We all behave differently when there’s cash on the line.
As the world mobilizes to get the global population vaccinated against COVID-19, several countries are getting creative to get their residents jabbed so they can work to stem the spread of the pandemic.
Canada, for example, has the highest single-dose vaccination rate - at nearly 80% - and enough shots to get every resident vaccinated. But even here, vaccine uptake has slowed down.
Why it’s happening: Experts think the slowdown is partly due to the simple fact that people just don’t want the vaccine.
So, what’s the solution?
According to some countries cash incentives.
- In Hong Kong, gold, a Tesla, and a snazzy $1.4 million apartment are up for grabs for vaccinated residents.
- New York had a $5 million draw in May
- California launched a lottery for US-$1.5 million prizes
All these states saw a dramatic increase in vaccine rates after their campaigns.
So the question then is, how effective is this model? And can the very same be applied to the workplace? Are incentives the best way to build a high-performing team?
The monotonous routine of work-life can put a damper on the most motivated employees, and this can affect the overall production output.
If your team is operating at 80% and you want them to go above and beyond to get to that 100%, business leaders will often use a little encouragement in the form of a bonus, cash incentive, recognition award prize, etc to hit the sweet spot, spur on some friendly competition and revive your team’s motivation.
However, this tactic is a double-edged sword. On one hand, you’re creating an incentive model to motivate your team to perform at a specific capacity that you’re seeking. On the other hand, the foundation of your team’s drive to excel is based on all the wrong reasons, and could translate to a toxic work culture that hinges on churning out more individual output rather than nurturing collaboration.
So what’s the better approach?
First of all, you always want to be sure that you’re bringing on the right people for your clinic. You need to feel confident that they are the right fit for your team, and that you can trust them to lead within their role and fulfill their responsibilities. Also ensure you have a proper system to onboard new staff, and a solid retention strategy.
Next, you want to make sure you are compensating your team fairly. Take a look at industry statistics and average and ensure you are investing in empowering your employees so that wages and the dreaded ‘money talk’ is a non-issue. All employees want to feel valued, which in turn translates to a great work ethic.
Finally, you want to create a workplace culture of innovation, leadership, learning and development. Avoid micromanaging your team. Give them the capacity to be accountable for their role, and provide opportunities for training and advancing within their roles as well. Nothing can deflate an employee’s motivation more than feeling like they are not progressing in their careers.
Those are the key components that will help create a high-performing team.
If your team relies on a bonus structure to perform as expected then you have the wrong team. Many studies have shown that performance-based compensation sets the wrong incentives for employees, resulting in sloppy work.
Now we’re not saying bonuses should be foregone completely.
Recognizing your stellar employees and showing an added appreciation in any given form goes a long way. As long as your workplace culture does not operate on an incentive model and your employees are compensated fairly, then you will have no problems.
At the end of the day, when running a clinic, you are ultimately dealing in the industry of healthcare. Incentivizing higher output rather than the quality of work can result in errors that may affect your patient’s experience.
So when we tie it all back to countries increasing vaccination rates, how effective is it to pour millions of dollars into attracting a surge of people to get jabbed for a vaccine they might not even feel convinced enough to take on their own? As an alternative, would it make better sense to invest that money into public health awareness and educational resources instead?
We’ll leave you with this food for thought.
Shift Accounting works with over 80 successful clinics across Canada. We go beyond basic book-keeping, providing a range of financial and administrative services, as well as consulting and CFO contracting. We are invested in your success. Contact us today for more information on how you can take the next step to grow your practice and build a more profitable business.