The new year is here and now is a great time to motivate your employees to work toward agency profits.
The final page of 2016 had been turned, and we are now on the first page of a brand new chapter. A chapter titled 2017 has the potential to be the best year to date. It’s important to look at your agency structure to see how everyone can have a great year and enjoyable experience while making a concentrated effort to increase profits. But fun and work are hardly ever mentioned in the same sentence, so is it possible to add fun AND profit to your annual business plan?
The answer is yes, you can definitely include fun and profit into your business plan. Fun means getting everyone engaged in the agency’s success through goal-oriented work and celebrating the success of reaching your goals with everyone.
Compensation Through Goals
Your company goals must start from your annual business plan. You should establish financial goals for new and old business to project a specific financial objective.
Second, your company teams should develop team goals to accomplish from within. Team goals can be derived and based on the annual business plan. If every team can accomplish their goals, your company will reach its goal.
Third, individual goals for every employee should be based on personal performance evaluation ratings and team goals. There is no “i” in team, but there is in profit. Every individual must chip in to achieve success.
The best way to encourage employees to reach their goals is by offering positive incentives.
- Company goals: If your company reaches its goal, your company can include a corporate profit-sharing, non-contributory amount to every employee’s 401(k)–this is on top of any match contribution you may already offer. A monthly company event is another great way to celebrate if your company is on pace to reach your goal.
- Team goals: If the team’s goal was achieved, every person should get the same bonus amount (which should be established now, at the beginning of the year).
- Individual goals: If the employee achieved their goals, give them a raise based on their hard work throughout the year. A moderate raise if the work was satisfactory, a higher raise if their work went above and beyond the call of duty. If their goal was not met, they get no raise.
It is now the time to encourage your employees to work for agency profits. Is your small business is ready for the new year? We’re experts on small business insurance and can help you put the proper policies in place–including workers’ compensation. To learn more about getting competitive coverage for your small business clients, contact us today.