Establishing rewards and increasing motivation have become a mounting business need. Businesses that slack in satisfying the need are prone to losing valuable employees or to creating unfavorable working environments. Mounting competition affords talented employees options, so companies who wish to retain their talent must have an incentive program that offers adequate rewards and that impels enthusiasm.
Businesses, established or new, want motivated staff. O.C. Tanner asserts that when building an employee incentive program or corporate gifts program businesses must “create the most impactful rewards experience possible – every time.” The reason is simple: Driven personnel are more effective and produce superior work.
1. Establish an Action Plan to Include Everyone
Award programs require a degree of systematization. Predetermined guidelines help to avoid ambiguity. Further, criteria help to qualify or disqualify conduct. Then, employees can work within the parameter. (1) Be explicit on what actions or outcomes constitutes top accomplishment. (2) Establish a structure and philosophy that encourages average and below average performers to attain better results.
2. Determine the Rewards: Make Sure to include Monetary and Non-monetary Rewards
Taking notice of what motivates certain people is necessary to determining appropriate rewards. Monetary rewards will entice some employees. Non-monetary rewards, such as praise, lunch with CEO and trophies, will entice other employees. A good awards system will not discount the power of non-cash rewards. Some employees will take a day off instead of money. Some occasions may justify group rewards. Employers should assess the situation to discern suitability.
When choosing prizes, follow-through is vital. If an employer chooses to offer a trip to the Cayman Islands for breaking sales records, the employer should not renege because backing out decreases organizational trust. Going forward, the employee may not want to repeat the performance. Poor business values and actions are detrimental and can dampen employee spirits.
3. Do Not Inundate Staff with Reward or Praise; It May lose its Weight
One way to deplete company resources is to give resources out indiscriminately and daily. Employees have to earn the prize; the intent is not to buy the employees. Rather, the employer seeks to recognize workers for helping achieve company goals and aims to facilitate individual development. A frequent system can lose its luster. For example, an employer can offer a three-day weekend spontaneously to express appreciation. The randomness makes it special and less perfunctory.
An effective incentive program creates value for the entire organization. To help make the plan come together seamlessly, employers must be fair, clear and attentive.