If you are running a business then it is natural to face competition. But do you know that you can easily handle competition in business. The idea is to improve employee efficiency with simple tricks. If you are successful in creating healthy competition in the workplace then the path of growth will welcome you with hands wide open.
Healthy Competition Meaning
The meaning of healthy competition is creating a win-win situation for all the players. In simple words a match where either you Win the trophy or at least you gain something. For example: 10 people enrolling for a free training camp and the winning prize is $100.00. Everyone works hard to get that winning prize. But we also know that there can be only one winner and will take that $100 home. The other 9 are also benefiting from the training. They are adding a new skill in their portfolio. In the case of a business, you can create healthy competition among employees. In this article we will try to understand how to create competition among employees to get best results.
Rules for creating healthy competition in the workplace
Competition among employees is good for growth. But you cannot always use the hire and hire policy in business. In most cases hiring a new employee is costlier than training an employee. Above all there are labor laws and there are ethical values that may come your way. Therefore, the best way to become successful is to make best use of resources. You should start thinking about how to create healthy competition among employees? This article will help you do this. You can follow these rules for creating healthy competition in the workplace. There are many benefits of healthy competition in a company. We will talk about it in the coming text.
- Work environment and work culture drives motivation at work
- Implement Employee Scorecard
- Keep an attractive reward for the Winner
- Appreciate the Winners and motivate the losers
- Repeat the Process
Work environment and work culture drives motivation at work
First of all, create an environment where employees can work. No matter what you do, achieving results is difficult without employee motivation. Therefore, you need to check the place of work. You need to ensure that your employees feel secure and happy at work. An unhappy employee cannot deliver results for a longer time. Many companies exploit employees to extract more productivity from them. This works well in the short run but in the long run it results in attrition. This works as the primary reason for employee resignations. Therefore, implement good company policies and improve the work environment. This is also a great ways to improve employee performance.
Implement Employee Scorecard
One of the first requirements to create healthy competition among employees is making a scorecard. This talks about the key performance indicators to track employee performance. You need to make an employee scorecard with clear goals. Additionally, this also gives a clear picture of the company’s expectations from employees. Scorecard should be applicable for all the employees irrespective of their profile.
Keep an attractive reward for the Winner
Next step is to keep an attractive reward. You can also create performance slabs. Whoever winds takes the prize. Make sure the prize or reward is big enough to motivate employees to work more. This is one of the key factors in improving employee performance. Additionally make sure you set achievable goals. Healthy competition in the workplace also talks about creating genuine opportunities at the workplace with equal winning chances for everyone.
Appreciate the Winners and motivate the losers
The winning trophies and consolation prizes both work towards growth. As a business owner, you should always keep your employees active. Appreciate those who perform best and motivate others to work hard towards success. Show them that you are always available for their support. This will also give them a morale boost to win again and again.
Repeat the Process to maintain Healthy Competition among Employees
Successful companies do not stop marketing their products and services. They know that their brand does not need an introduction. Still, they keep on investing in advertising activities to attract new customers. Similarly if you keep on repeating the process low performing employees also feel the chance of winning. The winners will try to repeat their performance and losers will try to win. That is why the show must go on. In the end your business will win. There is no better motivation than self motivation. Therefore, if you wish to grow in business make sure to create healthy competition in the workplace to drive growth.
Winning as a team is important to create the culture of healthy competition in business
Winning is important but if you win as a team it makes a difference. Make sure most employees of the organization work towards achieving the common goal. This is important for a continuous growth path. Additionally, happy employees are the first key towards being successful and making profit in business. You may not find healthy competition in business but competition among employees is good for the company’s future.
What to do with low performing employees?
When you make an employee scorecard, performance is one of the key factors of rating employees. It is possible that you will find low performing employees. First of all, you need to understand that this is an ongoing process. Every month some employees have low performance. Therefore, you cannot terminate all of them. The idea is to look for scope of improvement. Do not go by the bell curve, just check if the performance is satisfactory. For example, all your employees score 90 percent except one with 89 percent. This does not mean a low performance score. You can suggest improvements and motivate them to work hard.
I understand making money in business is always the top priority. Terminating an employee should be your last weapon to save money in business. Once you apply the rule of motivating employees to perform good, thighs will be better.