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How Your Self-Confidence Directly Impacts Your Income


by Glenn Shepard

May 26, 2015

Category: Management

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I received an interesting email from my friend and fellow author Peggy McColl in Ottawa, Canada.
She’s not a hard-nosed management person like me. She’s more into the power of visualizing goals and getting in touch with your emotions.
I’m a more methodical, just show it to me in black and white, balance sheet, measurable results kind of guy.
She sent me the following excerpt from her book, Your Destiny Switch: Master Your Key Emotions, and Attract the Life of Your Dreams:

"Years ago when I was a vice president of corporate development, I created a system of evaluation for our employees that was used to determine everyone’s yearly bonus.
I told my boss that I found it curious that when the employees were measured against the standards of the system I’d developed, very few had performed at the highest level.
While everyone had earned a salary and a bonus, only 10 percent had gotten the full incentive that was available to people who met all their performance goals. I asked the president of the company, “If you look at the people in this top ten percent who achieved the maximum bonus, what do you think they have in common?”
Without hesitation, the president said, “Confidence. They exude confidence, so they get results.”

There are two huge principles of management and motivation in that short excerpt.
First, she tied year-end bonuses to performance. Performance based pay are incentives which people have to earn, as evidenced by the fact that only 1 in 10 earned them in her case.
Things like Christmas bonuses are entitlements, which requires nothing more than being there and motivates no one. This is no different than every kid getting a trophy.
Second, Peggy's boss made the immediate correlation between confidence and performance. Employees who have high-self esteem are confident in themselves. When people are confident, they’re far more willing to take on new responsibilities, even welcoming challenge, and aren’t afraid to grow.
Those who lack confidence will stay safely barricaded inside their comfort zone. When nothing is ventured, nothing is gained and no growth ever occurs. So what should you do about an employee who lacks confidence?
Begin by boosting his self-esteem.
And how do you boost a person’s self-esteem? It certainly isn’t by giving trophies to everyone.
Tune in for next week’s column and I’ll show you.

To Your Success,

P.S. For those who were paying attention to the series on marketing, the hook in the last sentence is the Zeigarnik Effect again.