All companies need an effective rewards system for employees, addressing four core areas: compensation (pay), benefits (perks), recognition (highlighting) and appreciation (proving that value has been added). By adding such benefits, (read this for more information), you will be able to see just how much of a difference these incentives can make to the overall running of your business as well as to the health of your staff members. However, notable problems exist with reward systems in many organisations.
Firstly, organisations are often lacking in one or two of these core areas above (more than likely appreciation and/or recognition) and secondly, the areas that are addressed aren’t holistically aligned with the organisation’s corporate strategies.
What to reward?
Winning organisational systems recognise and reward two types of activity displayed by employees – behaviour and performance. Of the two, performance is the easier one to address because a direct link between your employees’ initial goals and their final results exists. As an example, you could implement tiered incentives or recognise milestone goals for top sales people. What is it like in your company?
Some ideas on team building beyond the work place
- Outdoor activity days – Giant football, base ball, tug-o-war, rock climbing etc
- Problem solving days – Solve a challenge or puzzle, e.g. escape the room, solve the mystery, build a raft etc
- Sporting days – Cycling, running, swimming, e.g. relay events where everyone’s input counts
Monetary rewards, some time off or a voucher of some sort can be motivating in the work place, but not all employees are motivated solely by the monetary. In the social space, like for the examples above, the good old fashioned trophy, plaque or personalised medals can be very rewarding as it gives people something psychical and timeless that they can bring home and place on the mantlepiece. It also provides some fun among employees who might have that light hearted competition to win at the next team building day!
Trophies, medals and plaques can of course also be used in the corporate environment and can help to motivate employees during the tough times. It’s nice to have that trophy you won for “Sales of the Quarter” sitting on your desk or hanging that medal you got for your “Outstanding Contribution to Project X” at your cubicle.
At your company, are you compensating employees for starting work early and staying late, or are you innovating on the nature of work and measuring productivity?
In this day and age, a lot of companies are moving more so towards the latter, i.e., when employees do their job on time to high quality standards, it is irrelevant if they start work one hour late or work from home. This does indeed present challenges in itself. This brings us nicely onto the next point.
So with the nature of work and roles changing as technology adapts and humans try to catch up, it is important to keep team work as an essential element of the work place, whether that is a virtual/remote work place, mixed or flexible situations or your traditional 9 to 5 scenario. Team work and rewarding teams, team leaders and individual members is so important in building and reinforcing positive work environments.
Know what to give, whom to give it to and for what behaviour!
With the above in mind, it may be a good idea to review your own organisation’s reward system(s). Is it aligned with the rest of your business strategies? And more importantly, is it driving the desired behaviours to reach your performance goals?
Your business depends on it.