Category: Leads · 5 min read
How to Foster Healthy Competition at Work
on October 16, 2018
on October 16, 2018
Are you rewarding your employees? If not, you should consider it.
The Incentive Research Foundation found that companies that implemented a rewards program experienced a 44 to 48 percent rise in productivity after six months.1 Bottom line: reward your employees and they’ll reward you back.
One way to do this effectively is to foster some healthy competition in the workplace. Healthy competition and relevant rewards can be a win-win for you and your employees. In fact, building a sense of healthy competition in the workplace can drive additional results beyond productivity, such as increased sales, better customer service, or more leads. Here are a few ways to pull it off.
Building a sense of healthy competition in the workplace can drive additional results beyond productivity, such as increased sales, better customer service, or more leads.
1. Choose Your Metric
First, choose the metric you want to focus on for your competition. For example: say you select qualified leads as the metric you want to improve. This a good one, because it means you’ll have a consistent stream of clients coming in the doors. Focusing on qualified leads also fosters client-relationship building instead of hard sales techniques.
Whatever metric you decide on, make sure that it helps build your business, accomplishes your overall goals for the month, quarter, or year, and can be measured accurately.
2. Compete in Teams
If handled poorly, competitions can get out of hand and turn into a cutthroat and sensitive game. To avoid this scenario, have people form teams. This builds internal rapport and strengthens existing employee relationships. If you want to have even more control, pick the teams yourself, and pair people with others they don’t know very well. This way it’s not a free-for-all, and it’s just as much about team-building as it is goal-chasing.
3. Set “Personal Best” Rewards
If you aren’t able to split up into teams, another option is to reward those who achieve personal bests. Instead of trying to best the other employees in the office, this makes the competition individual-focused, but still personally motivating and rewarding.
4. Create Achievement Levels
To take it a step further, set up levels of achievement for employees to reach, and have rewards at each level. This way, it’s not a winner-takes-all, zero-sum game. Instead, it’s a progressive process where everyone can move up the levels at their own pace. For example: going back to our qualified leads competition, we’ve set achievement levels based on the number of leads someone brings in of five, 10, 25, and 50. While this is still a competition, it makes it more about what level people are on, and less about a clear winner. And, if you want to take it even further and get creative, name your levels and give it a theme.
5. Use Clear, Transparent Data
Have you ever competed in something, but never found out the results? Or you only found out where you ranked after the competition was over? That’s not how it should be. Clear communication and data are key to establishing a healthy and successful competition. Create a way for employees to see their current rank and show who’s in the lead. Whether it’s in an Excel sheet that everyone has access to, or it’s a daily or weekly email that gets sent out, make sure that the results are clear and easily viewable.
Clear communication and data are key to establishing a healthy and successful competition.
6. Make the Rewards Work
No competition can truly work without the right rewards. Think about it: you’re not going to work towards a prize you don’t want. The rewards you choose have to be relevant, attractive, and worth your employees’ time. So, tailor the rewards to your team to give them that extra motivation. It could be monetary or non-monetary; the important part is that your employees are motivated to win the rewards.
Use it to Build Your Business
Get creative (and competitive) and see what a difference some competition can make for your workplace. Whatever type of competition and rewards you choose, make it about growing your business, reaching your goals, and boosting employee relationships. For more ways to build your business, check out our Builder services.
1. Incentive Research Foundation. “Award Program Value & Evidence White Paper.” 2018. Web. http://theirf.org/research/award-program-value-evidence-white-paper/2455/
For Financial Professional use only, not for use with the general public. #18-0571-072619
Share This Post