You will implement a financial bonus program for some of the goals, especially the goals that are designed to generate extra revenue from additional trips and play, but don’t rush into this approach.
Implement the goals without a financial bonus and monitor the situation for a quarter. You may find that either the Hosts find it impossible to meet the goals because you have set the bar too high, or that the Hosts achieve 200% of goal because you have set the bar too low. Once you are confident that you can predict the results then you can introduce financial bonuses.
You must put a cap on the bonus amount. Don’t offer x% of increased Theo without a limit on the amount! They can blow past the goal if you did not set it at a high enough level. And no-one wants to explain that large bonus check to the GM.
The Finance department can definitely help to design the bonus scheme by creating different ‘models’ or scenarios of what might happen, so ask the CFO for some help from the Finance team.
Bonus checks are important but they are not the only form of recognition. You might provide bonus checks for goals that drive revenue, and use other forms of positive feedback for goals such as ‘making regular contact with guests’. This can include a personal note, acknowledgement in a team meeting, or a free pizza lunch if the team meets their team goal for the month!
It is a good idea to design a staggered bonus scheme so the Host gets an increasing reward for being at 100%, 105%, 110% or more of the goal. (You might even provide a small bonus at 95% so they don’t give up.)
And you want to pay a team bonus, on at least one of the team goals, so the Hosts have a real incentive to work together and to lift each other’s performance.
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