see and the competition is healthy.
- Roofing supply firm credit exec
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