As a manager you are responsible for organizing the resources and processes to execute on the company’s objectives. This involves ensuring you and your team have the resources and tools in place and that your team is well prepared.
Your team needs to have the right skills and knowledge of the work that lies ahead. They need to know their roles and responsibilities and the ways in which they contribute to the company’s progress and success. Your key objectives will include providing motivation to the team, as well as the right incentive. You will need to find a way to balance both.
For example, in order to motivate your team effectively, you will need to understand each member’s level of commitment and his or her personal needs. Are they motivated by the sense of achievement, the need for affiliation or are they driven by desire for power – personal or socialized?
You will also motivate your team by setting the right goals. Setting goals is an important part of your managerial responsibilities. Goals need to be specific, measurable and challenging. You will be measuring your employees against those goals during the annual, or semi-annual, review. Employee will need to know what he or she will be measured against. Determine a set of metrics you could use to measure the employee performance. Set the goals so that they stretch your employee, but are not unrealistic, because he or she may just give up without even trying.
Lastly, you will also need to determine how to motivate your employees by providing them with the right equity. This could be options, restricted stock units, present of profit or sales, or some other alternative. Make sure you do not over- or under-reward, as each has its own negative sides.
Providing the right amount of incentive is just one objective. It is also important to incentivize the right behavior. It is a commonplace problem when managers are rewarding A while hoping for B and do not see the desired results.