As a business leader, it is essential that individual staff
KPIs are set and reviewed on a regular basis, to ensure that individual targets
are achieved (and exceeded!).
But what about team targets and incentives? Are they an
important factor? The short answer is yes. It is vital to motivate staff to
achieve team targets and goals, for the key reasons mentioned below:
2. To avoid the ‘silo-mentality’ that is often evident with portfolio management.
3. To promote a workplace culture focused on cross training, support, teamwork and shared success.
4. To increase business results, ultimately achieving growth targets and exceeding customer service expectations.
5. To encourage individuals to assist each other when needed (eg: covering the workload when staff are on leave).
Quick Tip
- to avoid the need for additional staffing resources, why not split the
portfolio across all Property Managers in your team when someone is on leave?
This can be built into your team KPIs? That way, the workload is evenly
distributed, customers continue to receive quality service and your Property
Manager will return to work without the dreaded feeling of an overwhelming workload
to attend to. That’s true teamwork!
When setting team targets and incentives, it is vitally
important to involve your staff – ask them what they think is fair and
equitable (for all parties involved) and more specifically, find out how they
would like to be rewarded. Agreement of
shared goals will set the scene and clarify the ‘rules of play’, ensuring that
all staff understand exactly what is required of them to achieve the target and
receive the incentive. Transparency is crucial this process, to ensure there
are ‘no shades of grey’. The team target is either achieved or not.
Many successful and unified Property Management teams have
implemented the following ideas regarding team targets and incentives. Understandably,
the structure and type of incentive may vary from office to office, depending
on the type of team goal and the financial outcomes related to the goal (ie:
people, growth, revenue).
Some examples of team targets and incentives may include:
- Monthly incentive - if revenue target is achieved (based on total management income generated): $250 gift voucher each.
- Quarterly incentive - if revenue target is achieved on a cumulative basis (based on total management income generated): $500 gift voucher each.
- Bi-annual incentive - if growth target is achieved across a 6 month period (ie: total number of managements increases to the figure agreed upon): team building day off-site, team lunch/dinner/movie night, etc.
To reward people for their achievements individually is
crucial. To reward your team for meeting their shared goals is the key to
protecting existing business and paving the way forward for growth. A
consequence may also include the retention of exceptional people in your
business and development of high performing teams.
Lastly, remember that you can never underestimate the power
of non-monetary rewards. A simple (and genuine) thank you for a job well done
never goes astray. Why not a morning/afternoon off, perhaps a bottle of wine, a
bunch of flowers or a box of chocolates? These types of rewards will always be
well received by your team and will indirectly build loyalty and commitment to
your business - so staff are more inclined to go ‘the extra mile’ when
necessary.
The Real+ team are here to help you. Why not contact one of
our experienced consultants today to find out how we can assist you and plan
for business growth simply by setting team targets and identifying team
incentives that will work within your business?
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