For many people, the cash bonus is an effective motivation tool. Could there be a better way to praise and encourage employees in your organisation?
| Making sure a business runs at its best can sometimes feel like a thankless task. Being responsible for keeping the staff in your organisation motivated often means you are responsible for dispensing advice and encouragement, rather than being the recipient. Part of that responsibility involves making sure that employees feel appreciated for the good work they do, even if you rarely experience that appreciation yourself. Where you may find yourself on the receiving end of some positive reinforcement, however, is when it comes to the performance of the business. Research from Deloitte has found that over 80 per cent of modern organisations have some form of employee rewards and recognition programme in place, and those companies enjoy a 14 per cent improvement in engagement, productivity and performance.
With figures like that, why wouldn't you be doing everything you could to show your workforce just how valuable they are?
There's more to employee reward programmes than just cash bonuses.
It's not always about the money When an organisation offers its staff some form of financial incentive for meeting their productivity goals, it's unlikely anyone within will turn that down. That said, in the difficult business environment of today, some companies simply cannot afford to continue offering monetary staff rewards - but that doesn't mean there's no way to show their appreciation. That's not to say that financial rewards aren't effective, just that there may be another way.
Non-financial incentives may be more beneficial for morale and productivity than monetary rewards.
Building better performance-based employee rewards A 2014 study into employee engagement by TINYPulse found that building healthy relationships in the workplace, whether between colleagues at the same level or employees and management, is closely tied to recognition. Allowing those tight-knit relationships to form also translates to better staff retention, opening up opportunities for taking your motivation schemes even further with a points-based years of service rewards system. Establishing and nurturing a healthy culture within a business can lead to some terrific results down the line. For the best advice about how to implement a points-based employee rewards programme into your organisation, give the experts at Power2Motivate a call today. You might find that showing appreciation for your staff can be its own reward. |
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