Realistic Rewards during Financial Turnaround
Emerge180 Tips: Commitment to Recover
TAMPA, Fla., July 8, 2014 /PRNewswire-iReach/ -- "Warning signs of financial struggles affect more than bank accounts," says CEO Jonathan Field. His company, Emerge180, specializes in helping small and medium sized businesses who face money pressures in multiple areas. An obvious indicator of distress is the rising number of accounts payable that are more than 90 days past due. Juggling funds to meet payroll and bounced checks are others. When collections or legal actions begin, the road to recovery narrows and professional assistance may be necessary.
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These unstable conditions affect personnel. Employees hear through the grapevine that the company is in trouble. They see staff reduced. They may start updating their resumes and begin networking to find other employment. However, if these are the same people who worked well to help establish and build the business, they are experienced workers that would represent another loss to the company if they left.
Rewards
A transparent approach from the outset of recovering from debt can promote a refreshed team spirit. Creative, yet inexpensive rewards during the process of moving the company back to profitability can reinforce their desire to be "all in." Just as new plans need to be implemented to turn around debt, so fresh ways of showing appreciation should be put into play.
In staff meetings, acknowledge and thank individuals for performance in front of the group. If their department isn't present and it's reasonable, name the members. Do acknowledgements department by department, including even less "visible" contributing teams.
Have a Thank You go round. Encourage concrete examples of productivity and positive attitudes.
Instruct the managers to note excellence on the job. When someone performs well or does extra work send a handwritten note.
Once a month, have a performers' lunch and treat top people to an appreciation meal with the boss.
Have Employee of the Month special parking. By doing it monthly twelve people a year get acknowledgement.
Choose desirable privileges and amenities to award. Distribute modest gift cards to say thank you.
Recognize team accomplishment through announcements or write-ups in the company communications.
Set a three-month, six-month, and yearly goals for recovery and upon improvement, provide a special gathering like a picnic for a budget-friendly celebration.
Outside Help
The best constructed plans to recover sometimes flounder. In a volatile economy, many once stable businesses run into difficulty. When solutions aren't working, it may be time to look outside the business for additional expertise.
About Emerge180
Emerge180, a national firm based in Tampa, Florida, has been helping businesses avoid financial disaster since 1993. As experts in creditor negotiations and tax resolution services, Emerge180 helps businesses work through financial crises, and creates plans that re-position their clients for success. An A+ Accredited Business with the BBB, Emerge180 has facilitated the financial turnaround of thousands of companies…and, in so doing, the preservation of tens of thousands of jobs.
Media Contact: Media Relations, Emerge180, 1-800-805-1138, [email protected]
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SOURCE Emerge180
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