Build on success
When the economy is struggling, victories for your business can become smaller and less frequent. But they can still occur, and when they do, you need to leverage them to build momentum and confidence throughout your organization.
“You have to celebrate those little wins along the way, so that people understand that things are working out,” Cubbin says.
When an employee secures an account, makes a key sale or achieves anything of note, he or she should be rewarded. At Meadowbrook, Cubbin has helped institute an incentive program to reward employees who help create wins for the company, no matter how big or small the win might be.
“As we moved through some of the more difficult times, we would reward people in small incremental improvements,” he says. “You have to put in a bonus and incentive plan that rewards the right things. That’s basic management, but you have to do it immediately: give spot bonuses, send e-mail messages, anything to reward good performance. It goes a long, long way with employees.
“We have been fortunate enough to have bonuses and create incentive plans that are positive for our employees. But most importantly, we’ve been able to build a steady, stable company with a strong balance sheet and strong liquidity. That gives employees the confidence and comfort that they and their families are going to continue to have a source of income.
“All of these things build a company: If you’re consistent with communication, if you’re finding ways to grow the business, increasing your profitability and rewarding people through an incentive system — if you do that, you’re going to continue to have well-motivated and happy employees.”
How to reach: Meadowbrook Insurance Group Inc., (248) 358-1100 or www.meadowbrook.com
