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But one recession strategy you might be overlooking is how to motivate your staff to help you succeed during these difficult times.
Clear Seas Research* has been polling our Building Materials Panel, a cross-section of construction pros who frequent BNP Media publications, e-Newsletters and Web sites. We wanted to know what construction pros are doing to motivate their staffs during the recession.
The No. 1 answer was “Nothing” since 47% (see bar chart) neither have nor plan to institute any incentives. So if you are doing nothing, you are not alone. Nearly half of your competitors are not incentivizing their staffs, either.
But that also means 53% of your competitors are offering one or more incentives to keep employees motivated.
In reverse order, here are the four top methods construction pros are using to motivate their staffs.
4. 15% of respondents said their companies are increasing commissions for achieving goals.
3. 18% of respondents said their companies are giving gifts as rewards.
2. 20% of respondents said their companies are providing food/refreshments on the job.
1. 34% of respondents said their companies are paying bonuses for achieving goals.
In addition, 8% of respondents said their companies are offering paid time off and another 7% said their companies are offering incentive trips as rewards.
What about your company? Have you found motivational programs to reward your employees who are helping you succeed during this downturn? If so, please share them with the rest of us by posting a comment to this blog. We’d love to expand this list!
This blog completes our four-part series on recession-busting strategies. If you have a topic you’d like to see discussed in an upcoming blog, e-mail me at fauscht@bnpmedia.
*To obtain a copy of the survey results, contact Kelly Clinton at clintonk@clearseasresearch. Results from this study are copyright @ 2009 by Clear Seas Research. All rights reserved.