Motivational programmes that offer staff incentives have proven highly successful. They can generate a positive, productive atmosphere.
A powerfull driver
The statistics here are unambiguous and speak for themselves: Research shows that companies with motivational programmes outperform those that don’t by 30% to 40%. This figure is not to be overlooked. Increased productivity will mean, at the very least, lowered costs in production and improved profit margins.
The role of employee motivation is a significant element in the chain of value production. There are various means to increase drive, and ‘progression’ is one of the strongest among them. It’s important to note that ‘progression’ doesn’t only imply change, but the movement towards a target. This means that progress needn’t be confined to upward development: Instead, a manager may set up goals that an employee will find rewarding either in terms of:
- Personal development, or
- Tangible returns.
This last element is where incentives come to the fore. Incentives provide recognition and material reward to those who have earned it.
As an incentive solution company, Uwin Iwin has the necessary experience in achieving the optimum results.
Stagger the awards
It has been a long few months since the Christmas bonus and January, February and March are traditionally ‘lean’ months. It might be a good idea to have quarterly award payouts to just keep employees motivated to perform.
Increasing normal rewards
There is nothing that destroys motivation as quickly as boredom. Instead of the normal incentive programme, introduce competitions and make it fun. Increase normal incentives by 50%, for example, to motivate sales channels to perform at the highest levels possible. Keep it interesting and you will keep the employees’ interest.
A targeted approach
When it comes to deciding on targets, realistic goals need to be set. Goals must be achievable and fair, and the best way to determine them is to ask staff members to suggest their own. This means that their commitment to achieving the target is greater because they take ownership of it.
Businesses should not concentrate on rewarding top achievers in their workforce, but ensure the programme is designed to engage and improve performance across the whole team.
Reward categories could include Performance of the Month, Biggest Improvement, Best Comeback, to name a few.
The challenge that many businesses face when planning their reward strategy is what type of reward to give. Cash is appreciated by most employees, but runs the risk of being an ‘invisible reward’ — forgotten once it hits the bank account and likely to be spent on day-to- day necessities.
Money uploaded onto a gift card that can be used anywhere is much more rewarding. Uwin Iwin has the perfect solution in the Kudosh card (www.kudosh.com) that offers exactly that — cash on a branded card accepted by any vendor that accepts MasterCard.
Rewards beyond gift cards
Out of the ordinary rewards can be a very good incentive. One option that works nicely is earning days off (increased leave) that can be used outside peak seasons. Sending out questionnaires to keep your ear to the ground when it comes to preferred rewards will give you great insight into possible solutions.
Communication is key
Communication about the incentive scheme is especially pertinent. Regular emails, SMSes and even hard copy pamphlets outlining the increased rewards serve as a constant motivation. The trick here is make the communications so powerful that they keep the momentum.
Incentives are an extremely powerful tool that business owners and managers can implement to assist with motivation and performance. It has to be done properly though, which is why investing in a professional platform is an imperative.
Ask Uwin Iwin to help you relook your incentive programme. We will come up with the perfect solution tailormade for your company. For more information, visit www.uwiniwin.co.za, phone +27 (0)11 557 5700 or email firstname.lastname@example.org
Forever Learning, Discovering And Empowering
From work-life balance to finding the right support, Constance Kawelenga CA(SA), director and owner of Zuva Financial Services, shares her top tips on how to manage a successful business as a sole proprietor.
“Every business has its own slice of the market; one just needs to define their service offerings and target market.”
“When I established Zuva Financial Services, it was under the ‘illusion’ of a work-life balance. I say ‘illusion’, because when you work for yourself, you put in just as many hours, if not more, than when you work for someone else.
“I also wanted the flexibility to be able to shape my working space around my own lifestyle and family, and not to have to account to anyone else. The rigorous training to become a chartered accountant taught me to be highly disciplined. That means when I work for my own business, I am just as tough on myself, if not tougher, than any boss would have been in a different setting. The plus for me is that I am able to be there for my family when I need to be, and compensate for this in a way that best suits my lifestyle.”
Being your own boss has its pros and cons. However, for Constance, it is all worthwhile. Setting targets for her business every year and achieving those targets is deeply satisfying. Again, this is something she attributes to her training — she values client success and feedback.
“Whenever I get affirmation from clients regarding the value that we are adding to their business, and they refer other clients to us, I celebrate those achievements. The growth of Zuva Financial Services’ has resulted mostly from referrals or word of mouth and that, to me, is a testimony to the value that our clients place on our services.”
Related: The Power Of Finding Your Why
Overcoming a lack of internal support
The hardest thing about being the owner of Zuva Financial Services for Constance is the lack of an internal support structure. However, Constance has developed a network of technical specialists that she can call upon to consult. She agrees that technical support remains the toughest challenge of being a sole practitioner.
“We offer a mixed bag of services such as accounting, taxation, secretarial, payroll and even Black Economic Empowerment consulting. Additionally, I have audit clients — some in industries with specific reporting requirements such as estate agents and attorneys working with trusts. On a smaller scale, the breadth of services is almost the same as those offered by bigger firms. The difference is that I don’t have the internal resources such as a technical department.
Prior to establishing Zuva Financial Services, Constance spent six years in audit, mostly in Zimbabwe, but also in Botswana and South Africa. Since then, she has also been exposed to other financial roles, where she fulfilled financial management roles for different organisations such BMW Financial Services.
Constance advises those aspiring to follow in her footsteps and open their own companies not to overthink it, or doubt themselves.
Don’t overthink it
”It took me such a long time to take my first step because I could not believe that I would be able to build up a client base. Today, there are times when I am overwhelmed by the workload on my plate. It reminds me of my mother-in-law’s advice when I started my business. She told me that every business has its own slice of the market; one just needs to define their service offerings and target market.”
Constance describes herself as “forever learning, discovering and empowering.” She adds: “We each have a unique walk in life — ours is to boldly step out and embrace it”.
TuksNovation – Accelerated Innovation With The University of Pretoria
The University of Pretoria’s high-tech business incubator will be launched on the 6th of August by Minister Zulu, Department of Small Business Development at UP – Hatfield Campus, to alleviate the serious challenges related to unemployment South Africa is faced with.
According to Trading Economics (2017), the youth unemployment rate in SA is extremely high at 55,9%. The University of Pretoria is aware of this challenge and has embarked on launching a high-tech business incubator and accelerator.
This business technology incubator, known as TuksNovation, will promote job creation by providing support for the commercialisation of technology, networking, mentoring and sustainable spin-off technology companies.
Fuelling the economy
In a knowledge-driven economy, universities play a major role in regional socio-economic development. Innovations arising from a university’s intellectual capital can stimulate economies through new product development. Universities are therefore highly valued in terms of economic potential.
Although the creation of spin-offs is one of the key mechanisms that universities can leverage to promote socio-economic development, few universities in South Africa have done so, and the impact has been very modest. This low success rate can be attributed to the absence of an entrepreneurial culture, limited access to funding, as well as technology transfer offices at universities that lack critical skills and capacity.
The elements of success
TuksNovation is based on the triple helix model of Etzkowitz and Leydesdorff (1995). According to the University of Stanford Human Sciences and Technologies Advanced Research Institute (H-STAR) (2011), the triple helix concept comprises three basic elements:
- It allows universities to play a more prominent role in innovation, on par with industry and government in a knowledge based society.
- There is a movement towards collaborative relationships among the three major institutional spheres, in which innovation policy is increasingly an outcome of interaction, rather than a prescription of government.
- In addition to fulfilling their traditional functions, each institutional sphere also performs 34 new roles. Institutions that are currently taking on non-traditional roles are viewed as a major potential source of innovation.
Over the long-term, the business incubator aims to enable the development of industrial clusters with a positive economic impact in Tshwane. It is set up in partnership with the Department of Small Business Development’s Small Enterprise Development Agency (SEDA).
How it works
TuksNovation aims to build strong networks among academia, government and industry to create new spin-offs that can benefit society. According to Prof Elma van der Lingen, Chairperson of the Graduate School of Technology Management (GSTM) at the University of Pretoria, the TuksNovation model is based on allocating seed funding to students who are keen to become entrepreneurs and are conducting research on projects that have the potential to develop commercially viable technology.
“Annual TuksNovation competitions will be held on campus and interested students will be able to participate in order to qualify for TuksNovation seed funding to develop their ideas into commercial products,” she says.
The competitions will have strict guidelines and will be evaluated by a committee comprising mainly representatives from industry and technopreneurs. The technology development phase of the projects will be conducted in a virtual incubator in the University’s laboratories and at facilities at local industries.
The students will receive expert technical guidance from academics at the University, as well as technological entrepreneurship training. Various in-kind contributions will also flow from building strong industry networks.
Some benefits from this relationship could include:
- The use of industry facilities
- Research on industry-related problems
- Employment for students and mentorship.
Funding for the business phase of the projects is secured from external funders, such as venture capitalists, investors, and corporations.
Students with commercially viable technology will make pitches and submit business plans to potential investors in order to secure funding. SEDA covers the incubator’s initial operational costs. TuksNovation will initially support the development of spin-offs in the Faculty of Engineering, Built Environment and Information Technology, but will expand to other faculties involved in science and technology at UP, depending on the availability of funding.
Knowing The Basics Is Not Good Enough Anymore
Being able to confidently speak and write in English has never been so important. Using the right words in the right way can make a massive difference to any company.
Do you know the difference between “organize” and “organise”? Do you believe “device” and “devise” are the same thing? Do you think a comma and a semicolon could be used interchangeably? Why is “talk about” considered informal language? How does one create cohesion in your writing?
Few people in the business sector ask these questions; it could be because they do not focus on the language they use in business correspondence or, as second language speakers of English they do not know the answers. With many pupils in South Africa receiving basic education in their mother tongue, many enter the business sector not knowing the basic rules of how to articulate an idea coherently or cohesively. It is often when they are asked to compile a formal business report or prepare a presentation that few realise the importance of upskilling their English proficiency.
At the Wits Language School’s English Communication for Professional Development unit, that is the main focus: Enhancing participants’ English language skills for the business environment in an interactive manner. Whether you need to go back to the basics; learn how to write and edit emails, proposals, memos, minutes or reports; enhancing your speaking and pronunciation skills in order to deliver confident presentations; or practise your critical thinking skills when using English in your everyday life, there is the right course to fit your needs and help you climb that corporate ladder by focusing on what many regard as a “soft skill”.
Related: Tips To Becoming Fluent
Business English students can generally be classified into two sections: those who recognise the need to address their language skills, and those who believe they do not need any language training. The first group often walks into a class not knowing what to expect and leave with more confidence in their English spoken and written forms. The second group leaves the class understanding language structures better and rely more on grammar and writing rules than on what “sounds right”. Regardless of the group you might fall in, participants who successfully complete the courses gain knowledge, understanding, confidence, a higher aptitude in English and critical analysis of the language they are expected to converse in.
Take for example the following sentences – “I write reports”, “I am writing a report”, “I wrote a report”, “I have written a report”, “I have been writing a report” and “I had written a report”. Although all of these sentences are grammatically correct, they are very different in meaning and intention. “We could invest”, “We must invest”, “We might invest” and “We should invest” indicate different intensities and degrees, and “Please see attached” is better than writing “Kindly see attached”. One should avoid using a colon after a verb or preposition when you list things, and “U.S.A.” and “USA” refer to two different writing styles (one of which is preferable in South Africa).
Today, many companies are recognising the importance of English in the workplace as a way to create better internal and external communication, as well as creating uniformity in general forms of correspondence and business documents. While some companies offer their staff financial assistance in upskilling themselves, other companies opt to complete training as a group. With classes being presented in a communicative and fun way, English training has never before been made more accessible and exciting. Public classes run every Saturday over a 10-week period, while more customised corporate training takes place during the week at a time and place convenient for the client. Participants often comment that they start to analyse, question and edit their writing more critically and that their superiors at work see a marked change once they start a short course from Wits Language School.
Types of Businesses to Start2 weeks ago
The Ultimate 101 List Of Business Ideas To Start Your Own Business In South Africa
Setting Up Systems2 weeks ago
Create An Operational Plan
Business Advice for Women Entrepreneurs6 days ago
How I Run An International Business From A Remote Beach Town In The Eastern Cape
Business Ideas Directory2 days ago
20 Innovative Business Ideas Doing Well Overseas (That Could Make You Money In SA)
Entrepreneur Profiles1 week ago
Inspiring Entrepreneur Siyanda Dlamini Believes You Need To Back Yourself To Build Your Dreams
Entrepreneur Profiles1 week ago
30 Top Influential SA Business Leaders
Entrepreneur Profiles1 week ago
Kid Entrepreneurs Who Have Already Built Successful Businesses (And How You Can Too)
Entrepreneur Today2 days ago
Nedbank Brings Silicon Valley’s Plug And Play To Africa In Disruption First For The Continent