The season of giving is upon us. The holidays provide the perfect opportunity to recognize your staff with a financial bonus just in time for their holiday shopping. As this is common amongst Advisors, what can be quite different are the metrics used to determine the amount of the bonus.
This leads to the question of how to form a practical bonus plan that you can communicate to your staff at the beginning of the year so it’s clear to them how they can achieve the bonus. I’ve had so many Advisors ask me what specifically is the best way to incentivize their staff whether it’s in the form of a holiday bonus or a bonus at another time of year.
As Advisors, we immediately think “if my sales increase from last year through the next year, my staff should be bonused for that.” Is that really what is going to motivate your staff? You’d be surprised how often that approach doesn’t work. Additionally, how can you be sure that your staff is achieving their maximum potential when their incentive isn’t aligned with the specific tasks they are doing and more importantly, how they are wired.
Watch this episode now where I talk about why it’s important to align your staff’s bonus with how what they do and have control over. I also share some suggestions of good incentive plans I’ve seen while coaching financial advisors!