Change annual staff reviews to monthly for $500
[READ TIME: 2 mins]
I am a non-exec director of a rapidly growing startup called Zuant – iPad lead capture. One of the challenges of a growing company is keeping the culture and brand values as you scale up the team. They have a young and committed team which responds well to rewards. At the end of each year the team votes on the MVP (most valuable player) and they get a check for $2500. One person is happy and everyone has had an informal review.
They have just changed it. Now it is a monthly vote for the MVP and each month there is a wad of $250 in $1 bills. The amount is smaller but it still makes a difference to the person who earns it. Note: They earn it, they don’t win it. They are voted on by their colleagues with comments – which are open, honest and fantastic.
So it has cost an extra $500, but has made a whole world of difference.
People get to see the positive comments about them every month, not at the end of the year, and an extra 11 people get a little something.