“A business like an automobile, has to be driven, in order to get results.”
~ B.C. Forbes
Authors Adrian Gostick and Chester Elton in their book, “The Carrot Principle,” found a better way to motivate employees.
They did so by conducting a study involving 200,000 people over a ten-year period.
Importantly, their study showed that the key characteristic of the most successful entrepreneurial managers is that they provide their employees with frequent and effective recognition.
That’s right, significantly better business results were realized when managers offered recognition in the form of constructive praise and meaningful rewards (typically non-monetary).
The authors found that recognition is most effective when it is:
- Positive (don’t mention any negatives when giving praise)
- Immediate (comes soon after the job well done)
- Close (presented to employee(s) with their peers in attendance)
- Specific (precisely recognizes why the task/job they performed merited recognition)
- Shared (allows employee’s peers to also comment during the recognition presentation)
Carrots are needed to motivate employees. But what I found most interesting about the author’s findings was that recognition is more effective than monetary rewards. This is a critical finding for all managers, and particularly entrepreneurial managers who typically operate in cash-restrained environments.
Knowing how to motivate your employees will allow you to build a team that is as passionate about success as you are. And this will ultimately lead to your company achieving its goals. So, while it may not seem like a mission-critical focus today, it’s definitely worth your time and effort.
Are You Working Too Hard?
If you’ve been working really hard but your business still isn’t growing fast enough, then I’m sure you already know there’s a problem.
To build a truly successful business, you simply can’t do it all yourself…
Instead, you need to build your “Dream Team.”
With the right team in place, you’ll multiply your efforts and grow your business faster (while avoiding burnout). Building a team (the right way) is the only answer for long-term sustainable, profitable business growth.
And I created this training to show you step-by-step how to do it right, so you avoid all the common mistakes.
Today’s Question: Apple Inc. was started by three people: Steve Jobs, Steve Wozniack, and who else?
Previous Question: What donut-making chain is the center of attraction of many world-class store food-courts in the UK?
Previous Answer: Krispy Kreme.
Krispy Kreme has only a limited number of stores in the UK. The Krispy Kreme group was first established in 1937 when American Vernon Rudolph bought a donut recipe from a French chef in New Orleans.
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