Last week I caught an episode of "Late Night with Conan O'Brien" in which one of the guests was Jim Cramer, the adrenaline-fueled host of “Mad Money.” On his CNBC show Cramer dispenses stock advice as if it were an extreme sport, yelling out buy or sell recommendations to callers with all the fervor of a bull in a china shop.
Knowing his persona, it came as no surprise to me when he revealed some of his past management tactics. When Cramer ran his own hedge fund, he doled out an interesting punishment: When one of his employees would lose a lot of money, he would force him to undergo a form of public humiliation. This could mean sticking an index card on his forehead that read “Loser” or wearing his shirt inside out for an entire day, whether he was inside or outside the office. Cramer said no one was immune to the punishment, not even himself.
Cramer didn’t mention whether these negative tactics worked. Some managers would consider the strategy crass and bad for morale. Others might consider it genius—hey, if it gets the job done, why shouldn’t it be a legitimate motivational tactic? These types of strategies might even work for the boiler room environments for which Wall Street is known. One recent study by German economists even concluded that punishment could be linked to profitability.
Their experiment had students play an investing game with tokens in which they could choose to participate in a group that doled out penalties or one that didn't. In the group with penalties, investors who made a lot of money for the group could choose to dock tokens from "free riders" at the cost of one of their own tokens. By the end of the game, almost every one chose to migrate to a group with penalties.
In the real world, however, most managers and experts would probably argue that motivational tactics meant to induce fear, rather than encourage positive reinforcement, are bad in the long run. They may bring about short-term results, but you should also expect high turnover and employee distrust if negative tactics remain your primary method of increasing sales. The notion here is that the price of losing good salespeople to bad management is far costlier than any immediate returns.
For more on best practices in incentive strategies, check out this month’s article, “Motivation Inspiration.”
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The military uses tactics such as these. If someone fails to follow protocol, they are given a punishment - whether it be public humilation (standing for a day by the base entrance and holding a sign that says don't speed for speeding violations) or a mind-numbing task (moving sandbags from one location to another and back again). Those I know who have experienced this say it works - they definitely thought before they acted. However, it should also be remembered that these tactics are situational. In an office, people need to be given supportive feedback, not punishment to correct their mistakes - although, had I watched the show I would have most surely been laughing at Cramer's hysterical proposed managerial solutions.
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