What Type of Team Bonuses Work Best
We get asked this often. More often, it is considered, but neatly avoided by both staff and the practice owner.
It's a subject filled with boobytraps and sometimes the remains of past disputes and disappointments.
As a business owner, you want to reward success. Heck, you want to be rewarded for your success as well (at least one of these days! lol) It's the American Way, right?
But, unfortunately, bonus systems don't always work and aren't always fair. Yet, within reason, we still recommend them.
TWO TYPES OF MOTIVATION
There are two types of rewards: intrinsic and extrinsic. This is discussed in Self-Determination Theory, a popular subject with me and something I discussed in my book, The Goal Driven Business.
Intrinsic Motivation
Intrinsic motivation refers to engaging in an activity because it is inherently interesting, enjoyable, or satisfying. Key characteristics of intrinsic motivation include:
The activity itself is the reward
Driven by internal factors like interest, curiosity, and enjoyment
Leads to higher quality learning and creativity
Associated with greater psychological well-being
Examples: Reading for pleasure, playing a sport for fun, pursuing a hobby, and helping others to be healthier!
Extrinsic Motivation
Extrinsic motivation involves engaging in an activity to obtain an external outcome or reward separate from the activity itself. Key features of extrinsic motivation include:
Motivated by external factors like rewards, grades, approval from others, and money.
Can undermine intrinsic motivation in some cases
Often leads to lower quality performance and learning
May result in less persistence once the external reward is removed
AUTONOMY, COMPETENCE, COMMUNITY AND PURPOSE
Self-Determination Theory says that supporting people's basic needs for autonomy, competence, community and purpose can help cultivate more self-determined forms of motivation.
Autonomy. Let employees manage and improve their own area if it aligns with the rest of the office. Encourage their decision making.
Competence. Help your team. Help them become superheroes! Plan their professional development in 2025. Work with them to schedule a seminar, webinar, or read a book. Have your managers take our Practice MBA (We've decided to hold another class starting early in 2025.)
Community. Create an authentic family environment. We aren't working on the assembly line any more. Promote team collaboration. For example, have them plan out a "Christmas Saturday with Santa" promotion and then tell you their plans.
Purpose. Most of us want to work for a greater purpose and be part of something that makes a difference in the world. Remind your team about the positive contributions they are making for the patients and community.
BUT WHAT ABOUT MY CHIROPRACTIC BONUSES? CAN I HAVE SOME MONEY?
Bonuses are extrinsic rewards. Just recently, a manager and clinic director at a chiropractic practice I know decided to come up with sizable financial bonuses for collections and tasks related to collections. It wasn't well organized. But, the stats did go up -- for a couple of months. Then they went down, and half of the staff left!
We all want more money and why not? We want to improve our lives, and money helps us do that.
There are one-time discretionary bonuses and various bonus systems. (You can contact me, and I can suggest an appropriate bonus system you can try.) Bonuses can be cash, but they can also be a trip to a seminar in another state.
Bonuses are just part of the game. But win or lose, it should be playing the game that is its own reward.
What you pay your team shows how you respect them, within your means, of course. But more important than money is the respect you show them in the work environment you give them.
Pay your team well, if possible, more than usual, and encourage them to be the winners that they are.
And, Carpe Futurum! (Seize the Future)
Ed
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If your practice-building efforts aren’t taking you to your goals, there are reasons -- many of which are hidden from you.
Find out what they are and how to sail to your next level by getting and implementing my book, The Goal Driven Business.
The Goal Driven Business
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