In the present corporate world, workers place themselves in an elevated platform as far as competition, connection, and significance in the organizational chart are concerned. A big chunk of that expectation comes from the rewards and recognitions that they get from their job and achievements. Actually, surveys and polls reveal that appreciation, recognition, and importance to the corporate organization are far more important to an employee than getting good compensation. This is where the topic of HR rewards comes in.
In most organizations that thrive within the years 1980 and 1990, when the budget of every company was still quite small, rewards and recognitions were simply in the guise of big fat yearly bonuses. Moreover, it could be in the form of free trips to Jamaica for those who topped their performance that year. Rewards like those are, in reality, very costly for most businesses that constantly face rising operational costs and battle through profile margins in a world of hyper-competition.
This has never been truer today. However, with the right tools, options, and decisions, even the small business entity can afford to give their a-lister employee a very head-turning reward. Here are some tips on how to do this.
First, limit the cash bonuses to yearly performance evaluations through a form of a bonus plan. The bonus scheme must have a direct link to the fiscal performance of the business. Come up with reward programs for the business that constantly acknowledge the good job and solid involvement with straightforwardness as the focus. When coming up with good reward systems, take into consideration the following ideas.
Offer employees with higher roles or job enrichment trainings. Come up with a “shout” board or message board where every team member in the company can post their praises and shouts to their fellow member who just did a great job. Come up with cool rewards and freebies to a team member who is consistent in his good performance, like the “most punctual” or “most productive” in the group. The reward, however, should be something that the recipient or the employee could share with his friend or spouse. In fact, make it a point that the reward is something that the employee can share with other people, even his teammates. This promotes awareness and entices other team members to excel in their work as well. The reward can be anything, such as lunch for two, movie passes, even tickets to a sports event or a concert event.
Other choices for rewards can be time off or a vacation package with pay. Come up with a paid holiday prior to or after the weekend. Consider a short vacation holiday; this could be a four-day straight trip to a beautiful beach, or it could be a spa vacation, whatever works!
For companies with satellite offices and workplaces, a letter of recognition can be a great morale up-lifter to anyone who excels in his field. This letter should be something that the supervisor can read to the whole team.
Find and come up with other creative HR rewards that can improve productivity and boost the morale of the employee, while not spending too much on money and energy.
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