Employee motivation is essential for driving productivity at any workplace. One of the easiest and most effective ways to motivate your employees is by appreciating them. When you praise or appreciate someone, it indicates that you have recognized their effort.
Praising someone and recognizing them is a tangible way of showing your employees that they are valued by your organization, thus raising their job satisfaction and productivity.
Let us look at some more benefits of having a good reward program in your organization.
Encourages Them to Go The Extra Mile
Recognizing your employees’ extra effort goes a really long way. If your employees stay behind after working hours to attend to important clients or work on a project with a strict deadline instead of packing up and leaving, it will make a huge difference to your company. Unfortunately, such deeds usually go unnoticed which would eventually demotivate the employees from going the extra mile.
You must recognize and encourage extra effort amongst your employees. Develop a recognition program that highlights the everyday undertakings that are otherwise overlooked, which could lead to resentment within your employees. Reward them for putting in the extra effort and you will notice a boost in their productivity.
Helps with Recruitment and Retention
When you are interviewing or looking for prospective candidates, two kinds of exchange take place — the candidates try to sell themselves and their value to you and vice versa. You can’t just sell your organization based on where it stands against the competitors or how much salary you can offer.
When you demonstrate that you have numerous employee benefits, you would be displaying that your employees are important and that you value their contribution to the company. In fact, highlighting various recognition platforms in the recruitment packages acts as a key differentiator among companies competing for talent.
Most employee recognition programs tend to focus on celebrating individual employees, however, the best programs allow individual employees to recognize their colleagues as well. When individuals are empowered to recognize and reward their colleagues, the bonds of team spirit are strengthened resulting in enhanced team work and increased productivity. This encourages the employees to put in their best efforts not just for their employees but also their peers.
When you recognize their efforts and reward your employees, it will show them that you value their contribution to the business. You show them their efforts and hard work is worth rewarding and is important. This gives immense job satisfaction to your employees and makes them feel as if they are making a real difference to the company instead of merely being employees.
Employee incentives lead to employee engagement which further allows them to promote and sell the business brand better than someone who isn’t engaged with the company or doesn’t believe in its vision. Rewarding hard work would generate loyalty and help the team develop an emotional connection with the organization.
5 Things a Good Rewards Program Must Include
- Peer-to-Peer Recognition: This allows your staff to recognize the efforts and achievements of their colleagues and celebrate the same with each other.
- Instant Recognition: Recognize visible performance metrics of your employees to reward them instantly rather than delaying it to a usual annual standardized time such as Christmas.
- Rewards: When you put a reward at the end of a project or task, it would undoubtedly motivate your employees. Create a range of awards when you design the recognition programs. The awards can be staggered for different levels of achievement and varied, thus adding a level of personalization which makes participation even more desirable.
- Long-Service Awards: If your employees have displayed loyalty and extraordinary work through the years, show them appreciation through long-service awards which can either be monetary, experiential or materialistic. In fact, these awards can act as one of the best employee incentives for the staff to stay in your company.
- Thank Them by Name: Take the time out to personally thank your employees by name for their service by either sending an e-mail to the entire company or thanking them in a public event. They will not only feel appreciated but also feel motivated to stick around in the company for good.
In summary, one of the best ways to engage, inspire and motivate your team is by developing innovative employee recognition programs.
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