How the Power of Psychic Income Motivates Agents to Succeed
When it comes to employee motivation, money isn’t always the answer. Of course, you should pay your agents well for their work. But, even well-paid employees can burn out. And if their productivity suffers, you lose money. Psychic income may be the answer you need to keep your agents happy and motivate them to succeed.
Psychic income is more than just having a positive work culture. It’s a way to lead and inspire. Find out what psychic income is, and how you can create it in your own company,
What Is Psychic Income?
Psychic income may look different depending on the company using it. However, the end goal is to offer non-monetary rewards that motivate others to take action and succeed. You can also think of psychic income as internal motivation that helps your reps feel valued and act accordingly.
There’s plenty of evidence that employees don’t always need more money to perform.
Studies show that 9 out of 10 employees are willing to trade a percentage of their lifetime earnings for greater meaning and satisfaction at work. Researchers determined those dollars could generate over $9,000 extra per worker, per year!
After all, workers need more than just a paycheck. They also desire respect, recognition, responsibility, and meaning in their work to stay motivated.
Before you know it, your reps are more productive and have a greater sense of loyalty to your business.
The idea of psychic income may sound like the perfect opportunity to motivate and retain employees while earning more profit in your business. Yet the question is, how do you actually use it in your own workplace?
Here are some ideas to help you get started.
Know What to Keep Public and Private
Psychic income starts with knowing what to share publicly and what to keep private.
Always praise your agents publicly to keep up morale.
After all, who doesn’t want public praise and acknowledgment of their hard work once in a while? The positive vibe is contagious and helps motivate your team to do their best.
At the same time, it’s essential to keep any individual constructive criticism private.
Reprimanding someone about how they’re not performing won’t do anything. You’re also likely to embarrass them and destroy their motivation to work hard.
Instead of taking your complaints public, your employees need time to process mistakes and absorb your feedback in a safe setting. Make sure whatever direction you offer is behind closed doors. At the same time, keep the feedback positive, actionable, and empowering to help your reps to succeed.
Correct Poor Performance With Psychic Income
If you practice giving psychic income well, you can directly see the results.
For example, agents who are happy to be at work are less likely to be late. You’ll see the power of psychic income through improved attendance numbers.In the process, their work performance is also likely to improve.
Offer a Clear Path to Career Advancement
Your team members should feel a sense of control or insight into their career journey.
If they see their position as a dead-end job with few advancement opportunities, their performance will live up to those expectations.
Instead, your reps need a dose of psychic income to raise their performance and become an integral part of the team.
Skip holding semi-annual reviews and consider a monthly analysis to discuss goals with your reps. Ask what their long-term ambitions are with your company and show them a path to get there.
If you have interns, you can also inquire about their majors and interests for future openings. Now your interns are also part of your motivated workforce, and you have new prospects for potential openings.
Keep Team Meetings Positive
Hands down, bringing negativity into meetings is one of the biggest mistakes supervisors can make.
These types of discussions also deplete psychic income and frustrate team members.
Sure, not every meeting needs to be rainbows and sunshine. However, individual conferences are the time and place for coaching, critiques, and constructive feedback. Instead, keep morning meetings and kick-offs high-energy to boost morale.
Encourage Public Acknowledgement Among Reps
Turn your employees into your company’s biggest cheerleaders. Try incentivizing them to publicly praise your company and other reps.
For example, offering to cater a company lunch may motivate agents to post something positive about your company on Facebook or Glassdoor.
You can motivate company-wide positivity within your team as well.
When you’re running a meeting, ask everyone to share something positive they noticed about another rep. You can also use this technique without face-to-face interaction. If you use Slack, start a thread where everyone can share something positive whenever it’s on their mind.
Keep Lines of Communication Open With Management
Reps should always have an open line of communication with supervisors and management. Hold specific office hours when your employees can come and speak to you and talk freely.
When your reps feel they’re heard and have a voice in the workplace, they’re more likely to become loyal employees.
So what happens if your office hours turn into complaint sessions? Come up with a plan of action together. Let your reps vent for a few minutes, but then ask how you can help them succeed and address the issue. The goal is to turn negativity into actionable items that empower your team instead of depleting their efforts.
We Love Giving Our Agents Psychic Income
Psychic income can offer the respect, attention, and acknowledgment your team deserves. Your employees will be happier, but you’ll also set up your business for success.
We know how crucial it is to have fun at work. And we do everything in our power to make our agents happy.
What do you do to create a positive work environment?
Do you have a special way to motivate your employees?
Let us know in the comments!