Last week we covered the Top 10 Strategies for Making 2014 Your Best Year Ever! But we realized that we left out two bonus strategies for success that you can’t live without in 2014. One of those bonus strategies is to motivate your team each year by holding a “W2 Review” session with each team member.
After each year concludes, you need to spend some time with each person on your team to determine what 2014 will hold for him or her. There’s really only two ways that 2013 will end — and you probably already know which category you will fall into — 2013 was a win, or it wasn’t.
If it was a win, then congratulations! Now you have to work with your team to up the ante in 2014. If 2013 wasn’t a win, then your team members need the motivation and clarity to know how to make 2014 better.
For your staff members, one easy way to gauge their success and satisfaction with their performance is to review their W2 with them. Each of your team members should be able to either (a) acknowledge that they had a great year earnings-wise and that they are satisfied with the amount of money they made, or (b) realize that 2013 didn’t get them to the point they want to be at, so they need to get focused on the things they can do in 2014 to be a larger contributor in your practice.
Meet with each staff member individually, beginning with your most talented people. Together, look at their W2, and ask how they feel about last year’s compensation. Ask what goal they would like to set for this year, and identify ways they can make larger contributions to the organization. They will undoubtedly want to, so you need to create the opportunities, such as letting them take over an area, creating a team leader role, or increasing their responsibilities.
It’s important to do this as early on in 2014 as you can (i.e., during January and February), so you BOTH reap the benefits throughout the entire year. By delegating more responsibility over to them and getting things off your plate, you get to focus on other priorities. And they get the opportunity to increase their contribution for the vast majority of the year. It’s a win-win situation for you, your team, and your practice.