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Every company should have a strategic reward system for their employees aimed to address the following areas - compensation, benefits, recognition, and appreciation. The two common problems among ways to reward employees of most companies are: they lack one or more of the mentioned elements (most of the time recognition and appreciation), and the elements that are addressed are incoherent with the company's other corporate strategies.
Effective ways to reward employees include recognizing and rewarding two main types of employee activity - performance and behavior. Between the two, performance is the easiest to address because of the clear link between the initial goals that the company has set for the employees and the final output in the end. For example, you can have an incentive plan or have a scheme that will recognize your top sales people for achieving particular goals.
Rewarding specific behaviors that made a difference to your company is more challenging than rewarding performance, but you can overcome that obstacle by asking, "What am I compensating my employees for?" and "What are the behaviors I want to reward?" For example, are you compensating employees for coming in as early as possible and staying late, or for coming up with new ideas on how to complete their work more efficiently and effectively? In other words, are you compensating someone for innovation or for the amount of time they're sitting at a desk? There's obviously a big difference between the two.
The first step, of course, is to identify the behaviors that are important to your company. Those activities might include enhancing customer relationships, fine-tuning critical processes or helping employees expand their managerial skills.
When business owners think of reward systems, they typically put compensation at the top of the list. There's nothing wrong with that, since few people are willing or able to work for free. But the right strategy should also include an incentive compensation plan that's directly linked to the goals of your company for that period. You might want to include some type of longer-term rewards for key individuals in your organization. Historically, this has often included some form of equity ownership.
Benefits are another type of reward in a strategic reward system, and your employees are definitely going to notice the types of benefits you provide. Companies that don't match or exceed the benefit levels of their competitors will have difficulty attracting and retaining top workers. This is one reason an increasing number of businesses are turning to professional employer organizations like Administaff to gain access to a broader array of company benefits.
However, you can't diminish the importance of recognition and appreciation as integral components of a winning strategic reward system. These two elements rarely receive the attention they deserve from business owners, which is amazing because they're the low-cost/high-return ingredients. Employees like to know whether they're doing good, bad or average, so it's important that you tell them.
Recognition means acknowledging someone before their peers for specific accomplishments achieved, actions taken or attitudes exemplified through their behavior. Appreciation, meanwhile, centers on expressing gratitude to someone for his or her actions. Showing appreciation to your employees by acknowledging excellent performance and the kind of behavior you want to encourage is best done through simple expressions and statements. For example, you might send a personal note or stop by the employee's desk to convey your appreciation. Another approach is to combine recognition and appreciation in the form of a public statement of thanks in front of the employee's co-workers or team, citing specific examples of what they've done that has positively impacted the organization.
Now that you know what it should include, it's time to review your strategic reward system. Does it address compensation, benefits, recognition and appreciation? Is it aligned with your remaining business strategies? Is it driving the right behaviors for your company, as well as your performance goals? If it needs fixing, don't wait. It can mean the difference between your business' success and failure.
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Topic starter
Posted : 04/01/2011 8:04 am
Re: Top ways to Reward Employees
promise of long term job security and promotions are now ranked higher than monetary compensations as reward in our current economical situation.
Posted : 04/01/2011 11:54 am
Re: Top ways to Reward Employees
Companies that do not meet or exceed the benefit levels will have difficulty attracting and retaining top employees. Showing appreciation to your employees, recognition of excellent performance and the type of behavior you want to promote best done through expressions and statements. performance is easier to address because of the apparent relationship between the initial objectives that the company has established for employees and the final result in the end.
Posted : 02/02/2011 7:41 am
Re: Top ways to Reward Employees
Really effective ways. These activities can make your staff more productive.
Posted : 09/02/2011 10:06 am
Re: Top ways to Reward Employees
Hello Friend! I agree with Your facts. We can also reward the Employees in a different ways like -
1. Provide them flexible work schedules.
2. Introduce the employees to the customers or senior management executives.
____________________________________
Warehouse Shelving
Pallet Racking
Posted : 12/03/2011 4:27 am
Re: Top ways to Reward Employees
Rewarding employees keeps them coming back for more. When you know what makes them happy, then they are more likely to do what you want and that will make you happy and your business will flourish. It's always nice to think outside the box and figure out what's best for everyone involved.
Posted : 12/03/2011 10:07 pm
Re: Top ways to Reward Employees
Ways to Reward Employees
• Tell them! It may sound silly but most good work goes unnoticed or recognized.
• Give employees your business card with “Good Job” or “Thanks” written on the back.
• Certificate, even made on the pc at work. Something simple that just says “Thanks For Doing A Great Job”
• Give out a gold star to employees to put on their name badges. Have a gold star program with special rewards. Achieve a certain number of stars and receive certain rewards.
• Special parking place for the employee of the month.
• Put a photo of the award winner on display.
• Traveling Trophy Cup for best department or store. Engrave winners names on trophy and at the end of the year the team with their name on the trophy the most gets to keep it.
• Buy lunch for the award winner and 2 friends of their choosing.
• Give managers coupons for free lunches and allow them to hand them out on the spot for superior performance.
• Give an extra day off or ½ day off
• Travel – everybody loves travel!
• Special company memo recognizing outstanding achievers.
• Round of golf
• Massage
• Shirt, Jacket, Briefcase, Sweater with company logo
• Limo ride to the office
• Have car washed while they are at work
• Free Pass – Be creative here – Give the winner access to things they do not normally have access to at the office, or perks only reserved for executive management staff.
• Balloons
• Free parking or pay an employees parking fees for a week or month
• Use employees in commercials
• Have a catering service bring the employee lunch for a week
• Have an employee’s dry cleaning done for a week – and delivered.
• Special t-shirts
• Better office
• Give the winner an assistant for a week, month or permanently.
• Have a picnic for all award winners.
• Give a two hour lunch break or a 30 minute coffee break for a day or a week
• Give the winner a three day weekend
• Give the winner a extra break for the week
• Movie passes
• Cater dinner at the winner’s home.
• Extra vacation time
• Sporting events tickets
• Concert or Play tickets
• Pay winners house note of rent for the month
• Books
• Music
• Personalized coffee cup
• Personalized desk items
• Send someone home early. Give this out on the spot.
• Get off from work free card. Extra day off card to use whenever they feel like it.
• Birthday cake on employees birthday
• Personal letter of “Thank You” from the president of the company
• Special uniform for award winners for a specific amount of time. Jackets. Shirts etc.
• Special employee discounts on company products.
• Weekend get a way for 2 for the winner.
• Plane ticket anywhere in the U.S.A.
• Company stock
• Give away a Cruise for 2
• Monthly award winners photos in company news letter or on bulletin board
• Part of the company
Posted : 20/03/2011 4:20 pm
Re: Top ways to Reward Employees
Knowing the best way to reward an employee begins with knowing the employee. However, this is not always possible, especially if you're a large organization. Thus it is that you need to have a few tricks up its sleeve if you want good pay employees.
Posted : 21/03/2011 3:52 pm
Re: Top ways to Reward Employees
For others, a promotion is the highest reward possible. They will work harder if they even have a whiff that it may mean they could be promoted. These ambitious types of people are easily satisfied with more challenge and greater responsibility.
Posted : 23/03/2011 2:49 am
Re: Top ways to Reward Employees
Employee recognition and reward programs can drive desired behaviors,but may be used best to improve levels of employee satisfaction in the current job market. As the job market improves dissatisfied employees, worn down from stress and being overworked, will be eager to find new job opportunities. Retaining your key talent as the economy improves will be a challenge.
Posted : 23/03/2011 6:40 am
Re: Top ways to Reward Employees
Rewarding employees to keep them coming back for more. When you know what makes them happy, so they are more likely to do what you want and that makes you happy and prosper your business. It 's always nice to think outside the box and find out what is best for everyone.
Posted : 22/04/2011 6:30 am
Re: Top ways to Reward Employees
Hi
you are absolutely correct.i agree with you
Posted : 22/04/2011 8:31 am
Re: Top ways to Reward Employees
Flex those hours,Send a handwritten note, Make work fun,Help them connect.,Lose the shoes.Send them to the showers,Reward effort as well as success, Give them a free pass. That some are the top way to Reward Employees .
Posted : 23/04/2011 8:40 am
Re: Top ways to Reward Employees
This is very nice post about Top ways to Reward employs.
I really impress with your work and i hope you continue sharing.
Posted : 02/05/2011 10:39 am
Re: Top ways to Reward Employees
i my office our sir will give incentive for reward the employees i think it is the best way reward employees
Posted : 06/05/2011 9:59 am
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