When morale is high and people are motivated, performance is typically enhanced. This survey takes a quick look at performance, morale, and bonuses within the context of credit organizations.
Nobody reported their department's performance being Fair or Poor. Superior was defined as consistently meeting or exceeding targets and Good as generally meeting expectations. Based on this finding, the expectation is that morale and motivation would also be high.
Despite the across-the-board high performance, 12% are struggling with moral issues. Only about a third of the organizations are where they want to be, leaving two-thirds with opportunities to significantly improve morale.
75% reported that their companies provide a bonus program. Nearly 6 of 10 felt their bonus program is effective, despite less than 1 of 10 saying the bonus is substantial and only 16.7% claiming bonuses were not large enough to be effective. The largest percentage of bonus programs (41.7%) are based on company results as opposed to focusing on either department/team performance or individual performance (16.7% for each), which may be another factor working against a bonus program being an effective employee motivator. One final thought is that it appears there is ample room for employee bonus programs to be designed to more effectively benefit employee morale.
Lastly, we asked the survey participants to share what they are doing to incentivize their staff and raise morale. Read on for some really solid ideas about developing a happy and productive credit department staff.
Please share the things you are doing to incentivize your staff to achieve individual and team goals.
“We focus entirely on the strategic goals of the company and what we can do to support them. We focus on process improvements as well as empowering individuals to make their jobs more enjoyable.”
“Some love the bonus program and merit system (those who do well) - others don't seem incentivized by it. They like the atta-boys from their Supervisor more.”
“Bonus/incentives are dependent on Company results first; if achieved individual/team goals are based on level of accomplishment within budgeted dollars.”
“The company gives raises every year based on performance and attitude. This is a family owned company and we're treated like family which sometimes includes warts and wrinkles of family issues. The owners go a long way to attempt to support all the employees.”
“Not micromanaging. Weekly team meetings to keep everyone connected. Pointing out what I noticed they do well (not just what they don't do well). Asking them how they are doing.”
“Recognition at every level annual, bonuses for senior credit professionals tied to KPI improvement, and occasional spiff [sic] programs for the clerical staff.”
“Overall company culture and morale are good here.”
Please share the things you are doing to raise employee morale.
“Morale is great, we are on a roll.”
“WebEx team meetings. Trying to catch folks doing things right and sharing that with the team.”
“More individual recognition for accomplishments.”
“I have an open door so any problems, company or personal, my team is invited to talk about with me. We bring in food items as a surprise once a month just to share and talk openly. No planned meetings, they tend to make people clam up. I keep them updated on new information and possible challenges that could affect us as a department. I've tried hard to treat them all equally and with respect for their problems, ideas, and solutions.”
“Always trying to increase efficiency to reduce workload. Trying to get additional staff added.”
“Implementing a stress-free zone within the department that will include comfortable recliners, and other furniture similar to a living room or lounging area for staff to use at breaks and lunch. Providing developmental training to junior staff to prepare them for their next level assignment within the credit department or in another area of the company.”
“We have weekly meetings with each employee as well as monthly company-paid lunches celebrating birthdays and work anniversaries for that month.”
|
|
Editor
|
|
|
|
|||||||||||