It is undeniable fact that the commerce industry is highly competitive. Business organisations are doing whatever they can in their power to get to the top and that fact alone is enough to give the older businesses a run for their money. While many companies resort to improving their products and services, the smarter ones have no problem realising that the real power to progress lies in their employees.
Keeping employee morale and motivation up is an extremely important part of the smooth running of an organisation. Different companies use different strategies to drive their employees: some may engage in team building activities indoor; some may organise frequent company retreats and offsites; and yet others may incentivise productivity through business events and goals.
Some companies might have an annual tradition in place. They tend to organize the same event every year to give the employees something to look forward to. This might include a sports event like a golf tournament in san diego or whatever location is closer. Or an end-of-the-year office award ceremony or themed party. These events can help increase employee engagement, boost their morale and create some fun office memories.
While all of these have been seen to work when done properly, most organisations find the best results when these are combined with rewards and recognitions of some kind.
After all, a wise man once said “The most powerful asset within an organisation is its employees”. In the case of small or young businesses, the employers fail to realise that although they might be seeking something imperative from their employees, the employees are seeking for a lot more out of their employers too. Business owners who fail to address the needs and wants of their employees are truly at loss because their employees lack the motivation needed to bring an improvement in their work habits and productivity.
Reward & Recognition Programmes
An employee that is under the impression that their hard work and effort is not being acknowledged and appreciated is bound to lose motivation at one point. That is how human beings are wired to be. This is where reward & recognition programmes come into the picture. Nowadays, more and more business owners understand the importance of employee reward systems and how it can have a positive effect on the level of productivity that their employees can deliver.
To select an eligible employee based on performance, you can consider implementing a 360 degree feedback mechanism. This involves gathering feedback from the employee’s subordinates, peers, colleagues, and supervisor, as well as self-assessment. By collecting input from multiple perspectives, you can gain a comprehensive understanding of the employee’s contributions and assess whether they deserve the rewards and recognition for their hard work.
However, you may feel that reward and recognition are synonymous to each other, but it should be realised that both systems have relatively different effects and meanings for the employees, so they must be measured separately. In addition to the aforementioned factors, reward programmes have a plethora of benefits that can be highly useful for the company as well as the employees.
Furthermore, which benefits the companies are able to target also depends on the type of reward programme that it is. Business owners can even create their own types of reward programmes by through cloud based platforms such as http://www.power2motivate.co.uk/. Here are two general types of reward programmes:
- Bonuses: Probably one of the most universally common reward programmes, the bonus programme is devised in a way that enables rewarding individual accomplishment. Bonus programmes are more commonly seen within sales companies. The tactic behind it is to encourage the sales rep to generate a higher amount of profit in order to acquire the said bonus.
- Variable Payment: Variable payment is also a form of reward programmes that is used widely across the globe. These are also known as incentive packages and they can really help improve the performance of the employees. The package works in a way that it puts a little amount of the employee’s at risk, meaning that only when the employee reaches their target or goal, will the amount be rewarded to them.