What is your Motivation?
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At any given time, there are over 20,000 unique active commission plans running on Mivation’s platform. With that kind of data, it is natural that many clients ask us, “what’s the magic formula for higher performance?” While there isn’t a single mathematical formula, there is a solid motivational formula that reliably increases performance. We call this our Magic Formula, though there’s nothing magical or mysterious about it all; it’s based upon the psychology of individual and team motivation. The formula consists of 4 “ingredients”:
Commission Plan
Motivator Type: Extrinsic
Businesses that used some form of variable commissions averaged roughly 10% greater performance than like businesses who do not pay commissions. This extrinsic motivator often encompasses the entirety of a company’s motivational strategy. But without the additional visibility into “what is”, “what could be”, and “how” offered by Mivation, it will fail to deliver its full motivational potential.
Public Individual Goals
Motivator Type: Intrinsic
Businesses that set individual public goals averaged roughly 12% greater performance than like businesses that did not.
Individual goals trigger the intrinsic motivators of accountability (I do what I say I will do), and mastery (we are good at our jobs).
Public Team Goals
Motivator Type: Intrinsic
Businesses that set public team goals averaged roughly 18% greater performance than like businesses that did not.
Team goals trigger the intrinsic motivators of accountability and contribution (I matter to the team). Contribution changes the work dynamic for team members from simply doing their job to doing their part and is an even more powerful motivator than accountability alone.
Daily Activity Plans
Motivator Type: Intrinsic
Businesses that utilized daily activity plans averaged roughly 30% greater performance than like businesses that did not.
Daily activity plans trigger three intrinsic motivators: accountability, mastery, and progress (I’m growing). Not only do daily activity plans pack a large motivational punch, but they ensure that team members are consistently completing the critical KPIs that will ultimately determine the business’s success. Daily activity plans ensure consistent, predictable activity levels which lead to consistent predictable results.
Motivator Type: Extrinsic & Intrinsic
Businesses that utilized all the Magic Formula ingredients averaged roughly 43% greater performance than like businesses that did not. That kind of math is indeed magical.
The greatest motivational impact results from effectively triggering both intrinsic and extrinsic motivators at the individual and team levels.
