Acknowledging and rewarding the success of your agents

As the manager or owner of a CENTURY 21 Franchise, having an understanding of the importance of recognising and rewarding success can greatly improve individual and group performance.  Regardless of whether you offer financial or non-financial rewards, using positive incentives can directly improve staff retention, business reputation and ultimately your franchise’s bottom line. 

There are both internal and external ways to recognise and reward certain employees for their dedication and success.

Internally as manager or owner you can recognise the agent/staff member of the month and offer a financial or non-financial gift to help motivate staff exceed their targets.  There is also a lot that can be said for simply congratulating team members on their hard work and positive attitude – informal recognition by yourself and other managers is considered a key motivating factor for job performance and should not be overlooked.

Additionally, you can motivate your staff to work towards external successes such as acknowledgement at industry and community events/awards nights.  Being a part of a global organisation such as CENTURY 21 also gives your agents opportunities for recognition from sources outside of your individual office and country, but within the greater company.  

Given the business importance of a successful rewards strategy, in 2006 the global firm Grant Thornton released the results of a survey they conducted to find The Top 100 UK Companies to Work For.  The study found flexible working hours to be the most popular reward, followed closely by formal recognition and awards. Surprisingly ad-hoc benefits such a Christmas party were more popular than performance related bonuses, extra holidays and commissions.

As the provision of such rewards may come at a cost to your business, it is essential that you clearly communicate to your agents that each reward is carefully thought through and acts as recognition of their efforts and high performance.

In a performance based industry, you may find that without a rewards strategy you could struggle to keep good staff interested and incentivised to perform.  It is therefore highly recommended that you incorporate an incentive program into your overall business strategy to motivate your agents and ensure the success of your franchise. 

Posted by George Tarbey on 22/08/2011 at 2:16 PM | Categories:

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